Financial Results : SVCP incurs SAR 59M loss in 2023; Q4 at SAR 52M on provisions

SVCP incurs SAR 59M loss in 2023; Q4 at SAR 52M on provisions

29/04/2024 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP) slid into a deeper loss of SAR 59 million in 2023, from SAR 8.8 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 76.35 75.68 (0.9 %)
Gross Income 4.42 7.34 66.2 %
Operating Income (19.62) (13.31) 32.2 %
Net Income (8.76) (58.99) (573.2 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.58) (3.93) (573.2 %)

The company attributed the increase in losses to lower revenues on weak demand for its products and a decline in other income.

 

The firm also booked a provision worth SAR 46.4 million for impairment in the value of personal protective equipment.

 

In Q4 2023, SVCP posted a net loss of SAR 52 million, against a profit of SAR 1.44 million a year earlier.

 

Meanwhile, the company widened Q4 2023 loss from SAR 3.64 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 24.96 14.57 (41.6 %)
Gross Income 0.47 0.41 (11.4 %)
Operating Income (6.36) (3.28) 48.4 %
Net Income 1.44 (52.00) (3708.3 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.10 (3.47) (3708.3 %)

Shareholders’ equity, no minority interest, came in at SAR 210.2 million as of Dec. 31, 2023, down from SAR 268.7 million a year earlier.

 

Accumulated losses reached SAR 14.81 million at the end of Q4 2023, representing 9.9% of the company's capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2022 20.10 (0.4 %) 5.63 27.2 % (0.39) 74.4 %
Q4 2022 24.96 18.2 % 0.47 (91.6 %) (6.36) (2245.3 %)
Q1 2023 20.58 11.0 % 3.22 11.4 % (2.28) 15.3 %
Q2 2023 18.79 47.3 % 1.37 129.9 % (4.48) 56.0 %
Q3 2023 21.73 8.1 % 2.34 (58.4 %) (2.96) (660.1 %)
Q4 2023 14.57 (41.6 %) 0.41 (11.4 %) (3.28) 48.4 %
2023 75.68 (0.9 %) 7.34 66.2 % (13.31) 32.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2022 (1.00) 43.5 % (0.07) - (1.00) (0.07)
Q4 2022 1.44 58.2 % 0.10 8.58 (7.13) (0.48)
Q1 2023 (2.86) (323.9 %) (0.19) - (2.86) (0.19)
Q2 2023 (0.50) 95.3 % (0.03) 3.42 (3.91) (0.26)
Q3 2023 (3.64) (265.9 %) (0.24) - (3.64) (0.24)
Q4 2023 (52.00) (3708.3 %) (3.47) (46.41) (5.58) (0.37)
2023 (58.99) (573.2 %) (3.93) (43.00) (15.99) (1.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2022 13.07 % 0.89 % (19.02 %)
Q4 2022 5.78 % (7.98 %) (28.60 %)
Q1 2023 6.05 % (7.18 %) (27.39 %)
Q2 2023 12.65 % 0.13 % (17.65 %)
Q3 2023 8.59 % (2.78 %) (20.39 %)
Q4 2023 9.70 % 2.21 % (21.13 %)
2023 9.70 % 1.81 % (21.13 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 15.00 (0.62) (0.92) 17.78
Q4 2022 15.00 (0.58) (1.46) 17.91
Q1 2023 15.00 (0.86) (1.43) 17.72
Q2 2023 15.00 (0.19) (0.99) 17.69
Q3 2023 15.00 (0.37) (1.17) 17.46
Q4 2023 15.00 (3.93) (1.07) 14.01

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 NEG NEG 2.72
Q4 2022 NEG NEG 2.18
Q1 2023 NEG NEG 2.43
Q2 2023 NEG NEG 2.68
Q3 2023 NEG NEG 2.60
Q4 2023 NEG NEG 3.41

Business Segments (Million)

Compared With The
Period Sales of clay pipes sector Cement pipe sector sales
Q1 2023 20.58 -
Q2 2023 18.79 -


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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