Saudi Vitrified Clay Pipes’s net profit up 28% to SAR 76.6m for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Company, reported a net profit of SAR 76.6m for the nine months ended September 30,2014, a 28% increase compared to the same period last year.

A net profit of SAR 26.0m was reported for Q3-2014.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	223.21	251.15	12.5 %
Gross Income	80.13	98.04	22.4 %
Operating Income	60.89	77.90	27.9 %
Net Income	59.90	76.56	27.8 %
Average Shares	15.00	15.00	-
EPS (Riyals)	3.99	5.10	27.8 %

The Company attributed the increase of the first nine months of 2014’s net profit compared to the same period last year to the increase of sales.

The Company attributed the decline of Q3-2014’s net profit compared to the previous period (Q2) to the increase of sales cost, general & administrative expenses and selling & marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	67.12	88.15	31.3 %
Gross Income	24.33	33.22	36.6 %
Operating Income	18.05	26.23	45.3 %
Net Income	17.54	26.00	48.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	1.17	1.73	48.2 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	87.35	88.15	0.9 %
Gross Income	34.47	33.22	(3.6 %)
Operating Income	28.20	26.23	(7.0 %)
Net Income	27.87	26.00	(6.7 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.86	1.73	(6.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	185.66	20.5 %	64.17	19.6 %	54.14	31.8 %	3.61
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	48.72	-	17.05	-	11.67	-	0.78
Q4 2006	51.47	-	14.61	-	10.39	-	0.69
2006	211.39	13.9 %	70.22	9.4 %	49.53	(8.5 %)	3.30
Q1 2007	59.59	-	17.36	-	11.54	-	0.77
Q2 2007	54.09	-	18.48	-	14.63	-	0.98
Q3 2007	51.15	5.0 %	18.15	6.5 %	13.11	12.4 %	0.87
Q4 2007	49.96	(2.9 %)	7.72	(47.1 %)	3.91	(62.4 %)	0.26
2007	214.79	1.6 %	61.71	(12.1 %)	43.19	(12.8 %)	2.88
Q1 2008	61.78	3.7 %	19.63	13.1 %	11.85	2.7 %	0.79
Q2 2008	71.86	32.9 %	18.50	0.1 %	11.82	(19.2 %)	0.79
Q3 2008	63.70	24.6 %	16.39	(9.7 %)	11.07	(15.6 %)	0.74
Q4 2008	60.52	21.1 %	16.80	117.5 %	13.48	244.5 %	0.90
2008	257.86	20.1 %	71.33	15.6 %	48.22	11.6 %	3.21
Q1 2009	57.86	(6.3 %)	14.40	(26.6 %)	9.21	(22.2 %)	0.61
Q2 2009	54.85	(23.7 %)	12.64	(31.7 %)	4.36	(63.2 %)	0.29
Q3 2009	54.16	(15.0 %)	18.11	10.5 %	10.15	(8.3 %)	0.68
Q4 2009	58.25	(3.8 %)	20.61	22.7 %	18.89	40.2 %	1.26
2009	225.12	(12.7 %)	65.76	(7.8 %)	42.61	(11.6 %)	2.84
Q1 2010	60.41	4.4 %	24.20	68.0 %	19.30	109.5 %	1.29
Q2 2010	64.28	17.2 %	24.20	91.5 %	21.66	397.3 %	1.44
Q3 2010	57.39	6.0 %	23.32	28.7 %	19.05	87.7 %	1.27
Q4 2010	62.54	7.4 %	23.84	15.7 %	16.42	(13.1 %)	1.09
2010	244.62	8.7 %	95.56	45.3 %	76.42	79.4 %	5.09
Q1 2011	63.22	4.7 %	25.95	7.3 %	19.11	(1.0 %)	1.27
Q2 2011	68.17	6.0 %	30.75	27.0 %	24.13	11.4 %	1.61
Q3 2011	62.37	8.7 %	26.44	13.4 %	19.44	2.1 %	1.30
Q4 2011	67.69	8.2 %	25.82	8.3 %	20.09	22.4 %	1.34
2011	261.45	6.9 %	108.96	14.0 %	82.77	8.3 %	5.52
Q1 2012	72.31	14.4 %	26.60	2.5 %	19.07	(0.2 %)	1.27
Q2 2012	82.51	21.0 %	28.99	(5.7 %)	21.84	(9.5 %)	1.46
Q3 2012	73.69	18.1 %	29.51	11.6 %	22.79	17.2 %	1.52
Q4 2012	83.08	22.7 %	31.45	21.8 %	23.74	18.2 %	1.58
2012	311.58	19.2 %	116.55	7.0 %	87.44	5.6 %	5.83
Q1 2013	78.65	8.8 %	29.40	10.5 %	22.09	15.8 %	1.47
Q2 2013	77.44	(6.1 %)	26.40	(8.9 %)	20.27	(7.2 %)	1.35
Q3 2013	67.12	(8.9 %)	24.33	(17.6 %)	17.54	(23.0 %)	1.17
Q4 2013	80.20	(3.5 %)	29.94	(4.8 %)	24.52	3.3 %	1.63
2013	303.42	(2.6 %)	110.07	(5.6 %)	84.43	(3.4 %)	5.63
Q1 2014	75.65	(3.8 %)	30.35	3.2 %	22.69	2.7 %	1.51
Q2 2014	87.35	12.8 %	34.47	30.6 %	27.87	37.5 %	1.86
Q3 2014	88.15	31.3 %	33.22	36.6 %	26.00	48.2 %	1.73

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	154.01	(17.1 %)	53.65	(16.2 %)	41.09	(14.8 %)	2.74
2005	185.66	20.5 %	64.17	19.6 %	54.14	31.8 %	3.61
2006	211.39	13.9 %	70.22	9.4 %	49.53	(8.5 %)	3.30
2007	214.79	1.6 %	61.71	(12.1 %)	43.19	(12.8 %)	2.88
2008	257.86	20.1 %	71.33	15.6 %	48.22	11.6 %	3.21
2009	225.12	(12.7 %)	65.76	(7.8 %)	42.61	(11.6 %)	2.84
2010	244.62	8.7 %	95.56	45.3 %	76.42	79.4 %	5.09
2011	261.45	6.9 %	108.96	14.0 %	82.77	8.3 %	5.52
2012	311.58	19.2 %	116.55	7.0 %	87.44	5.6 %	5.83
2013	303.42	(2.6 %)	110.07	(5.6 %)	84.43	(3.4 %)	5.63

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	34.57 %	28.71 %	29.16 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	33.22 %	26.38 %	23.43 %
Q1 2007	-	-	-
Q2 2007	31.56 %	24.49 %	22.55 %
Q3 2007	31.71 %	24.86 %	22.96 %
Q4 2007	28.73 %	21.80 %	20.11 %
2007	28.73 %	21.80 %	20.11 %
Q1 2008	29.49 %	22.25 %	20.05 %
Q2 2008	27.27 %	20.33 %	17.33 %
Q3 2008	25.17 %	18.30 %	15.63 %
Q4 2008	27.66 %	20.52 %	18.70 %
2008	27.66 %	20.52 %	18.70 %
Q1 2009	26.03 %	20.38 %	17.95 %
Q2 2009	25.42 %	21.45 %	16.09 %
Q3 2009	27.25 %	24.05 %	16.36 %
Q4 2009	29.21 %	30.07 %	18.93 %
2009	29.21 %	30.07 %	18.93 %
Q1 2010	33.19 %	34.55 %	23.14 %
Q2 2010	36.74 %	38.07 %	29.52 %
Q3 2010	38.42 %	41.11 %	32.83 %
Q4 2010	39.07 %	39.12 %	31.24 %
2010	39.07 %	39.12 %	31.24 %
Q1 2011	39.33 %	39.16 %	30.81 %
Q2 2011	41.33 %	40.48 %	31.32 %
Q3 2011	41.74 %	39.93 %	30.86 %
Q4 2011	41.67 %	40.02 %	31.66 %
2011	41.67 %	40.02 %	31.66 %
Q1 2012	40.51 %	38.80 %	30.58 %
Q2 2012	37.85 %	36.02 %	28.24 %
Q3 2012	37.45 %	35.66 %	28.29 %
Q4 2012	37.41 %	35.42 %	28.06 %
2012	37.41 %	35.42 %	28.06 %
Q1 2013	37.54 %	35.58 %	28.45 %
Q2 2013	37.32 %	35.33 %	28.41 %
Q3 2013	36.43 %	34.49 %	27.31 %
Q4 2013	36.28 %	34.75 %	27.82 %
2013	36.28 %	34.75 %	27.82 %
Q1 2014	36.96 %	35.23 %	28.30 %
Q2 2014	38.38 %	36.89 %	29.85 %
Q3 2014	38.62 %	37.06 %	30.51 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	34.84 %	29.04 %	26.68 %
2005	34.57 %	28.71 %	29.16 %
2006	33.22 %	26.38 %	23.43 %
2007	28.73 %	21.80 %	20.11 %
2008	27.66 %	20.52 %	18.70 %
2009	29.21 %	30.07 %	18.93 %
2010	39.07 %	39.12 %	31.24 %
2011	41.67 %	40.02 %	31.66 %
2012	37.41 %	35.42 %	28.06 %
2013	36.28 %	34.75 %	27.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	34.99 %	26.79 %	23.95 %
Q4 2006	28.38 %	23.34 %	20.19 %
Q1 2007	29.13 %	21.19 %	19.36 %
Q2 2007	34.16 %	27.14 %	27.04 %
Q3 2007	35.48 %	28.25 %	25.63 %
Q4 2007	15.46 %	10.14 %	7.83 %
Q1 2008	31.78 %	22.79 %	19.18 %
Q2 2008	25.74 %	19.68 %	16.45 %
Q3 2008	25.73 %	18.81 %	17.38 %
Q4 2008	27.76 %	21.00 %	22.27 %
Q1 2009	24.89 %	22.33 %	15.92 %
Q2 2009	23.05 %	24.09 %	7.94 %
Q3 2009	33.44 %	29.25 %	18.74 %
Q4 2009	35.38 %	44.13 %	32.43 %
Q1 2010	40.06 %	39.56 %	31.94 %
Q2 2010	37.65 %	38.60 %	33.70 %
Q3 2010	40.64 %	42.48 %	33.20 %
Q4 2010	38.12 %	36.15 %	26.25 %
Q1 2011	41.05 %	39.70 %	30.22 %
Q2 2011	45.11 %	43.48 %	35.40 %
Q3 2011	42.39 %	40.05 %	31.17 %
Q4 2011	38.14 %	36.79 %	29.68 %
Q1 2012	36.79 %	35.17 %	26.37 %
Q2 2012	35.13 %	33.10 %	26.47 %
Q3 2012	40.05 %	37.98 %	30.93 %
Q4 2012	37.86 %	35.68 %	28.58 %
Q1 2013	37.38 %	35.85 %	28.08 %
Q2 2013	34.10 %	31.91 %	26.18 %
Q3 2013	36.24 %	34.41 %	26.14 %
Q4 2013	37.33 %	36.70 %	30.58 %
Q1 2014	40.12 %	37.81 %	29.99 %
Q2 2014	39.47 %	38.18 %	31.91 %
Q3 2014	37.68 %	35.63 %	29.49 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	15.00	-	-	6.81
Q4 2006	15.00	-	-	10.33
Q1 2007	15.00	-	-	10.84
Q2 2007	15.00	3.22	3.22	11.83
Q3 2007	15.00	3.31	3.31	12.64
Q4 2007	15.00	2.88	2.88	13.05
Q1 2008	15.00	2.90	2.90	11.38
Q2 2008	15.00	2.71	2.71	12.50
Q3 2008	15.00	2.58	2.58	13.24
Q4 2008	15.00	3.21	3.21	14.09
Q1 2009	15.00	3.04	3.04	12.32
Q2 2009	15.00	2.54	2.54	12.65
Q3 2009	15.00	2.48	2.48	13.36
Q4 2009	15.00	2.84	2.84	14.40
Q1 2010	15.00	3.51	3.51	13.38
Q2 2010	15.00	4.67	4.67	14.81
Q3 2010	15.00	5.26	5.26	16.05
Q4 2010	15.00	5.09	5.09	16.95
Q1 2011	15.00	5.08	5.08	15.17
Q2 2011	15.00	5.25	5.25	14.78
Q3 2011	15.00	5.27	5.27	16.06
Q4 2011	15.00	5.52	5.52	15.26
Q1 2012	15.00	5.52	5.52	15.49
Q2 2012	15.00	5.36	5.36	15.67
Q3 2012	15.00	5.59	5.59	17.15
Q4 2012	15.00	5.83	5.83	14.93
Q1 2013	15.00	6.03	6.03	16.33
Q2 2013	15.00	5.93	5.93	16.16
Q3 2013	15.00	5.58	5.58	17.32
Q4 2013	15.00	5.63	5.63	15.41
Q1 2014	15.00	5.67	5.67	15.63
Q2 2014	15.00	6.17	6.17	16.20
Q3 2014	15.00	6.74	6.74	16.64

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	15.00	2.74	2.74	4.30
2005	15.00	3.61	3.61	4.33
2006	15.00	3.30	3.30	10.33
2007	15.00	2.88	2.88	13.05
2008	15.00	3.21	3.21	14.09
2009	15.00	2.84	2.84	14.40
2010	15.00	5.09	5.09	16.95
2011	15.00	5.52	5.52	15.26
2012	15.00	5.83	5.83	14.93
2013	15.00	5.63	5.63	15.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	36.31	36.31	9.87
Q3 2007	34.05	34.05	8.92
Q4 2007	37.86	37.86	8.36
Q1 2008	25.35	25.35	6.46
Q2 2008	29.95	29.95	6.50
Q3 2008	19.79	19.79	3.85
Q4 2008	10.27	10.27	2.34
Q1 2009	16.29	16.29	4.02
Q2 2009	17.55	17.55	3.53
Q3 2009	16.58	16.58	3.08
Q4 2009	14.50	14.50	2.86
Q1 2010	14.06	14.06	3.69
Q2 2010	13.71	13.71	4.32
Q3 2010	11.17	11.17	3.66
Q4 2010	11.58	11.58	3.48
Q1 2011	10.67	10.67	3.58
Q2 2011	11.82	11.82	4.19
Q3 2011	11.28	11.28	3.70
Q4 2011	12.32	12.32	4.45
Q1 2012	13.64	13.64	4.86
Q2 2012	11.56	11.56	3.96
Q3 2012	11.68	11.68	3.80
Q4 2012	11.71	11.71	4.57
Q1 2013	11.36	11.36	4.19
Q2 2013	12.32	12.32	4.52
Q3 2013	13.32	13.32	4.29
Q4 2013	12.97	12.97	4.74
Q1 2014	15.48	15.48	5.61
Q2 2014	15.78	15.78	6.02
Q3 2014	15.73	15.73	6.37

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	37.86	37.86	8.36
2008	10.27	10.27	2.34
2009	14.50	14.50	2.86
2010	11.58	11.58	3.48
2011	12.32	12.32	4.45
2012	11.71	11.71	4.57
2013	12.97	12.97	4.74

Financial Ratios

	Current
Market Cap (M Riyal)	637.50
Enterprise Value (EV) (M)	592.82
Shares Outstanding ((M))	15.00
EPS ( Riyal) (TTM)	(4.17)
Book Value (BV) ( Riyal)	13.58
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	3.13
Return on Average Assets (%) (TTM)	(23.45 )
Return on Average Equity (%) (TTM)	(26.66 )

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Saudi Vitrified Clay Pipes’s net profit up 28% to SAR 76.6m for the first nine months of 2014

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Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Saudi Vitrified Clay Pipes’s net profit up 28% to SAR 76.6m for the first nine months of 2014

View other reports

Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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