Amiantit widens losses in 9M 2018

04/11/2018 Argaam Exclusive

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Share Price

26.20
(0.55) (2.06 %)

Saudi Arabian Amiantit Co. (AMIANTIT)

Saudi Arabian Amiantit Co.'s net loss after zakat and tax widened by 69 percent year-on-year to SAR 91.7 million in the first nine months of 2018, compared to a loss of SAR 54.3 million during the same period last year.

 

The losses widened due to the inclusion of one-time gains from discontinued operations resulting from sale and merger of the group European operations with Hobas in the nine-month period ending  Sept.30, 2017.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 559.38 669.07 19.6 %
Gross Income 60.12 110.65 84.0 %
Operating Income (22.83) 20.04 187.7 %
Net Income (53.86) (91.82) (70.5 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (1.78) (3.04) (70.5 %)

Profit for the third quarter was SAR 708,000 compared to a net loss of SAR 5.7 million in the year-ago quarter.

 

On a sequential quarter basis, the company reported a profit due to improvement and acceleration of projects and sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 132.78 269.68 103.1 %
Gross Income 1.85 59.67 3130.8 %
Operating Income (23.00) 24.76 207.7 %
Net Income 6.41 1.42 (77.8 %)
Average Shares 30.25 30.25 -
EPS (Riyals) 0.21 0.05 (77.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 846.90 (8.8 %) 207.27 1.3 % 48.02 5.1 % 1.59
Q2 2009 897.71 (21.4 %) 249.95 9.8 % 40.51 (43.0 %) 1.34
Q3 2009 777.35 (22.8 %) 218.13 (8.1 %) 72.35 (26.2 %) 2.39
Q4 2009 770.92 (18.8 %) 188.83 (26.8 %) 41.60 102.4 % 1.38
Q1 2010 732.74 (13.5 %) 207.54 0.1 % 50.01 4.1 % 1.65
Q2 2010 812.18 (9.5 %) 203.74 (18.5 %) 45.56 12.5 % 1.51
Q3 2010 739.56 (4.9 %) 156.67 (28.2 %) 42.45 (41.3 %) 1.40
Q4 2010 793.01 2.9 % 158.62 (16.0 %) 27.09 (34.9 %) 0.90
Q1 2011 778.88 6.3 % 156.48 (24.6 %) 34.30 (31.4 %) 1.13
Q2 2011 854.41 5.2 % 159.22 (21.9 %) 38.88 (14.7 %) 1.29
Q3 2011 907.62 22.7 % 155.76 (0.6 %) 43.59 2.7 % 1.44
Q4 2011 1,021.73 28.8 % 171.43 8.1 % 34.47 27.3 % 1.14
Q1 2012 900.02 15.6 % 155.91 (0.4 %) 35.18 2.6 % 1.16
Q2 2012 895.92 4.9 % 149.05 (6.4 %) 30.39 (21.8 %) 1.00
Q3 2012 768.69 (15.3 %) 116.21 (25.4 %) 16.22 (62.8 %) 0.54
Q4 2012 890.16 (12.9 %) 135.41 (21.0 %) 29.55 (14.3 %) 0.98
Q1 2013 859.19 (4.5 %) 140.28 (10.0 %) 30.33 (13.8 %) 1.00
Q2 2013 830.39 (7.3 %) 144.39 (3.1 %) 30.66 0.9 % 1.01
Q3 2013 760.81 (1.0 %) 101.09 (13.0 %) 17.59 8.5 % 0.58
Q4 2013 680.29 (23.6 %) 84.24 (37.8 %) 34.02 15.1 % 1.12
Q1 2014 697.61 (18.8 %) 107.91 (23.1 %) 20.59 (32.1 %) 0.68
Q2 2014 716.87 (13.7 %) 110.43 (23.5 %) 24.56 (19.9 %) 0.81
Q3 2014 623.25 (18.1 %) 85.34 (15.6 %) 17.58 (0.1 %) 0.58
Q4 2014 688.06 1.1 % 121.35 44.0 % 19.89 (41.5 %) 0.66
Q1 2015 731.36 4.8 % 110.60 2.5 % 25.86 25.6 % 0.85
Q2 2015 713.61 (0.5 %) 113.95 3.2 % 25.98 5.8 % 0.86
Q3 2015 720.15 15.5 % 140.43 64.6 % 27.06 54.0 % 0.89
Q4 2015 743.51 8.1 % 104.91 (13.5 %) 22.47 13.0 % 0.74
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 0.51 (98.0 %) 0.02
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 1.56 (94.0 %) 0.05
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (33.58) (224.1 %) (1.11)
Q4 2016 246.31 (66.9 %) (55.11) (152.5 %) (201.68) (997.5 %) (6.67)
Q1 2017 210.13 (62.1 %) 23.34 (75.6 %) (45.75) (9036.1 %) (1.51)
Q2 2017 212.33 (58.3 %) 34.93 (52.9 %) (14.51) (1033.3 %) (0.48)
Q3 2017 132.78 (53.4 %) 1.85 (96.0 %) 6.41 119.1 % 0.21
Q4 2017 232.97 (5.4 %) 64.38 216.8 % (50.47) 75.0 % (1.67)
Q1 2018 199.97 (4.8 %) 32.04 37.3 % (39.98) 12.6 % (1.32)
Q2 2018 199.41 (6.1 %) 18.94 (45.8 %) (53.26) (267.0 %) (1.76)
Q3 2018 269.68 103.1 % 59.67 3130.8 % 1.42 (77.8 %) 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2013 16.02 % 10.93 % 3.19 %
Q3 2013 15.60 % 10.61 % 3.24 %
Q4 2013 15.01 % 9.47 % 3.60 %
Q1 2014 14.74 % 8.73 % 3.46 %
Q2 2014 14.14 % 8.17 % 3.35 %
Q3 2014 14.27 % 7.67 % 2.74 %
Q4 2014 15.59 % 10.14 % 2.76 %
Q1 2015 15.50 % 10.89 % 2.92 %
Q2 2015 15.65 % 10.91 % 3.01 %
Q3 2015 17.05 % 12.54 % 3.98 %
Q4 2015 16.16 % 12.06 % 3.49 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)
Q4 2016 10.07 % (2.40 %) (14.63 %)
Q1 2017 7.07 % (6.77 %) (22.36 %)
Q2 2017 5.15 % (10.57 %) (30.99 %)
Q3 2017 0.63 % (16.65 %) (39.82 %)
Q4 2017 15.80 % 5.49 % (21.30 %)
Q1 2018 17.12 % 5.54 % (20.84 %)
Q2 2018 15.32 % 3.48 % (26.26 %)
Q3 2018 19.40 % 9.47 % (15.77 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2013 30.25 3.53 3.53 49.30
Q3 2013 30.25 3.58 3.58 50.25
Q4 2013 30.25 3.72 3.72 51.72
Q1 2014 30.25 3.40 3.40 48.42
Q2 2014 30.25 3.20 3.16 49.07
Q3 2014 30.25 3.20 2.46 47.58
Q4 2014 30.25 2.73 2.49 47.45
Q1 2015 30.25 2.91 2.66 46.73
Q2 2015 30.25 2.95 2.75 47.55
Q3 2015 30.25 3.27 3.76 48.19
Q4 2015 30.25 3.35 3.35 48.38
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25
Q4 2016 30.25 (7.71) (7.71) 32.22
Q1 2017 30.25 (9.24) (9.24) 31.10
Q2 2017 30.25 (9.77) (9.77) 31.68
Q3 2017 30.25 (8.45) (10.55) 33.04
Q4 2017 30.25 (3.45) (5.55) 31.97
Q1 2018 30.25 (3.26) (5.36) 30.92
Q2 2018 30.25 (4.54) (6.64) 27.92
Q3 2018 30.25 (4.70) (4.70) 27.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2013 26.24 26.24 1.88
Q3 2013 26.28 26.28 1.87
Q4 2013 27.48 27.48 1.98
Q1 2014 32.53 32.53 2.28
Q2 2014 35.73 36.16 2.33
Q3 2014 39.27 More than 50 2.64
Q4 2014 31.79 34.92 1.83
Q1 2015 28.72 31.36 1.79
Q2 2015 29.98 32.23 1.86
Q3 2015 21.02 18.27 1.42
Q4 2015 17.74 17.74 1.23
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97
Q4 2016 NEG NEG 1.71
Q1 2017 NEG NEG 1.46
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.39
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.67
Q2 2018 NEG NEG 1.63
Q3 2018 NEG NEG 1.36

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination 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 - -
Q2 2013 750.55 79.84 - -
Q3 2013 645.51 115.28 - -
Q4 2013 583.55 96.74 - -
Q1 2014 615.72 81.89 - -
Q2 2014 700.99 15.88 - -
Q3 2014 586.18 37.07 - -
Q4 2014 619.72 68.35 - -
Q1 2015 664.05 67.31 - -
Q2 2015 652.32 61.29 - -
Q3 2015 641.38 78.77 - -
Q4 2015 626.64 116.87 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -
Q4 2016 336.51 22.30 (112.50) -
Q1 2017 221.56 13.56 (24.98) -
Q2 2017 190.64 37.53 (15.84) -
Q3 2017 121.90 40.28 (25.26) -
Q4 2017 185.99 66.84 (85.95) -
Q1 2018 191.22 24.73 (15.97) -
Q2 2018 178.12 41.42 (20.13) -
Q3 2018 250.65 53.84 (34.90) -

Current
Market Cap (M Riyal) 1,167.21
Enterprise Value (EV) (M) 1,284.89
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 6.72
Book Value (BV) ( Riyal) 20.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 3.92
Price/book 1.29
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 48.1

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