Saudi Paper turns profitable in Q1 on higher sales, margins

23/04/2018 Argaam Exclusive

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Share Price

72.40
(0.40) (0.55 %)

Saudi Paper Manufacturing Co. (SPM)

The Saudi Paper Manufacturing Co. posted a net profit of SAR 4.7 million for the first quarter of 2018 versus a net loss of SAR 6.3 million a year earlier -- performance being attributable to higher sales and profit margins.

The company sustained a net loss of SAR 33.8 million in Q4 2017.

 

Gross profit jumped 45.3 percent year-on-year to SAR 40.1 million, while operating profit advanced fivefold to SAR 11.7 million in Q1 2018.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 128.52 170.33 32.5 %
Gross Income 27.62 40.08 45.1 %
Operating Income 2.23 13.04 485.5 %
Net Income (6.57) 4.60 170.0 %
Average Shares 29.08 29.08 -
EPS (Riyals) (0.23) 0.16 170.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 110.05 (12.1 %) 42.59 8.2 % 22.63 0.5 % 0.78
Q2 2009 141.44 3.7 % 43.01 3.4 % 19.15 (18.7 %) 0.66
Q3 2009 140.32 19.1 % 46.21 31.2 % 24.68 49.5 % 0.85
Q4 2009 166.02 31.3 % 54.40 49.4 % 27.56 26.1 % 0.95
Q1 2010 198.66 80.5 % 55.79 31.0 % 29.83 31.9 % 1.03
Q2 2010 209.51 48.1 % 59.42 38.1 % 31.95 66.8 % 1.10
Q3 2010 196.70 40.2 % 55.64 20.4 % 30.17 22.2 % 1.04
Q4 2010 198.71 19.7 % 61.01 12.2 % 30.62 11.1 % 1.05
Q1 2011 201.89 1.6 % 57.80 3.6 % 30.04 0.7 % 1.03
Q2 2011 230.53 10.0 % 52.33 (11.9 %) 23.32 (27.0 %) 0.80
Q3 2011 201.97 2.7 % 50.84 (8.6 %) 24.12 (20.1 %) 0.83
Q4 2011 201.28 1.3 % 49.77 (18.4 %) 22.94 (25.1 %) 0.79
Q1 2012 212.05 5.0 % 57.14 (1.1 %) 25.42 (15.4 %) 0.87
Q2 2012 204.51 (11.3 %) 59.37 13.4 % 26.29 12.8 % 0.90
Q3 2012 182.44 (9.7 %) 52.62 3.5 % 24.06 (0.3 %) 0.83
Q4 2012 194.87 (3.2 %) 38.32 (23.0 %) 26.35 14.9 % 0.91
Q1 2013 206.67 (2.5 %) 36.26 (36.5 %) 0.70 (97.3 %) 0.02
Q2 2013 212.77 4.0 % 54.49 (8.2 %) 9.34 (64.5 %) 0.32
Q3 2013 194.61 6.7 % 45.46 (13.6 %) 14.43 (40.0 %) 0.50
Q4 2013 205.69 5.6 % 33.86 (11.7 %) (4.24) (116.1 %) (0.15)
Q1 2014 205.50 (0.6 %) 46.17 27.3 % 8.13 1069.9 % 0.28
Q2 2014 204.50 (3.9 %) 53.10 (2.5 %) 12.05 29.1 % 0.41
Q3 2014 179.76 (7.6 %) 41.62 (8.4 %) 2.78 (80.7 %) 0.10
Q4 2014 167.96 (18.3 %) 38.38 13.4 % 2.10 149.5 % 0.07
Q1 2015 185.48 (9.7 %) 46.76 1.3 % 4.86 (40.2 %) 0.17
Q2 2015 165.36 (19.1 %) 38.39 (27.7 %) (3.39) (128.1 %) (0.12)
Q3 2015 112.79 (37.3 %) 18.07 (56.6 %) (71.13) (2654.9 %) (2.45)
Q4 2015 137.23 (18.3 %) 18.17 (52.7 %) (44.37) (2212.9 %) (1.53)
Q1 2016 140.09 (24.5 %) 29.26 (37.4 %) (7.23) (248.6 %) (0.25)
Q2 2016 130.25 (21.2 %) 30.69 (20.1 %) (7.34) (116.6 %) (0.25)
Q3 2016 100.73 (10.7 %) 16.72 (7.4 %) (21.63) 69.6 % (0.74)
Q4 2016 106.21 (22.6 %) 18.06 (0.6 %) (35.19) 20.7 % (1.21)
Q1 2017 128.52 (8.3 %) 27.62 (5.6 %) (6.57) 9.0 % (0.23)
Q2 2017 121.39 (6.8 %) 30.89 0.6 % (3.92) 46.5 % (0.13)
Q3 2017 138.45 37.4 % 31.21 86.6 % (3.28) 84.8 % (0.11)
Q4 2017 127.46 20.0 % 34.82 92.8 % (34.89) 0.9 % (1.20)
Q1 2018 170.33 32.5 % 40.08 45.1 % 4.60 170.0 % 0.16

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 31.75 % 25.08 % 17.23 %
Q2 2009 31.71 % 23.75 % 16.17 %
Q3 2009 32.46 % 25.35 % 17.04 %
Q4 2009 33.38 % 26.48 % 16.85 %
Q1 2010 30.85 % 24.27 % 15.66 %
Q2 2010 30.21 % 24.79 % 15.96 %
Q3 2010 29.22 % 23.62 % 15.50 %
Q4 2010 28.85 % 22.97 % 15.25 %
Q1 2011 28.99 % 23.10 % 15.22 %
Q2 2011 27.39 % 21.54 % 13.79 %
Q3 2011 26.65 % 20.50 % 12.98 %
Q4 2011 25.22 % 18.16 % 12.02 %
Q1 2012 24.84 % 17.58 % 11.32 %
Q2 2012 26.48 % 18.32 % 12.05 %
Q3 2012 27.35 % 19.10 % 12.33 %
Q4 2012 26.13 % 19.15 % 11.10 %
Q1 2013 23.66 % 16.30 % 8.04 %
Q2 2013 22.80 % 15.28 % 5.83 %
Q3 2013 21.57 % 13.89 % 4.56 %
Q4 2013 20.75 % 12.92 % 2.47 %
Q1 2014 21.99 % 14.07 % 3.38 %
Q2 2014 22.04 % 13.78 % 3.75 %
Q3 2014 21.97 % 13.29 % 2.35 %
Q4 2014 23.66 % 13.85 % 3.31 %
Q1 2015 24.38 % 14.04 % 2.96 %
Q2 2015 23.64 % 12.84 % 1.20 %
Q3 2015 22.42 % 7.20 % (7.17 %)
Q4 2015 20.20 % 2.44 % (14.22 %)
Q1 2016 18.70 % 0.57 % (17.56 %)
Q2 2016 18.48 % (0.58 %) (19.89 %)
Q3 2016 18.66 % 2.32 % (14.61 %)
Q4 2016 19.85 % 4.62 % (14.96 %)
Q1 2017 19.99 % 4.89 % (15.19 %)
Q2 2017 20.42 % 5.85 % (14.73 %)
Q3 2017 21.79 % 9.17 % (9.90 %)
Q4 2017 24.14 % 9.79 % (9.43 %)
Q1 2018 24.57 % 10.73 % (5.14 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 29.08 2.91 2.91 16.14
Q2 2009 29.08 2.76 2.76 15.76
Q3 2009 29.08 3.04 3.04 16.61
Q4 2009 29.08 3.23 3.23 17.56
Q1 2010 29.08 3.48 3.48 18.57
Q2 2010 29.08 3.92 3.92 18.37
Q3 2010 29.08 4.11 4.11 19.44
Q4 2010 29.08 4.21 4.21 20.46
Q1 2011 29.08 4.22 4.22 21.51
Q2 2011 29.08 3.93 3.93 20.75
Q3 2011 29.08 3.72 3.72 21.58
Q4 2011 29.08 3.45 3.45 22.38
Q1 2012 29.08 3.29 3.29 23.26
Q2 2012 29.08 3.40 3.40 22.33
Q3 2012 29.08 3.39 3.39 23.17
Q4 2012 29.08 3.51 3.03 24.10
Q1 2013 29.08 2.66 2.18 22.15
Q2 2013 29.08 2.08 1.60 22.53
Q3 2013 29.08 1.75 1.27 22.96
Q4 2013 29.08 0.70 0.70 21.80
Q1 2014 29.08 0.95 0.95 22.10
Q2 2014 29.08 1.04 1.04 22.39
Q3 2014 29.08 0.64 0.64 22.49
Q4 2014 29.08 0.86 0.86 22.64
Q1 2015 29.08 0.75 0.75 22.79
Q2 2015 29.08 0.22 0.29 22.85
Q3 2015 29.08 (2.32) (1.56) 20.21
Q4 2015 29.08 (3.92) (2.94) 18.16
Q1 2016 29.08 (4.34) (3.35) 13.92
Q2 2016 29.08 (4.47) (3.56) 13.63
Q3 2016 29.08 (2.77) (2.55) 12.93
Q4 2016 29.08 (2.45) (2.45) 11.27
Q1 2017 29.08 (2.43) (2.43) 11.54
Q2 2017 29.08 (2.31) (2.31) 11.42
Q3 2017 29.08 (1.68) (1.68) 11.19
Q4 2017 29.08 (1.67) (1.67) 9.59
Q1 2018 29.08 (1.29) (0.99) 10.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 23.88 23.88 4.30
Q2 2009 26.85 26.85 4.69
Q3 2009 23.83 23.83 4.36
Q4 2009 21.98 21.98 4.05
Q1 2010 20.60 20.60 3.86
Q2 2010 17.70 17.70 3.78
Q3 2010 16.57 16.57 3.50
Q4 2010 16.23 16.23 3.34
Q1 2011 13.40 13.40 2.63
Q2 2011 13.91 13.91 2.63
Q3 2011 12.92 12.92 2.22
Q4 2011 15.58 15.58 2.40
Q1 2012 19.73 19.73 2.79
Q2 2012 14.48 14.48 2.20
Q3 2012 15.16 15.16 2.22
Q4 2012 13.96 16.17 2.03
Q1 2013 17.18 20.96 2.06
Q2 2013 31.50 40.96 2.91
Q3 2013 34.54 47.62 2.63
Q4 2013 More than 50 More than 50 2.54
Q1 2014 More than 50 More than 50 3.67
Q2 2014 More than 50 More than 50 3.61
Q3 2014 More than 50 More than 50 3.57
Q4 2014 More than 50 More than 50 2.07
Q1 2015 More than 50 More than 50 2.03
Q2 2015 More than 50 More than 50 2.09
Q3 2015 NEG NEG 1.62
Q4 2015 NEG NEG 2.02
Q1 2016 NEG NEG 1.92
Q2 2016 NEG NEG 1.75
Q3 2016 NEG NEG 1.23
Q4 2016 NEG NEG 1.81
Q1 2017 NEG NEG 1.68
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.43
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.55

Business Segments (Million)

Compared With The
Period Manufacturing sectors Trade and Others Disposals
Q1 2014 199.39 6.11 -
Q2 2014 150.92 53.58 -
Q3 2014 159.67 20.09 -
Q4 2014 146.82 21.15 -
Q1 2015 165.51 19.97 -
Q2 2015 149.60 15.76 -
Q3 2015 102.66 10.13 -
Q4 2015 80.26 56.69 -
Q1 2016 130.83 9.25 -
Q2 2016 123.39 6.85 -
Q3 2016 94.08 6.66 -
Q4 2016 66.39 39.82 -
Q1 2017 119.44 9.08 -
Q2 2017 112.05 9.34 -
Q3 2017 128.87 9.58 -
Q4 2017 73.87 53.60 -
Q1 2018 161.34 8.99 -

Current
Market Cap (M Riyal) 2,683.87
Enterprise Value (EV) (M) 3,068.83
Shares Outstanding ((M)) 37.07
EPS ( Riyal) (TTM) 2.71
Book Value (BV) ( Riyal) 13.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 25.82
P/E (TTM) 26.67
Price/book 5.28
Return on Average Assets (%) (TTM) 9.5
Return on Average Equity (%) (TTM) 21.9

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