Financial Results : MEPCO’s net profit drops 44% in Q1-16

MEPCO’s net profit drops 44% in Q1-16

20/04/2016 Argaam Exclusive

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Middle East Paper Co. (MEPCO), a manufacturer of cardboard and industrial paper, reported a net profit of SAR 13 million for the first quarter of 2016, a 44 percent year-on-year (YoY) decline that the company attributed to lower sales value, higher cost of sales and increased expenses. 

 

Profit for Q1 improved more than 370 percent compared to the previous quarter as sales volumes rose and depreciation expenses fell following machine upgrades. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 184.71 176.54 (4.4 %)
Gross Income 47.14 48.80 3.5 %
Operating Income 28.15 24.52 (12.9 %)
Net Income 23.20 16.78 (27.7 %)
Average Shares 66.67 66.67 -
EPS (Riyals) 0.35 0.25 (27.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 175.85 - 41.28 - 20.60 -
Q2 2013 195.47 - 50.61 - 29.56 -
Q3 2013 200.50 - 61.21 - 41.72 -
Q4 2013 188.35 - 50.81 - 32.76 -
Q1 2014 200.96 14.3 % 52.97 28.3 % 29.65 44.0 %
Q2 2014 203.05 3.9 % 59.04 16.7 % 36.78 24.4 %
Q3 2014 219.60 9.5 % 68.98 12.7 % 43.91 5.3 %
Q4 2014 202.50 7.5 % 53.41 5.1 % 31.88 (2.7 %)
Q1 2015 184.71 (8.1 %) 47.14 (11.0 %) 28.15 (5.1 %)
Q2 2015 184.14 (9.3 %) 48.17 (18.4 %) 26.28 (28.5 %)
Q3 2015 172.83 (21.3 %) 41.85 (39.3 %) 16.89 (61.5 %)
Q4 2015 139.50 (31.1 %) 35.70 (33.2 %) 10.55 (66.9 %)
Q1 2016 176.54 (4.4 %) 48.80 3.5 % 24.52 (12.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 11.26 - 0.17 - 11.26 0.17
Q2 2013 22.76 - 0.34 - 22.76 0.34
Q3 2013 31.50 - 0.47 - 31.50 0.47
Q4 2013 22.56 - 0.34 - 22.56 0.34
Q1 2014 22.83 102.7 % 0.34 - 22.83 0.34
Q2 2014 29.26 28.6 % 0.44 - 29.26 0.44
Q3 2014 36.35 15.4 % 0.55 - 36.35 0.55
Q4 2014 22.91 1.5 % 0.34 - 22.91 0.34
Q1 2015 23.20 1.6 % 0.35 - 23.20 0.35
Q2 2015 19.57 (33.1 %) 0.29 - 19.57 0.29
Q3 2015 9.58 (73.6 %) 0.14 - 9.58 0.14
Q4 2015 2.77 (87.9 %) 0.04 - 2.77 0.04
Q1 2016 16.78 (27.7 %) 0.25 - 16.78 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 26.82 % 26.56 % 11.59 %
Q1 2014 27.46 % 27.05 % 12.69 %
Q2 2014 28.26 % 28.06 % 13.39 %
Q3 2014 28.55 % 28.01 % 13.67 %
Q4 2014 28.37 % 27.86 % 13.48 %
Q1 2015 28.22 % 28.65 % 13.79 %
Q2 2015 27.52 % 28.28 % 12.90 %
Q3 2015 25.61 % 26.90 % 10.11 %
Q4 2015 25.38 % 26.78 % 8.09 %
Q1 2016 25.93 % 25.91 % 7.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 66.67 - - 6.47
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 66.67 - - 7.04
Q1 2013 66.67 - - 7.21
Q2 2013 66.67 - - 7.55
Q3 2013 66.67 - - 8.02
Q4 2013 66.67 1.32 1.32 7.99
Q1 2014 66.67 1.49 1.49 8.33
Q2 2014 66.67 1.59 1.59 8.15
Q3 2014 66.67 1.66 1.66 8.70
Q4 2014 66.67 1.67 1.67 9.04
Q1 2015 66.67 1.68 1.68 9.39
Q2 2015 66.67 1.53 1.53 9.68
Q3 2015 66.67 1.13 1.13 9.83
Q4 2015 66.67 0.83 0.83 9.87
Q1 2016 66.67 0.73 0.73 9.62

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 26.14 26.14 4.13
Q3 2015 25.29 25.29 2.90
Q4 2015 30.07 30.07 2.52
Q1 2016 24.74 24.74 1.88

Business Segments (Million)

Compared With The
Period The industrial sector The commercial sector Disposals
Q1 2013 158.35 71.46 (53.97)
Q2 2013 178.71 81.47 (64.72)
Q3 2013 185.64 77.94 (63.08)
Q4 2013 178.20 71.61 (61.46)
Q1 2014 189.39 64.27 (52.69)
Q2 2014 186.73 82.23 (65.90)
Q3 2014 204.13 83.05 (67.58)
Q4 2014 190.08 90.98 (78.55)
Q1 2015 149.78 73.94 (39.01)
Q2 2015 170.79 72.52 (59.17)
Q3 2015 171.60 59.18 (57.94)
Q4 2015 142.39 54.31 (57.21)
Q1 2016 167.90 61.40 (52.77)


Financial Ratios
Current
Market Cap (M Riyal) 3,215.46
Enterprise Value (EV) (M) 3,237.47
Shares Outstanding ((M)) 86.67
EPS ( Riyal) (TTM) (0.79)
Book Value (BV) ( Riyal) 19.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.95
Return on Average Assets (%) (TTM) (3.01 )
Return on Average Equity (%) (TTM) (4.96 )
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Share Price

Middle East Paper Co.
36.95
(0.35) (0.94 %)

Middle East Paper Co. (MEPCO)

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