SVCP's H1 profit tumbles 90% on lower sales

02/08/2018 Argaam Exclusive

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Saudi Vitrified Clay Pipes Co.
42.90
0.40 0.94 %

Saudi Vitrified Clay Pipes Co. (SVCP)

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Saudi Vitrified Clay Pipes Co. (SVCP) reported a net profit of SAR 2.7 million in the first half of 2018, a 90.4 percent plunge year-on-year (YoY) as sales declined due to weak demand for pipes and a general market slowdown.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 107.40 60.82 (43.4 %)
Gross Income 45.00 14.27 (68.3 %)
Operating Income 30.13 4.26 (85.9 %)
Net Income 28.01 2.66 (90.5 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.87 0.18 (90.5 %)

Net profit for the second quarter also slumped 94.4 percent YoY to SAR 0.9 million, also due to lower sales and rise in the cost of goods sold.

 

When compared to the previous quarter, the Q2 2018 net profit halved.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 53.58 28.98 (45.9 %)
Gross Income 25.35 6.34 (75.0 %)
Operating Income 17.67 1.60 (91.0 %)
Net Income 16.05 0.88 (94.5 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.07 0.06 (94.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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)
Q1 2018 31.84 (40.8 %) 7.93 (59.7 %) 1.78 (85.1 %) 0.12
Q2 2018 28.98 (45.9 %) 6.34 (75.0 %) 0.88 (94.5 %) 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2018 31.42 % 24.73 % 13.19 %
Q2 2018 21.84 % 15.99 % 3.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2018 15.00 1.25 1.25 19.78
Q2 2018 15.00 0.24 0.24 19.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2018 41.29 41.29 2.61
Q2 2018 More than 100 More than 100 2.53


Financial Ratios
Current
Market Cap (M Riyal) 643.50
Enterprise Value (EV) (M) 598.82
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 3.16
Return on Average Assets (%) (TTM) (23.45 )
Return on Average Equity (%) (TTM) (26.66 )
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