Financial Results : Saudi Printing swings to SAR 7.5 mln loss in 9M 2016

Saudi Printing swings to SAR 7.5 mln loss in 9M 2016

18/10/2016 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) swung to a net loss of SAR 7.5 million in the first nine months of 2016, compared to a profit of SAR 50.7 million in the same period last year on lower sales value due to tough economic conditions in some overseas markets. Lower product selling prices and a drop in costs of raw materials also weighed on profit. 



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 832.46 765.11 (8.1 %)
Gross Income 186.00 151.60 (18.5 %)
Operating Income 46.70 21.98 (52.9 %)
Net Income 50.71 (7.30) (114.4 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) 0.15 (0.24) (262.4 %)
EPS (Riyals) 0.85 (0.12) (114.4 %)

The company posted a net loss of SAR 11.9 million for the third quarter, compared to a net profit of SAR 10.9 million in the same quarter last year and a profit of SAR 500,000 in Q2-2016.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 257.88 251.33 (2.5 %)
Gross Income 55.98 40.49 (27.7 %)
Operating Income 8.61 (0.34) (103.9 %)
Net Income 10.89 (11.51) (205.6 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) (0.09) (0.19) (106.3 %)
EPS (Riyals) 0.18 (0.19) (205.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 80.93 - 31.17 - 24.25 -
Q2 2007 83.87 - 28.94 - 21.98 -
Q3 2007 74.64 29.4 % 22.89 34.2 % 14.13 47.3 %
Q4 2007 130.60 96.0 % 51.08 148.5 % 41.10 130.3 %
Q1 2008 115.15 42.3 % 31.65 1.5 % 21.99 (9.3 %)
Q2 2008 115.27 37.4 % 36.90 27.5 % 27.51 25.1 %
Q3 2008 98.40 31.8 % 33.51 46.4 % 23.91 69.2 %
Q4 2008 136.10 4.2 % 36.69 (28.2 %) 31.87 (22.5 %)
Q1 2009 100.38 (12.8 %) 25.16 (20.5 %) 14.97 (31.9 %)
Q2 2009 79.51 (31.0 %) 25.07 (32.1 %) 14.91 (45.8 %)
Q3 2009 84.01 (14.6 %) 29.08 (13.2 %) 19.93 (16.6 %)
Q4 2009 93.42 (31.4 %) (11.27) (130.7 %) (23.21) (172.8 %)
Q1 2010 102.60 2.2 % 19.04 (24.3 %) 8.94 (40.3 %)
Q2 2010 112.17 41.1 % 24.72 (1.4 %) 13.96 (6.4 %)
Q3 2010 102.21 21.7 % 17.71 (39.1 %) 8.69 (56.4 %)
Q4 2010 85.42 (8.6 %) 13.49 219.7 % 0.62 102.7 %
Q1 2011 98.16 (4.3 %) 18.90 (0.7 %) 9.69 8.4 %
Q2 2011 118.84 5.9 % 23.50 (4.9 %) 15.10 8.1 %
Q3 2011 92.80 (9.2 %) 17.46 (1.4 %) 8.01 (7.8 %)
Q4 2011 91.18 6.7 % 15.75 16.7 % 6.15 896.6 %
Q1 2012 102.60 4.5 % 19.78 4.6 % 10.53 8.7 %
Q2 2012 111.50 (6.2 %) 21.50 (8.5 %) 12.18 (19.3 %)
Q3 2012 277.42 198.9 % 56.49 223.5 % 28.13 251.3 %
Q4 2012 274.38 200.9 % 53.01 236.6 % 16.38 166.4 %
Q1 2013 272.94 166.0 % 57.72 191.8 % 26.51 151.7 %
Q2 2013 279.63 150.8 % 63.34 194.6 % 30.56 151.0 %
Q3 2013 293.68 5.9 % 60.32 6.8 % 25.82 (8.2 %)
Q4 2013 295.51 7.7 % 53.46 0.9 % 13.62 (16.8 %)
Q1 2014 285.53 4.6 % 59.64 3.3 % 21.44 (19.1 %)
Q2 2014 327.40 17.1 % 68.59 8.3 % 23.11 (24.4 %)
Q3 2014 316.65 7.8 % 57.85 (4.1 %) 14.86 (42.4 %)
Q4 2014 303.01 2.5 % 58.66 9.7 % 9.25 (32.1 %)
Q1 2015 282.77 (1.0 %) 61.95 3.9 % 13.03 (39.2 %)
Q2 2015 291.81 (10.9 %) 68.07 (0.8 %) 25.06 8.4 %
Q3 2015 257.88 (18.6 %) 55.98 (3.2 %) 8.61 (42.0 %)
Q4 2015 275.30 (9.1 %) 46.35 (21.0 %) (9.96) (207.7 %)
Q1 2016 254.40 (10.0 %) 55.46 (10.5 %) 10.50 (19.4 %)
Q2 2016 259.38 (11.1 %) 55.65 (18.2 %) 11.82 (52.8 %)
Q3 2016 251.33 (2.5 %) 40.49 (27.7 %) (0.34) (103.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 34.69 - 0.58 9.62 25.07 0.42
Q2 2007 30.93 - 0.52 9.62 21.31 0.36
Q3 2007 22.71 18.6 % 0.38 9.62 13.09 0.22
Q4 2007 49.11 92.5 % 0.82 9.62 39.49 0.66
Q1 2008 30.26 (12.8 %) 0.50 9.62 20.64 0.34
Q2 2008 36.10 16.7 % 0.60 9.62 26.47 0.44
Q3 2008 45.49 100.3 % 0.76 9.62 35.87 0.60
Q4 2008 38.68 (21.2 %) 0.64 9.62 29.06 0.48
Q1 2009 15.70 (48.1 %) 0.26 3.21 12.49 0.21
Q2 2009 11.37 (68.5 %) 0.19 (0.95) 12.32 0.21
Q3 2009 17.61 (61.3 %) 0.29 4.87 12.74 0.21
Q4 2009 20.36 (47.4 %) 0.34 56.31 (35.95) (0.60)
Q1 2010 7.17 (54.3 %) 0.12 - 7.17 0.12
Q2 2010 16.83 48.0 % 0.28 - 16.83 0.28
Q3 2010 6.87 (61.0 %) 0.11 - 6.87 0.11
Q4 2010 4.33 (78.7 %) 0.07 - 4.33 0.07
Q1 2011 7.63 6.4 % 0.13 - 7.63 0.13
Q2 2011 12.53 (25.5 %) 0.21 - 12.53 0.21
Q3 2011 6.20 (9.7 %) 0.10 - 6.20 0.10
Q4 2011 9.64 122.4 % 0.16 - 9.64 0.16
Q1 2012 8.13 6.5 % 0.14 - 8.13 0.14
Q2 2012 10.38 (17.2 %) 0.17 - 10.38 0.17
Q3 2012 20.03 222.9 % 0.33 - 20.03 0.33
Q4 2012 86.02 792.6 % 1.43 77.00 9.02 0.15
Q1 2013 13.71 68.6 % 0.23 - 13.71 0.23
Q2 2013 20.19 94.5 % 0.34 - 20.19 0.34
Q3 2013 14.42 (28.0 %) 0.24 - 14.42 0.24
Q4 2013 0.64 (99.3 %) 0.01 - 0.64 0.01
Q1 2014 9.46 (31.0 %) 0.16 0.40 9.06 0.15
Q2 2014 12.50 (38.1 %) 0.21 - 12.50 0.21
Q3 2014 12.07 (16.3 %) 0.20 - 12.07 0.20
Q4 2014 4.85 659.7 % 0.08 25.13 (20.28) (0.34)
Q1 2015 11.61 22.7 % 0.19 10.30 1.31 0.02
Q2 2015 28.21 125.7 % 0.47 14.68 13.53 0.23
Q3 2015 10.89 (9.8 %) 0.18 16.47 (5.58) (0.09)
Q4 2015 (29.74) (713.7 %) (0.50) (13.20) (16.54) (0.28)
Q1 2016 3.82 (67.1 %) 0.06 5.71 (1.89) (0.03)
Q2 2016 0.39 (98.6 %) 0.01 1.41 (1.02) (0.02)
Q3 2016 (11.51) (205.6 %) (0.19) - (11.51) (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 33.80 % 32.01 % 31.49 %
Q3 2007 33.83 % 29.31 % 27.76 %
Q4 2007 36.23 % 31.30 % 26.74 %
Q1 2008 33.28 % 28.23 % 23.38 %
Q2 2008 32.71 % 27.80 % 22.88 %
Q3 2008 33.33 % 28.35 % 26.66 %
Q4 2008 29.84 % 26.72 % 24.10 %
Q1 2009 29.38 % 26.39 % 23.08 %
Q2 2009 29.06 % 26.12 % 21.65 %
Q3 2009 29.00 % 27.14 % 16.65 %
Q4 2009 19.04 % 14.25 % 0.45 %
Q1 2010 17.22 % 12.76 % (1.03 %)
Q2 2010 15.70 % 11.45 % 0.20 %
Q3 2010 12.23 % 8.32 % (1.24 %)
Q4 2010 18.63 % 14.20 % 8.75 %
Q1 2011 18.80 % 14.71 % 8.96 %
Q2 2011 18.19 % 15.05 % 7.75 %
Q3 2011 18.56 % 15.40 % 7.77 %
Q4 2011 18.86 % 16.66 % 8.98 %
Q1 2012 18.87 % 16.72 % 9.00 %
Q2 2012 18.71 % 16.48 % 8.63 %
Q3 2012 19.48 % 16.02 % 8.27 %
Q4 2012 19.69 % 14.73 % 6.21 %
Q1 2013 20.16 % 14.67 % 5.68 %
Q2 2013 20.88 % 14.87 % 5.70 %
Q3 2013 20.91 % 14.56 % 5.12 %
Q4 2013 20.57 % 14.15 % 4.29 %
Q1 2014 20.51 % 13.73 % 3.84 %
Q2 2014 20.13 % 12.73 % 3.05 %
Q3 2014 19.55 % 11.82 % 2.80 %
Q4 2014 19.86 % 11.55 % 1.08 %
Q1 2015 20.09 % 10.94 % 0.46 %
Q2 2015 20.64 % 11.57 % 0.56 %
Q3 2015 21.55 % 11.40 % (0.97 %)
Q4 2015 20.98 % 10.00 % (0.66 %)
Q1 2016 20.93 % 10.03 % (0.97 %)
Q2 2016 20.39 % 9.10 % (2.39 %)
Q3 2016 19.03 % 8.58 % (2.98 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 60.00 - - 10.78
Q2 2007 60.00 1.84 1.52 10.49
Q3 2007 60.00 1.90 1.42 10.87
Q4 2007 60.00 2.29 1.65 11.69
Q1 2008 60.00 2.22 1.58 11.19
Q2 2008 60.00 2.30 1.66 11.80
Q3 2008 60.00 2.68 2.04 12.55
Q4 2008 60.00 2.51 1.87 13.20
Q1 2009 60.00 2.27 1.73 11.96
Q2 2009 60.00 1.85 1.50 12.12
Q3 2009 60.00 1.39 1.11 12.41
Q4 2009 60.00 1.08 0.03 12.75
Q1 2010 60.00 0.94 (0.06) 12.87
Q2 2010 60.00 1.03 0.01 13.15
Q3 2010 60.00 0.85 (0.08) 13.27
Q4 2010 60.00 0.59 0.59 12.50
Q1 2011 60.00 0.59 0.59 13.53
Q2 2011 60.00 0.52 0.52 13.22
Q3 2011 60.00 0.51 0.51 13.32
Q4 2011 60.00 0.60 0.60 12.58
Q1 2012 60.00 0.61 0.61 12.19
Q2 2012 60.00 0.57 0.57 12.36
Q3 2012 60.00 0.80 0.80 12.69
Q4 2012 60.00 2.08 0.79 14.13
Q1 2013 60.00 2.17 0.89 13.82
Q2 2013 60.00 2.33 1.05 14.17
Q3 2013 60.00 2.24 0.96 14.41
Q4 2013 60.00 0.82 0.82 14.44
Q1 2014 60.00 0.75 0.74 14.59
Q2 2014 60.00 0.62 0.61 14.80
Q3 2014 60.00 0.58 0.57 15.00
Q4 2014 60.00 0.65 0.22 15.20
Q1 2015 60.00 0.68 0.09 15.39
Q2 2015 60.00 0.95 0.11 15.86
Q3 2015 60.00 0.93 (0.18) 16.04
Q4 2015 60.00 0.35 (0.12) 15.56
Q1 2016 60.00 0.22 (0.17) 15.49
Q2 2016 60.00 (0.24) (0.42) 15.50
Q3 2016 60.00 (0.62) (0.52) 15.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 21.21 28.42 3.70
Q4 2007 18.01 25.01 3.53
Q1 2008 12.52 17.61 2.48
Q2 2008 12.05 16.70 2.35
Q3 2008 7.46 9.80 1.59
Q4 2008 5.58 7.50 1.06
Q1 2009 8.83 11.55 1.67
Q2 2009 9.17 11.37 1.40
Q3 2009 12.20 15.27 1.37
Q4 2009 15.22 More than 100 1.29
Q1 2010 16.77 NEG 1.23
Q2 2010 12.59 More than 100 0.99
Q3 2010 15.40 NEG 0.99
Q4 2010 21.90 21.90 1.03
Q1 2011 19.85 19.85 0.87
Q2 2011 26.21 26.21 1.04
Q3 2011 26.19 26.19 1.01
Q4 2011 32.50 32.50 1.55
Q1 2012 48.16 48.16 2.40
Q2 2012 46.46 46.46 2.15
Q3 2012 44.09 44.09 2.79
Q4 2012 17.82 46.68 2.62
Q1 2013 16.60 40.65 2.60
Q2 2013 16.34 36.32 2.69
Q3 2013 10.27 24.07 1.60
Q4 2013 29.23 29.23 1.65
Q1 2014 31.88 32.16 1.63
Q2 2014 41.25 41.71 1.72
Q3 2014 45.67 46.21 1.76
Q4 2014 28.86 84.04 1.23
Q1 2015 26.70 More than 100 1.19
Q2 2015 18.93 More than 100 1.13
Q3 2015 15.64 NEG 0.90
Q4 2015 75.25 NEG 1.69
Q1 2016 92.58 NEG 1.31
Q2 2016 NEG NEG 1.25
Q3 2016 NEG NEG 0.76

Business Segments (Million)

Compared With The
Period packing and packaging Printing Other sectors & Investment activities elimination
Q1 2007 - 91.80 1.85 -
Q2 2007 - 94.79 939.96 -
Q3 2007 - 85.53 0.88 -
Q4 2007 - 140.23 1.30 -
Q1 2008 - 125.90 0.86 -
Q2 2008 - 123.76 3.49 -
Q3 2008 - 108.02 19.79 -
Q4 2008 - 145.65 - -
Q1 2009 - 103.59 - -
Q2 2009 - 82.89 - -
Q3 2009 - 94.15 - -
Q4 2009 - 161.09 - -
Q1 2010 - 102.60 - -
Q2 2010 - 112.17 - -
Q3 2010 - 102.21 - -
Q4 2010 - 85.42 - -
Q1 2011 - 98.16 - -
Q2 2011 - 118.84 - -
Q3 2011 - 92.80 - -
Q4 2011 - (9.66) - -
Q1 2012 29.69 72.91 - -
Q2 2012 30.51 80.99 - -
Q3 2012 206.27 71.15 - -
Q4 2012 216.41 57.98 - -
Q1 2013 216.79 56.15 - -
Q2 2013 222.49 57.14 - -
Q3 2013 242.49 51.19 - -
Q4 2013 242.09 53.41 - -
Q1 2014 235.63 49.90 - -
Q2 2014 269.22 58.18 - -
Q3 2014 262.24 54.42 - -
Q4 2014 244.76 57.97 - -
Q1 2015 235.46 47.31 - -
Q2 2015 236.52 55.29 - -
Q3 2015 221.53 36.35 - -
Q4 2015 204.76 70.54 - -
Q1 2016 208.55 47.30 - (1.45)
Q2 2016 214.83 47.79 - (3.25)
Q3 2016 197.67 57.99 - (4.33)


Financial Ratios
Current
Market Cap (M Riyal) 580.20
Enterprise Value (EV) (M) 1,203.51
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (3.66)
Book Value (BV) ( Riyal) 4.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.06
Return on Average Assets (%) (TTM) (16.06 )
Return on Average Equity (%) (TTM) (56.05 )
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Share Price

Saudi Printing and Packaging Co.
9.67
0.52 5.68 %

Saudi Printing and Packaging Co. (SPPC)

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