SVCP’s net profit drops 60% in 2017

19/03/2018 Argaam Exclusive

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Share Price

Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. (SVCP) reported a net profit of SAR 28.9 million for fiscal year 2017, a decline of 60.5 percent year-on-year (YoY) due to lower sales driven by lower demand for the company’s products as projects in the Kingdom slowed down.

Financials (M)

Item	2016	2017	Change‬
Revenues	293.61	164.36	(44.0 %)
Gross Income	113.84	56.45	(50.4 %)
Operating Income	75.91	30.17	(60.2 %)
Net Income	73.25	28.95	(60.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	4.88	1.93	(60.5 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	53.37	32.55	(39.0 %)
Gross Income	15.18	5.09	(66.5 %)
Operating Income	4.30	(1.10)	(125.6 %)
Net Income	3.59	(0.39)	(111.0 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.24	(0.03)	(111.0 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	24.40	32.55	33.4 %
Gross Income	6.36	5.09	(20.0 %)
Operating Income	1.14	(1.10)	(196.4 %)
Net Income	1.34	(0.39)	(129.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.09	(0.03)	(129.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2014	91.59	14.2 %	36.81	22.9 %	24.02	(2.0 %)	1.60
2014	342.74	13.0 %	134.85	22.5 %	100.58	19.1 %	6.71
Q1 2015	92.76	22.6 %	36.87	21.5 %	21.96	(3.2 %)	1.46
Q2 2015	95.45	9.3 %	43.78	27.0 %	32.80	17.7 %	2.19
Q3 2015	90.56	2.7 %	42.29	27.3 %	21.71	(16.5 %)	1.45
Q4 2015	111.54	21.8 %	42.14	14.5 %	26.76	11.4 %	1.78
2015	390.30	13.9 %	165.08	22.4 %	103.22	2.6 %	6.88
Q1 2016	104.08	12.2 %	44.08	19.5 %	33.63	53.1 %	2.24
Q2 2016	78.16	(18.1 %)	33.90	(22.6 %)	23.90	(27.1 %)	1.59
Q3 2016	58.01	(35.9 %)	20.69	(51.1 %)	12.14	(44.1 %)	0.81
Q4 2016	53.37	(52.2 %)	15.18	(64.0 %)	3.59	(86.6 %)	0.24
2016	293.61	(24.8 %)	113.84	(31.0 %)	73.25	(29.0 %)	4.88
Q1 2017	53.83	(48.3 %)	19.65	(55.4 %)	11.96	(64.4 %)	0.80
Q2 2017	53.58	(31.5 %)	25.35	(25.2 %)	16.05	(32.8 %)	1.07
Q3 2017	24.40	(57.9 %)	6.36	(69.2 %)	1.34	(88.9 %)	0.09
Q4 2017	32.55	(39.0 %)	5.09	(66.5 %)	(0.39)	(111.0 %)	(0.03)
2017	164.36	(44.0 %)	56.45	(50.4 %)	28.95	(60.5 %)	1.93

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	342.74	13.0 %	134.85	22.5 %	100.58	19.1 %	6.71
2015	390.30	13.9 %	165.08	22.4 %	103.22	2.6 %	6.88
2016	293.61	(24.8 %)	113.84	(31.0 %)	73.25	(29.0 %)	4.88
2017	164.36	(44.0 %)	56.45	(50.4 %)	28.95	(60.5 %)	1.93

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	39.34 %	37.06 %	29.35 %
2014	39.34 %	37.06 %	29.35 %
Q1 2015	39.29 %	37.21 %	27.75 %
Q2 2015	40.95 %	38.13 %	28.48 %
Q3 2015	43.13 %	39.64 %	27.13 %
Q4 2015	42.30 %	38.33 %	26.45 %
2015	42.29 %	38.33 %	26.45 %
Q1 2016	42.90 %	37.45 %	28.61 %
Q2 2016	42.26 %	36.82 %	27.58 %
Q3 2016	40.03 %	34.57 %	27.41 %
Q4 2016	38.77 %	31.96 %	24.95 %
2016	38.77 %	31.96 %	24.95 %
Q1 2017	36.74 %	30.24 %	21.19 %
Q2 2017	36.96 %	29.40 %	19.99 %
Q3 2017	35.93 %	27.59 %	17.78 %
Q4 2017	34.35 %	27.33 %	17.62 %
2017	34.35 %	27.33 %	17.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	39.34 %	37.06 %	29.35 %
2015	42.29 %	38.33 %	26.45 %
2016	38.77 %	31.96 %	24.95 %
2017	34.35 %	27.33 %	17.62 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	40.19 %	36.76 %	26.23 %
Q1 2015	39.75 %	38.23 %	23.67 %
Q2 2015	45.86 %	41.67 %	34.36 %
Q3 2015	46.70 %	41.85 %	23.97 %
Q4 2015	37.78 %	32.69 %	24.00 %
Q1 2016	42.35 %	34.86 %	32.31 %
Q2 2016	43.37 %	39.51 %	30.57 %
Q3 2016	35.66 %	30.99 %	20.93 %
Q4 2016	28.43 %	16.33 %	6.72 %
Q1 2017	36.50 %	29.75 %	22.21 %
Q2 2017	47.32 %	40.35 %	29.96 %
Q3 2017	26.08 %	19.44 %	5.50 %
Q4 2017	15.64 %	7.83 %	(1.21 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2014	15.00	6.71	6.71	16.81
Q1 2015	15.00	6.66	6.66	16.77
Q2 2015	15.00	6.99	6.99	17.46
Q3 2015	15.00	6.70	6.70	18.91
Q4 2015	15.00	6.88	6.88	17.69
Q1 2016	15.00	7.66	7.66	21.19
Q2 2016	15.00	7.07	7.07	21.29
Q3 2016	15.00	6.43	6.43	22.10
Q4 2016	15.00	4.88	4.88	22.37
Q1 2017	15.00	3.44	3.44	22.13
Q2 2017	15.00	2.92	2.92	23.20
Q3 2017	15.00	2.20	2.20	21.79
Q4 2017	15.00	1.93	1.93	20.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	15.00	6.71	6.71	16.81
2015	15.00	6.88	6.88	17.69
2016	15.00	4.88	4.88	22.37
2017	15.00	1.93	1.93	20.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2014	13.43	13.43	5.36
Q1 2015	15.10	15.10	5.99
Q2 2015	14.27	14.27	5.71
Q3 2015	12.39	12.39	4.39
Q4 2015	13.67	13.67	5.32
Q1 2016	10.75	10.75	3.89
Q2 2016	13.02	13.02	4.32
Q3 2016	10.57	10.57	3.07
Q4 2016	14.70	14.70	3.21
Q1 2017	16.42	16.42	2.55
Q2 2017	17.19	17.19	2.16
Q3 2017	23.02	23.02	2.32
Q4 2017	29.98	29.98	2.85

Period	P/E	Adjusted P/E	Price/book
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
2014	13.43	13.43	5.36
2015	13.67	13.67	5.32
2016	14.70	14.70	3.21
2017	29.98	29.98	2.85

Financial Ratios

	Current
Market Cap (M Riyal)	629.25
Enterprise Value (EV) (M)	584.57
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	3.09
Return on Average Assets (%) (TTM)	(23.45 )
Return on Average Equity (%) (TTM)	(26.66 )

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SVCP’s net profit drops 60% in 2017

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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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SVCP’s net profit drops 60% in 2017

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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