Financial Results : SVCP widens losses to SAR 9.2 mln in H1 2022, Q2 at SAR 10.5 mln

SVCP widens losses to SAR 9.2 mln in H1 2022, Q2 at SAR 10.5 mln

11/08/2022 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co.’s (SVCP) net loss after Zakat and tax increased to SAR 9.2 million in the first half of 2022, from a loss of SAR 1.2 million in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 47.42 31.29 (34.0 %)
Gross Income 11.54 (1.69) (114.6 %)
Operating Income 0.15 (12.87) (8607.1 %)
Net Income (1.21) (9.21) (664.1 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.08) (0.61) (664.1 %)

The decline in earnings was attributed to a decrease in sales amid a slowdown of projects, and increase in the cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 22.66 12.76 (43.7 %)
Gross Income 4.41 (4.57) (203.8 %)
Operating Income (0.79) (10.18) (1,193.6 %)
Net Income (1.43) (10.48) (631.1 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.10) (0.70) (631.1 %)

SVCP also widened losses after Zakat and tax to SAR 10.5 million in Q2 2022, from a loss of SAR 1.43 million in Q2 2021.

 

In Q1 2021, SVCP posted a net profit of SAR 1.28 million.

 

Shareholders’ equity, after minority interest, stood at SAR 267.73 million as of June 30, 2022, compared to SAR 277.77 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 78.65 8.8 % 29.40 10.5 % 23.16 12.7 %
Q2 2013 77.44 (6.1 %) 26.40 (8.9 %) 19.68 (12.0 %)
Q3 2013 67.12 (8.9 %) 24.33 (17.6 %) 18.05 (21.6 %)
Q4 2013 80.20 (3.5 %) 29.94 (4.8 %) 24.29 (0.9 %)
Q1 2014 75.65 (3.8 %) 30.35 3.2 % 23.47 1.3 %
Q2 2014 87.35 12.8 % 34.47 30.6 % 28.20 43.3 %
Q3 2014 88.15 31.3 % 33.22 36.6 % 26.23 45.3 %
Q4 2014 91.59 14.2 % 36.81 22.9 % 28.47 17.2 %
Q1 2015 92.76 22.6 % 36.87 21.5 % 30.10 28.2 %
Q2 2015 95.45 9.3 % 43.78 27.0 % 34.43 22.1 %
Q3 2015 90.56 2.7 % 42.29 27.3 % 32.74 24.8 %
Q4 2015 111.54 21.8 % 42.14 14.5 % 30.77 8.1 %
Q1 2016 104.08 12.2 % 44.08 19.5 % 33.22 10.4 %
Q2 2016 78.16 (18.1 %) 33.90 (22.6 %) 25.04 (27.3 %)
Q3 2016 58.01 (35.9 %) 20.69 (51.1 %) 13.35 (59.2 %)
Q4 2016 53.37 (52.2 %) 15.18 (64.0 %) 4.30 (86.0 %)
Q1 2017 53.83 (48.3 %) 19.65 (55.4 %) 12.46 (62.5 %)
Q2 2017 53.58 (31.5 %) 25.35 (25.2 %) 17.67 (29.4 %)
Q3 2017 24.40 (57.9 %) 6.36 (69.2 %) 1.14 (91.4 %)
Q4 2017 32.55 (39.0 %) 5.09 (66.5 %) (1.10) (125.6 %)
Q1 2018 31.84 (40.8 %) 7.93 (59.7 %) 2.66 (78.6 %)
Q2 2018 28.98 (45.9 %) 6.34 (75.0 %) 1.60 (91.0 %)
Q3 2018 29.45 20.7 % 7.59 19.3 % 2.46 114.8 %
Q4 2018 27.69 (14.9 %) 3.90 (23.4 %) 0.76 168.7 %
Q1 2019 30.13 (5.4 %) 8.26 4.3 % 2.42 (9.0 %)
Q2 2019 23.53 (18.8 %) 7.33 15.6 % 1.36 (14.8 %)
Q3 2019 28.36 (3.7 %) 7.85 3.4 % 2.45 (0.3 %)
Q4 2019 40.60 46.6 % 14.65 275.9 % 5.75 659.0 %
Q1 2020 40.55 34.6 % 13.35 61.6 % 6.10 151.7 %
Q2 2020 28.03 19.1 % 10.04 36.8 % 3.63 166.7 %
Q3 2020 28.09 (1.0 %) 8.00 1.9 % 1.83 (25.4 %)
Q4 2020 26.70 (34.2 %) 8.59 (41.4 %) 1.48 (74.3 %)
Q1 2021 24.75 (38.9 %) 7.13 (46.6 %) 0.94 (84.6 %)
Q2 2021 22.66 (19.2 %) 4.41 (56.1 %) (0.79) (121.7 %)
Q3 2021 20.19 (28.1 %) 4.43 (44.6 %) (1.52) (183.4 %)
Q4 2021 21.11 (20.9 %) 5.53 (35.6 %) 0.30 (80.0 %)
Q1 2022 18.54 (25.1 %) 2.89 (59.5 %) (2.69) (387.0 %)
Q2 2022 12.76 (43.7 %) (4.57) (203.8 %) (10.18) (1,193.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 22.09 15.8 % 1.47 - 22.09 1.47
Q2 2013 20.27 (7.2 %) 1.35 - 20.27 1.35
Q3 2013 17.54 (23.0 %) 1.17 - 17.54 1.17
Q4 2013 24.52 3.3 % 1.63 - 24.52 1.63
Q1 2014 22.69 2.7 % 1.51 - 22.69 1.51
Q2 2014 27.87 37.5 % 1.86 - 27.87 1.86
Q3 2014 26.00 48.2 % 1.73 - 26.00 1.73
Q4 2014 24.02 (2.0 %) 1.60 - 24.02 1.60
Q1 2015 21.96 (3.2 %) 1.46 - 21.96 1.46
Q2 2015 32.80 17.7 % 2.19 - 32.80 2.19
Q3 2015 21.71 (16.5 %) 1.45 - 21.71 1.45
Q4 2015 26.76 11.4 % 1.78 - 26.76 1.78
Q1 2016 33.63 53.1 % 2.24 - 33.63 2.24
Q2 2016 23.90 (27.1 %) 1.59 - 23.90 1.59
Q3 2016 12.14 (44.1 %) 0.81 - 12.14 0.81
Q4 2016 3.59 (86.6 %) 0.24 - 3.59 0.24
Q1 2017 11.96 (64.4 %) 0.80 - 11.96 0.80
Q2 2017 16.05 (32.8 %) 1.07 - 16.05 1.07
Q3 2017 1.34 (88.9 %) 0.09 - 1.34 0.09
Q4 2017 (0.39) (111.0 %) (0.03) - (0.39) (0.03)
Q1 2018 1.78 (85.1 %) 0.12 - 1.78 0.12
Q2 2018 0.88 (94.5 %) 0.06 - 0.88 0.06
Q3 2018 1.59 18.3 % 0.11 - 1.59 0.11
Q4 2018 0.14 135.5 % 0.01 - 0.14 0.01
Q1 2019 1.60 (10.1 %) 0.11 - 1.60 0.11
Q2 2019 0.61 (30.1 %) 0.04 - 0.61 0.04
Q3 2019 1.45 (8.6 %) 0.10 - 1.45 0.10
Q4 2019 5.10 3542.9 % 0.34 - 5.10 0.34
Q1 2020 5.41 237.7 % 0.36 - 5.41 0.36
Q2 2020 2.86 365.1 % 0.19 - 2.86 0.19
Q3 2020 0.91 (37.6 %) 0.06 - 0.91 0.06
Q4 2020 1.50 (70.6 %) 0.10 - 1.50 0.10
Q1 2021 0.23 (95.8 %) 0.02 - 0.23 0.02
Q2 2021 (1.43) (150.2 %) (0.10) - (1.43) (0.10)
Q3 2021 (1.76) (294.6 %) (0.12) - (1.76) (0.12)
Q4 2021 0.91 (39.3 %) 0.06 - 0.91 0.06
Q1 2022 1.28 457.2 % 0.09 4.50 (3.22) (0.21)
Q2 2022 (10.48) (631.1 %) (0.70) - (10.48) (0.70)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 37.54 % 35.58 % 28.45 %
Q2 2013 37.32 % 35.33 % 28.41 %
Q3 2013 36.43 % 34.49 % 27.31 %
Q4 2013 36.28 % 34.75 % 27.82 %
Q1 2014 36.96 % 35.23 % 28.30 %
Q2 2014 38.38 % 36.89 % 29.85 %
Q3 2014 38.62 % 37.06 % 30.51 %
Q4 2014 39.34 % 37.06 % 29.35 %
Q1 2015 39.29 % 37.21 % 27.75 %
Q2 2015 40.95 % 38.13 % 28.48 %
Q3 2015 43.13 % 39.64 % 27.13 %
Q4 2015 42.30 % 38.33 % 26.45 %
Q1 2016 42.90 % 37.45 % 28.61 %
Q2 2016 42.26 % 36.82 % 27.58 %
Q3 2016 40.03 % 34.57 % 27.41 %
Q4 2016 38.77 % 31.96 % 24.95 %
Q1 2017 36.74 % 30.24 % 21.19 %
Q2 2017 36.96 % 29.40 % 19.99 %
Q3 2017 35.93 % 27.59 % 17.78 %
Q4 2017 34.35 % 27.33 % 17.62 %
Q1 2018 31.42 % 24.73 % 13.19 %
Q2 2018 21.84 % 15.99 % 3.06 %
Q3 2018 21.94 % 16.43 % 3.14 %
Q4 2018 21.83 % 18.45 % 3.72 %
Q1 2019 22.45 % 18.43 % 3.62 %
Q2 2019 24.44 % 19.05 % 3.56 %
Q3 2019 24.92 % 18.51 % 3.47 %
Q4 2019 31.07 % 21.42 % 7.15 %
Q1 2020 32.46 % 22.47 % 9.45 %
Q2 2020 33.36 % 23.35 % 10.78 %
Q3 2020 33.54 % 23.41 % 10.40 %
Q4 2020 32.40 % 21.89 % 8.65 %
Q1 2021 31.38 % 20.24 % 5.10 %
Q2 2021 27.52 % 16.91 % 1.17 %
Q3 2021 26.04 % 14.70 % (1.55 %)
Q4 2021 24.23 % 14.24 % (2.32 %)
Q1 2022 20.91 % 10.86 % (6.68 %)
Q2 2022 11.40 % (0.63 %) (20.05 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 15.00 6.03 6.03 16.33
Q2 2013 15.00 5.93 5.93 16.16
Q3 2013 15.00 5.58 5.58 17.32
Q4 2013 15.00 5.63 5.63 15.41
Q1 2014 15.00 5.67 5.67 15.63
Q2 2014 15.00 6.17 6.17 16.20
Q3 2014 15.00 6.74 6.74 16.64
Q4 2014 15.00 6.71 6.71 16.81
Q1 2015 15.00 6.66 6.66 16.77
Q2 2015 15.00 6.99 6.99 17.46
Q3 2015 15.00 6.70 6.70 18.91
Q4 2015 15.00 6.88 6.88 17.69
Q1 2016 15.00 7.66 7.66 21.19
Q2 2016 15.00 7.07 7.07 21.29
Q3 2016 15.00 6.43 6.43 22.10
Q4 2016 15.00 4.88 4.88 22.37
Q1 2017 15.00 3.44 3.44 22.13
Q2 2017 15.00 2.92 2.92 23.20
Q3 2017 15.00 2.20 2.20 21.79
Q4 2017 15.00 1.93 1.93 20.32
Q1 2018 15.00 1.25 1.25 19.78
Q2 2018 15.00 0.24 0.24 19.78
Q3 2018 15.00 0.26 0.26 19.89
Q4 2018 15.00 0.29 0.29 19.54
Q1 2019 15.00 0.28 0.28 19.65
Q2 2019 15.00 0.26 0.26 19.69
Q3 2019 15.00 0.25 0.25 19.79
Q4 2019 15.00 0.58 0.58 19.01
Q1 2020 15.00 0.84 0.84 19.37
Q2 2020 15.00 0.99 0.99 19.56
Q3 2020 15.00 0.95 0.95 19.62
Q4 2020 15.00 0.71 0.71 18.60
Q1 2021 15.00 0.37 0.37 18.61
Q2 2021 15.00 0.08 0.08 18.52
Q3 2021 15.00 (0.10) (0.10) 18.40
Q4 2021 15.00 (0.14) (0.14) 18.46
Q1 2022 15.00 (0.07) (0.37) 18.55
Q2 2022 15.00 (0.67) (0.97) 17.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.36 11.36 4.19
Q2 2013 12.32 12.32 4.52
Q3 2013 13.32 13.32 4.29
Q4 2013 12.97 12.97 4.74
Q1 2014 15.48 15.48 5.61
Q2 2014 15.78 15.78 6.02
Q3 2014 15.73 15.73 6.37
Q4 2014 13.43 13.43 5.36
Q1 2015 15.10 15.10 5.99
Q2 2015 14.27 14.27 5.71
Q3 2015 12.39 12.39 4.39
Q4 2015 13.67 13.67 5.32
Q1 2016 10.75 10.75 3.89
Q2 2016 13.02 13.02 4.32
Q3 2016 10.57 10.57 3.07
Q4 2016 14.70 14.70 3.21
Q1 2017 16.42 16.42 2.55
Q2 2017 17.19 17.19 2.16
Q3 2017 23.02 23.02 2.32
Q4 2017 29.98 29.98 2.85
Q1 2018 41.29 41.29 2.61
Q2 2018 More than 100 More than 100 2.53
Q3 2018 More than 100 More than 100 2.46
Q4 2018 More than 100 More than 100 2.67
Q1 2019 More than 100 More than 100 2.47
Q2 2019 More than 100 More than 100 2.13
Q3 2019 More than 100 More than 100 2.45
Q4 2019 90.34 90.34 2.78
Q1 2020 44.30 44.30 1.92
Q2 2020 42.26 42.26 2.13
Q3 2020 62.00 62.00 3.01
Q4 2020 More than 100 More than 100 5.32
Q1 2021 More than 100 More than 100 5.52
Q2 2021 More than 100 More than 100 5.82
Q3 2021 NEG NEG 5.23
Q4 2021 NEG NEG 4.17
Q1 2022 NEG NEG 3.77
Q2 2022 NEG NEG 2.81


Financial Ratios
Current
Market Cap (M Riyal) 566.25
Enterprise Value (EV) (M) 566.39
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (8.65)
Book Value (BV) ( Riyal) 8.83
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.27
Return on Average Assets (%) (TTM) (48.80 )
Return on Average Equity (%) (TTM) (65.79 )
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Share Price

Saudi Vitrified Clay Pipes Co.
37.75
0.05 0.13 %

Saudi Vitrified Clay Pipes Co. (SVCP)

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