Financial Results : SPPC’s H1 2019 net loss rises by 69%

SPPC’s H1 2019 net loss rises by 69%

01/08/2019 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) reported a net loss after zakat and tax of SAR 36.71 million for the first half of 2019, a rise of 69.01 percent year-on-year (YoY), as compared to a net loss of SAR 21.72 million a year earlier, the company said in a bourse statement.

 

The decrease can be attributed to a drop in revenues for the current period in addition to the increase in financing costs.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 458.68 439.66 (4.1 %)
Gross Income 62.77 50.38 (19.7 %)
Operating Income 0.20 (9.19) (4696.5 %)
Net Income (21.72) (36.71) (69.0 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) (0.36) (0.61) (69.0 %)
EPS (Riyals) (0.36) (0.61) (69.0 %)

The company’s Q2 net loss after zakat and tax more than tripled YoY to SAR 13.69 million due to lower revenues and an increase in financing costs.

 

However, on a sequential basis, Q2 net loss decreased by 40.5 percent



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 256.11 237.62 (7.2 %)
Gross Income 37.75 29.23 (22.6 %)
Operating Income 6.25 (0.44) (107.1 %)
Net Income (3.07) (13.69) (346.6 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) (0.05) (0.23) (346.6 %)
EPS (Riyals) (0.05) (0.23) (346.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2016 240.29 (12.7 %) 37.63 (18.8 %) (15.92) (59.8 %)
Q1 2017 242.31 (4.8 %) 40.33 (27.3 %) (3.67) (134.9 %)
Q2 2017 253.08 (2.4 %) 40.06 (28.0 %) 2.63 (77.8 %)
Q3 2017 251.48 0.1 % 41.74 3.1 % 7.18 2223.4 %
Q4 2017 244.81 1.9 % 35.16 (6.6 %) (5.35) 66.4 %
Q1 2018 202.57 (16.4 %) 25.02 (38.0 %) (6.05) (65.1 %)
Q2 2018 256.11 1.2 % 37.75 (5.8 %) 6.25 137.8 %
Q3 2018 276.34 9.9 % 30.63 (26.6 %) 0.39 (94.6 %)
Q4 2018 283.47 15.8 % 30.51 (13.2 %) (3.48) 35.0 %
Q1 2019 202.04 (0.3 %) 21.16 (15.4 %) (8.75) (44.6 %)
Q2 2019 237.62 (7.2 %) 29.23 (22.6 %) (0.44) (107.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
Q4 2016 (26.16) 12.1 % (0.44) - (26.16) (0.44)
Q1 2017 (15.80) (514.2 %) (0.26) - (15.80) (0.26)
Q2 2017 (12.81) (3385.4 %) (0.21) - (12.81) (0.21)
Q3 2017 (4.58) 60.2 % (0.08) - (4.58) (0.08)
Q4 2017 (36.26) (38.6 %) (0.60) (20.31) (15.96) (0.27)
Q1 2018 (18.66) (18.1 %) (0.31) - (18.66) (0.31)
Q2 2018 (3.07) 76.1 % (0.05) - (3.07) (0.05)
Q3 2018 (11.83) (158.6 %) (0.20) - (11.83) (0.20)
Q4 2018 (20.81) 42.6 % (0.35) - (20.81) (0.35)
Q1 2019 (23.02) (23.4 %) (0.38) - (23.02) (0.38)
Q2 2019 (13.69) (346.6 %) (0.23) - (13.69) (0.23)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2016 18.82 % 8.52 % (4.04 %)
Q1 2017 17.53 % 7.41 % (5.48 %)
Q2 2017 16.06 % 6.54 % (6.71 %)
Q3 2017 16.18 % 7.34 % (6.01 %)
Q4 2017 15.86 % 8.23 % (4.96 %)
Q1 2018 14.91 % 8.18 % (5.46 %)
Q2 2018 14.63 % 8.59 % (4.43 %)
Q3 2018 13.12 % 7.69 % (5.05 %)
Q4 2018 12.17 % 7.46 % (5.34 %)
Q1 2019 11.79 % 7.11 % (5.77 %)
Q2 2019 11.16 % 6.08 % (6.94 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2016 60.00 (0.56) (0.68) 14.90
Q1 2017 60.00 (0.88) (0.91) 14.62
Q2 2017 60.00 (1.10) (1.10) 14.41
Q3 2017 60.00 (0.99) (0.99) 14.33
Q4 2017 60.00 (1.16) (0.82) 13.69
Q1 2018 60.00 (1.21) (0.87) 13.38
Q2 2018 60.00 (1.04) (0.70) 13.32
Q3 2018 60.00 (1.16) (0.83) 13.13
Q4 2018 60.00 (0.91) (0.91) 12.59
Q1 2019 60.00 (0.98) (0.98) 12.19
Q2 2019 60.00 (1.16) (1.16) 11.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 NEG NEG 1.35
Q1 2017 NEG NEG 1.17
Q2 2017 NEG NEG 1.00
Q3 2017 NEG NEG 1.62
Q4 2017 NEG NEG 1.47
Q1 2018 NEG NEG 1.43
Q2 2018 NEG NEG 1.47
Q3 2018 NEG NEG 1.30
Q4 2018 NEG NEG 1.29
Q1 2019 NEG NEG 1.32
Q2 2019 NEG NEG 1.17

Business Segments (Million)

Compared With The
Period packing and packaging Printing Other sectors & Investment activities elimination
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)
Q4 2016 188.44 49.00 - -
Q1 2017 197.04 46.58 - (1.31)
Q2 2017 216.03 44.79 - (7.74)
Q3 2017 186.12 70.43 - (5.08)
Q4 2017 179.00 51.68 - -
Q1 2018 176.21 30.72 - (4.36)
Q2 2018 207.48 57.96 - (9.32)
Q3 2018 205.97 76.22 - (5.85)
Q4 2018 196.35 116.63 - (29.51)
Q1 2019 185.95 19.62 - (3.53)
Q2 2019 201.26 43.41 - (7.06)


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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