Financial Results : SPPC posts higher net profit at SAR 48.3m in I3 of 2013

SPPC posts higher net profit at SAR 48.3m in I3 of 2013

30/09/2013 Argaam Exclusive

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 Saudi Printing & Packaging Company, which is one of the largest printing and publishing companies in Saudi Arabia, reported SAR 48.3m net profit in I3 of 2013, a 25% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Revenues 491.51 846.26 72.2 %
Gross Income 97.77 181.37 85.5 %
Operating Income 50.84 82.89 63.0 %
Net Income 38.54 48.31 25.4 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.64 0.81 25.4 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Revenues 277.42 293.68 5.9 %
Gross Income 56.49 60.32 6.8 %
Operating Income 28.13 25.82 (8.2 %)
Net Income 20.03 14.42 (28.0 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.33 0.24 (28.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 57.67 - 17.06 - 9.59 -
Q4 2006 66.64 - 20.56 - 17.84 -
Q1 2007 80.93 - 31.17 - 24.25 -
Q2 2007 83.87 - 28.94 - 21.98 -
Q3 2007 74.64 29.4 % 22.89 34.2 % 14.13 47.3 %
Q4 2007 130.60 96.0 % 51.08 148.5 % 41.10 130.3 %
Q1 2008 115.15 42.3 % 31.65 1.5 % 21.99 (9.3 %)
Q2 2008 115.27 37.4 % 36.90 27.5 % 27.51 25.1 %
Q3 2008 98.40 31.8 % 33.51 46.4 % 23.91 69.2 %
Q4 2008 136.10 4.2 % 36.69 (28.2 %) 31.87 (22.5 %)
Q1 2009 100.38 (12.8 %) 25.16 (20.5 %) 14.97 (31.9 %)
Q2 2009 79.51 (31.0 %) 25.07 (32.1 %) 14.91 (45.8 %)
Q3 2009 84.01 (14.6 %) 29.08 (13.2 %) 19.93 (16.6 %)
Q4 2009 93.42 (31.4 %) (11.27) (130.7 %) (23.21) (172.8 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 19.15 - 0.32 - 19.15 0.32
Q4 2006 25.52 - 0.43 - 25.52 0.43
Q1 2007 34.69 - 0.58 9.62 25.07 0.42
Q2 2007 30.93 - 0.52 9.62 21.31 0.36
Q3 2007 22.71 18.6 % 0.38 9.62 13.09 0.22
Q4 2007 49.11 92.5 % 0.82 9.62 39.49 0.66
Q1 2008 30.26 (12.8 %) 0.50 9.62 20.64 0.34
Q2 2008 36.10 16.7 % 0.60 9.62 26.47 0.44
Q3 2008 45.49 100.3 % 0.76 9.62 35.87 0.60
Q4 2008 38.68 (21.2 %) 0.64 9.62 29.06 0.48
Q1 2009 15.70 (48.1 %) 0.26 3.21 12.49 0.21
Q2 2009 11.37 (68.5 %) 0.19 (0.95) 12.32 0.21
Q3 2009 17.61 (61.3 %) 0.29 4.87 12.74 0.21
Q4 2009 20.36 (47.4 %) 0.34 56.31 (35.95) (0.60)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 33.80 % 32.01 % 31.49 %
Q3 2007 33.83 % 29.31 % 27.76 %
Q4 2007 36.23 % 31.30 % 26.74 %
Q1 2008 33.28 % 28.23 % 23.38 %
Q2 2008 32.71 % 27.80 % 22.88 %
Q3 2008 33.33 % 28.35 % 26.66 %
Q4 2008 29.84 % 26.72 % 24.10 %
Q1 2009 29.38 % 26.39 % 23.08 %
Q2 2009 29.06 % 26.12 % 21.65 %
Q3 2009 29.00 % 27.14 % 16.65 %
Q4 2009 19.04 % 14.25 % 0.45 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 60.00 - - 10.06
Q4 2006 60.00 - - 10.32
Q1 2007 60.00 - - 10.78
Q2 2007 60.00 1.84 1.52 10.49
Q3 2007 60.00 1.90 1.42 10.87
Q4 2007 60.00 2.29 1.65 11.69
Q1 2008 60.00 2.22 1.58 11.19
Q2 2008 60.00 2.30 1.66 11.80
Q3 2008 60.00 2.68 2.04 12.55
Q4 2008 60.00 2.51 1.87 13.20
Q1 2009 60.00 2.27 1.73 11.96
Q2 2009 60.00 1.85 1.50 12.12
Q3 2009 60.00 1.39 1.11 12.41
Q4 2009 60.00 1.08 0.03 12.75
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 21.21 28.42 3.70
Q4 2007 18.01 25.01 3.53
Q1 2008 12.52 17.61 2.48
Q2 2008 12.05 16.70 2.35
Q3 2008 7.46 9.80 1.59
Q4 2008 5.58 7.50 1.06
Q1 2009 8.83 11.55 1.67
Q2 2009 9.17 11.37 1.40
Q3 2009 12.20 15.27 1.37
Q4 2009 15.22 More than 100 1.29
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

Business Segments (Million)

Compared With The
Period packing and packaging Printing Other sectors & Investment activities
Q4 2006 - 66.64 12.67
Q1 2007 - 91.80 1.85
Q2 2007 - 94.79 939.96
Q3 2007 - 85.53 0.88
Q4 2007 - 140.23 1.30
Q1 2008 - 125.90 0.86
Q2 2008 - 123.76 3.49
Q3 2008 - 108.02 19.79
Q4 2008 - 145.65 -
Q1 2009 - 103.59 -
Q2 2009 - 82.89 -
Q3 2009 - 94.15 -
Q4 2009 - 161.09 -
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 -

Current
Market Cap (M Riyal) 771.60
Enterprise Value (EV) (M) 1,519.11
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (3.44)
Book Value (BV) ( Riyal) 6.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.08
Return on Average Assets (%) (TTM) (13.54 )
Return on Average Equity (%) (TTM) (43.41 )

Share Price

Saudi Printing and Packaging Co. (SPPC)


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