Financial Results : Amiantit posts lower net profit at SAR 30.3m in I1 of 2013

Amiantit posts lower net profit at SAR 30.3m in I1 of 2013

31/03/2013 Argaam Exclusive

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Saudi Arabian Amiantit Co., manufacturing fiberglass pipes, reported SAR 30.3m net profit at the end of the first quarter of 2013, compared to SAR 35.2m in the same period last year with -14%, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 900.02 859.19 (4.5 %)
Gross Income 155.91 140.28 (10.0 %)
Operating Income 79.71 70.60 (11.4 %)
Net Income 35.18 30.33 (13.8 %)
Average Shares 30.25 30.25 -
EPS (Riyals) 1.16 1.00 (13.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 444.73 29.8 % 105.48 4.8 % 19.46 (43.2 %)
Q2 2004 501.53 35.7 % 113.11 (9.8 %) 16.20 (60.4 %)
Q3 2004 427.75 (5.8 %) 110.69 (5.1 %) 19.86 (46.4 %)
Q4 2004 482.76 6.0 % 44.31 (51.9 %) (34.69) (576.5 %)
Q1 2005 490.75 10.3 % 85.33 (19.1 %) 0.61 (96.9 %)
Q2 2005 621.62 23.9 % 91.87 (18.8 %) 1.81 (88.8 %)
Q3 2005 483.34 13.0 % 118.44 7.0 % 52.26 163.2 %
Q4 2005 896.82 85.8 % 110.93 150.3 % 14.28 141.2 %
Q1 2006 519.92 5.9 % 107.84 26.4 % 27.86 4460.2 %
Q2 2006 860.76 38.5 % 145.74 58.6 % 57.60 3080.6 %
Q3 2006 667.32 38.1 % 138.32 16.8 % 55.32 5.8 %
Q4 2006 611.83 (31.8 %) 90.61 (18.3 %) 5.96 (58.3 %)
Q1 2007 613.69 18.0 % 135.31 25.5 % 46.75 67.8 %
Q2 2007 782.48 (9.1 %) 178.08 22.2 % 92.66 60.9 %
Q3 2007 902.37 35.2 % 180.90 30.8 % 89.89 62.5 %
Q4 2007 803.21 31.3 % 190.54 110.3 % 86.79 1356.2 %
Q1 2008 928.53 51.3 % 204.59 51.2 % 102.28 118.8 %
Q2 2008 1,141.49 45.9 % 227.73 27.9 % 122.80 32.5 %
Q3 2008 1,006.48 11.5 % 237.35 31.2 % 94.30 4.9 %
Q4 2008 949.94 18.3 % 257.89 35.3 % 136.71 57.5 %
Q1 2009 846.90 (8.8 %) 207.27 1.3 % 111.06 8.6 %
Q2 2009 897.71 (21.4 %) 249.95 9.8 % 150.99 23.0 %
Q3 2009 777.35 (22.8 %) 218.13 (8.1 %) 119.04 26.2 %
Q4 2009 770.92 (18.8 %) 188.83 (26.8 %) 81.23 (40.6 %)
Q1 2010 732.74 (13.5 %) 207.54 0.1 % 125.69 13.2 %
Q2 2010 812.18 (9.5 %) 203.74 (18.5 %) 112.95 (25.2 %)
Q3 2010 739.56 (4.9 %) 156.67 (28.2 %) 82.43 (30.8 %)
Q4 2010 793.01 2.9 % 158.62 (16.0 %) 71.59 (11.9 %)
Q1 2011 778.88 6.3 % 156.48 (24.6 %) 76.72 (39.0 %)
Q2 2011 854.41 5.2 % 159.22 (21.9 %) 76.85 (32.0 %)
Q3 2011 907.62 22.7 % 155.76 (0.6 %) 76.30 (7.4 %)
Q4 2011 1,021.73 28.8 % 171.43 8.1 % 94.41 31.9 %
Q1 2012 900.02 15.6 % 155.91 (0.4 %) 79.71 3.9 %
Q2 2012 895.92 4.9 % 149.05 (6.4 %) 74.78 (2.7 %)
Q3 2012 768.69 (15.3 %) 116.21 (25.4 %) 49.99 (34.5 %)
Q4 2012 890.16 (12.9 %) 135.41 (21.0 %) 58.84 (37.7 %)
Q1 2013 859.19 (4.5 %) 140.28 (10.0 %) 70.60 (11.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 1.80 (93.3 %) 0.06 - 1.80 0.06
Q2 2004 8.53 (77.2 %) 0.30 - 8.53 0.30
Q3 2004 (7.22) (861.9 %) (0.26) - (7.22) (0.26)
Q4 2004 (56.07) (481.3 %) (2.00) - (56.07) (2.00)
Q1 2005 (18.73) (1141.5 %) (0.67) - (18.73) (0.67)
Q2 2005 0.54 (93.7 %) 0.02 - 0.54 0.02
Q3 2005 0.59 108.2 % 0.02 - 0.59 0.02
Q4 2005 8.91 115.9 % 0.29 - 8.91 0.29
Q1 2006 0.65 103.5 % 0.02 - 0.65 0.02
Q2 2006 8.73 1522.5 % 0.29 - 8.73 0.29
Q3 2006 11.42 1831.5 % 0.38 - 11.42 0.38
Q4 2006 0.02 (99.7 %) 0.00 - 0.02 0.00
Q1 2007 15.34 2252.8 % 0.51 - 15.34 0.51
Q2 2007 24.41 179.6 % 0.81 - 24.41 0.81
Q3 2007 24.15 111.5 % 0.80 - 24.15 0.80
Q4 2007 0.21 775.0 % 0.01 - 0.21 0.01
Q1 2008 45.69 197.9 % 1.51 - 45.69 1.51
Q2 2008 71.01 190.9 % 2.35 - 71.01 2.35
Q3 2008 98.07 306.2 % 3.24 87.03 11.04 0.37
Q4 2008 20.55 9685.7 % 0.68 - 20.55 0.68
Q1 2009 48.02 5.1 % 1.59 - 48.02 1.59
Q2 2009 40.51 (43.0 %) 1.34 - 40.51 1.34
Q3 2009 72.35 (26.2 %) 2.39 - 72.35 2.39
Q4 2009 41.60 102.4 % 1.38 - 41.60 1.38
Q1 2010 50.01 4.1 % 1.65 - 50.01 1.65
Q2 2010 45.56 12.5 % 1.51 - 45.56 1.51
Q3 2010 42.45 (41.3 %) 1.40 - 42.45 1.40
Q4 2010 27.09 (34.9 %) 0.90 2.48 24.61 0.81
Q1 2011 34.30 (31.4 %) 1.13 2.60 31.70 1.05
Q2 2011 38.88 (14.7 %) 1.29 4.68 34.21 1.13
Q3 2011 43.59 2.7 % 1.44 1.98 41.61 1.38
Q4 2011 34.47 27.3 % 1.14 0.54 33.93 1.12
Q1 2012 35.18 2.6 % 1.16 - 35.18 1.16
Q2 2012 30.39 (21.8 %) 1.00 - 30.39 1.00
Q3 2012 16.22 (62.8 %) 0.54 - 16.22 0.54
Q4 2012 29.55 (14.3 %) 0.98 - 29.55 0.98
Q1 2013 30.33 (13.8 %) 1.00 - 30.33 1.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 25.50 % 11.45 % 3.09 %
Q2 2004 23.03 % 9.54 % 1.31 %
Q3 2004 23.04 % 9.23 % 0.97 %
Q4 2004 20.12 % 6.94 % (2.85 %)
Q1 2005 18.57 % 5.85 % (3.86 %)
Q2 2005 16.42 % 5.23 % (4.03 %)
Q3 2005 16.36 % 7.16 % (3.54 %)
Q4 2005 16.31 % 6.43 % (0.35 %)
Q1 2006 17.02 % 7.19 % 0.42 %
Q2 2006 17.49 % 8.72 % 0.68 %
Q3 2006 17.07 % 9.07 % 1.01 %
Q4 2006 18.14 % 11.15 % 0.78 %
Q1 2007 18.52 % 11.71 % 1.29 %
Q2 2007 20.27 % 13.11 % 1.91 %
Q3 2007 20.10 % 13.53 % 2.20 %
Q4 2007 22.08 % 16.07 % 2.07 %
Q1 2008 22.07 % 17.45 % 2.76 %
Q2 2008 21.29 % 15.54 % 3.74 %
Q3 2008 22.17 % 16.36 % 3.30 %
Q4 2008 23.04 % 19.10 % 3.68 %
Q1 2009 23.58 % 19.87 % 3.82 %
Q2 2009 25.73 % 25.25 % 3.25 %
Q3 2009 26.88 % 25.73 % 5.23 %
Q4 2009 26.24 % 23.90 % 6.15 %
Q1 2010 27.19 % 25.10 % 6.43 %
Q2 2010 26.45 % 22.38 % 6.77 %
Q3 2010 24.77 % 19.88 % 5.88 %
Q4 2010 23.61 % 16.90 % 5.28 %
Q1 2011 21.63 % 13.99 % 4.62 %
Q2 2011 19.93 % 12.29 % 4.20 %
Q3 2011 18.90 % 12.83 % 3.96 %
Q4 2011 18.05 % 13.35 % 3.97 %
Q1 2012 17.44 % 12.52 % 3.93 %
Q2 2012 16.97 % 12.55 % 3.79 %
Q3 2012 16.52 % 12.19 % 3.23 %
Q4 2012 16.11 % 10.92 % 3.22 %
Q1 2013 15.85 % 10.97 % 3.12 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 28.01 1.90 1.90 29.34
Q2 2004 28.01 0.87 0.87 29.24
Q3 2004 28.01 0.64 0.64 29.09
Q4 2004 28.01 (1.89) (1.89) 28.19
Q1 2005 28.01 (2.62) (2.62) 26.96
Q2 2005 28.01 (2.91) (2.91) 25.99
Q3 2005 28.01 (2.63) (2.63) 26.27
Q4 2005 30.25 (0.29) (0.29) 38.56
Q1 2006 30.25 0.35 0.35 38.44
Q2 2006 30.25 0.62 0.62 38.90
Q3 2006 30.25 0.98 0.98 39.70
Q4 2006 30.25 0.69 0.69 39.53
Q1 2007 30.25 1.17 1.17 39.78
Q2 2007 30.25 1.69 1.69 41.21
Q3 2007 30.25 2.11 2.11 42.96
Q4 2007 30.25 2.12 2.12 43.65
Q1 2008 30.25 3.12 3.12 45.55
Q2 2008 30.25 4.66 4.66 48.38
Q3 2008 30.25 7.11 4.23 50.03
Q4 2008 30.25 7.78 4.90 49.16
Q1 2009 30.25 7.86 4.98 49.56
Q2 2009 30.25 6.85 3.97 50.07
Q3 2009 30.25 6.00 6.00 53.26
Q4 2009 30.25 6.69 6.69 54.61
Q1 2010 30.25 6.76 6.76 55.73
Q2 2010 30.25 6.93 6.93 51.81
Q3 2010 30.25 5.94 5.94 54.65
Q4 2010 30.25 5.46 5.38 55.67
Q1 2011 30.25 4.94 4.77 52.16
Q2 2011 30.25 4.72 4.40 53.65
Q3 2011 30.25 4.76 4.37 53.45
Q4 2011 30.25 5.00 4.68 54.07
Q1 2012 30.25 5.03 4.79 49.86
Q2 2012 30.25 4.75 4.67 49.88
Q3 2012 30.25 3.84 3.83 50.71
Q4 2012 30.25 3.68 3.68 51.84
Q1 2013 30.25 3.52 3.52 48.60

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 More than 100 More than 100 7.58
Q2 2004 More than 100 More than 100 7.16
Q3 2004 More than 100 More than 100 9.27
Q4 2004 NEG NEG 10.22
Q1 2005 NEG NEG 11.86
Q2 2005 NEG NEG 18.03
Q3 2005 NEG NEG 20.66
Q4 2005 NEG NEG 14.60
Q1 2006 More than 100 More than 100 8.18
Q2 2006 More than 100 More than 100 7.54
Q3 2006 More than 100 More than 100 9.99
Q4 2006 More than 100 More than 100 3.75
Q1 2007 More than 100 More than 100 3.85
Q2 2007 78.76 78.76 3.23
Q3 2007 98.56 98.56 4.85
Q4 2007 More than 100 More than 100 5.19
Q1 2008 71.49 71.49 4.90
Q2 2008 67.52 67.52 6.51
Q3 2008 33.10 55.61 4.70
Q4 2008 15.08 23.92 2.39
Q1 2009 13.27 20.95 2.10
Q2 2009 21.46 37.00 2.94
Q3 2009 24.83 24.83 2.80
Q4 2009 22.95 22.95 2.81
Q1 2010 24.10 24.10 2.92
Q2 2010 16.79 16.79 2.24
Q3 2010 21.10 21.10 2.29
Q4 2010 25.09 25.47 2.46
Q1 2011 23.41 24.23 2.22
Q2 2011 25.42 27.29 2.24
Q3 2011 20.88 22.73 1.86
Q4 2011 21.46 22.94 1.98
Q1 2012 25.84 27.12 2.61
Q2 2012 21.26 21.64 2.02
Q3 2012 27.39 27.52 2.08
Q4 2012 26.25 26.25 1.86
Q1 2013 26.50 26.50 1.92

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management Technology
Q1 2011 683.75 85.40 9.73
Q2 2011 744.17 104.28 5.96
Q3 2011 767.42 135.61 4.58
Q4 2011 885.54 131.95 4.23
Q1 2012 821.06 75.10 3.86
Q2 2012 802.62 89.59 3.72
Q3 2012 677.99 76.51 5.19
Q4 2012 764.72 115.91 9.53
Q1 2013 800.56 58.63 -


Financial Ratios
Current
Market Cap (M Riyal) 1,267.45
Enterprise Value (EV) (M) 1,455.15
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 10.23
Book Value (BV) ( Riyal) 21.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 2.78
Price/book 1.35
Return on Average Assets (%) (TTM) 20.4
Return on Average Equity (%) (TTM) 79.8
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Share Price

Saudi Arabian Amiantit Co.
28.45
(0.95) (3.23 %)

Saudi Arabian Amiantit Co. (AMIANTIT)

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