Amiantit’s net profit rises 23% to SAR 101.4 mln in FY15

20/01/2016 Argaam Exclusive

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Share Price

Saudi Arabian Amiantit Co. (AMIANTIT)

Saudi Arabian Amiantit Co., a manufacturer of pipe systems, reported a net profit of SAR 101.37 million for fiscal year (FY) 2015, a 22.7 percent increase year-on-year (YoY) on higher sales in the water management segment, better prices in the pipe segment and lower administrative costs.

Financials (M)

Item	2014	2015	Change‬
Revenues	2,725.79	2,908.63	6.7 %
Gross Income	425.03	499.64	17.6 %
Operating Income	171.45	220.95	28.9 %
Net Income	82.62	101.37	22.7 %
Average Shares	30.25	30.25	-
EPS (Riyals)	2.73	3.35	22.7 %

The company posted a net profit of SAR 22.47 million in Q4-2015, a 12.99 percent YoY growth, but a 16.97 percent drop compared to the previous quarter due to higher expenses and lower income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	688.06	743.51	8.1 %
Gross Income	121.35	104.91	(13.5 %)
Operating Income	56.30	46.20	(17.9 %)
Net Income	19.89	22.47	13.0 %
Average Shares	30.25	30.25	-
EPS (Riyals)	0.66	0.74	13.0 %

Item	Q3 2015	Q4 2015	Change‬
Revenues	720.15	743.51	3.2 %
Gross Income	140.43	104.91	(25.3 %)
Operating Income	71.25	46.20	(35.2 %)
Net Income	27.06	22.47	(17.0 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	0.89	0.74	(17.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	519.92	5.9 %	107.84	26.4 %	0.65	103.5 %	0.02
Q2 2006	860.76	38.5 %	145.74	58.6 %	8.73	1522.5 %	0.29
Q3 2006	667.32	38.1 %	138.32	16.8 %	11.42	1831.5 %	0.38
Q4 2006	611.83	(31.8 %)	90.61	(18.3 %)	0.02	(99.7 %)	0.00
2006	2,659.83	6.7 %	482.51	18.7 %	20.82	339.6 %	0.69
Q1 2007	613.69	18.0 %	135.31	25.5 %	15.34	2252.8 %	0.51
Q2 2007	782.48	(9.1 %)	178.08	22.2 %	24.41	179.6 %	0.81
Q3 2007	902.37	35.2 %	180.90	30.8 %	24.15	111.5 %	0.80
Q4 2007	803.21	31.3 %	190.54	110.3 %	0.21	775.0 %	0.01
2007	3,101.75	16.6 %	684.84	41.9 %	64.10	207.9 %	2.12
Q1 2008	928.53	51.3 %	204.59	51.2 %	45.69	197.9 %	1.51
Q2 2008	1,141.49	45.9 %	227.73	27.9 %	71.01	190.9 %	2.35
Q3 2008	1,006.48	11.5 %	237.35	31.2 %	98.07	306.2 %	3.24
Q4 2008	949.94	18.3 %	257.89	35.3 %	20.55	9685.7 %	0.68
2008	4,026.44	29.8 %	927.55	35.4 %	235.32	267.1 %	7.78
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
2009	3,292.89	(18.2 %)	864.18	(6.8 %)	202.48	(14.0 %)	6.69
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
2010	3,077.50	(6.5 %)	726.57	(15.9 %)	165.10	(18.5 %)	5.46
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
2011	3,562.63	15.8 %	642.89	(11.5 %)	151.25	(8.4 %)	5.00
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
2012	3,454.80	(3.0 %)	556.58	(13.4 %)	111.34	(26.4 %)	3.68
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
2013	3,130.67	(9.4 %)	470.01	(15.6 %)	112.61	1.1 %	3.72
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
2014	2,725.79	(12.9 %)	425.03	(9.6 %)	82.62	(26.6 %)	2.73
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
2015	2,908.63	6.7 %	499.64	17.6 %	101.37	22.7 %	3.35

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	2,659.83	6.7 %	482.51	18.7 %	20.82	339.6 %	0.69
2007	3,101.75	16.6 %	684.84	41.9 %	64.10	207.9 %	2.12
2008	4,026.44	29.8 %	927.55	35.4 %	235.32	267.1 %	7.78
2009	3,292.89	(18.2 %)	864.18	(6.8 %)	202.48	(14.0 %)	6.69
2010	3,077.50	(6.5 %)	726.57	(15.9 %)	165.10	(18.5 %)	5.46
2011	3,562.63	15.8 %	642.89	(11.5 %)	151.25	(8.4 %)	5.00
2012	3,454.80	(3.0 %)	556.58	(13.4 %)	111.34	(26.4 %)	3.68
2013	3,130.67	(9.4 %)	470.01	(15.6 %)	112.61	1.1 %	3.72
2014	2,725.79	(12.9 %)	425.03	(9.6 %)	82.62	(26.6 %)	2.73
2015	2,908.63	6.7 %	499.64	17.6 %	101.37	22.7 %	3.35

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	17.02 %	7.19 %	0.42 %
Q2 2006	17.49 %	8.72 %	0.68 %
Q3 2006	17.07 %	9.07 %	1.01 %
Q4 2006	18.14 %	11.15 %	0.78 %
2006	18.14 %	11.15 %	0.78 %
Q1 2007	18.52 %	11.71 %	1.29 %
Q2 2007	20.27 %	13.11 %	1.91 %
Q3 2007	20.10 %	13.53 %	2.20 %
Q4 2007	22.08 %	16.07 %	2.07 %
2007	22.08 %	16.07 %	2.07 %
Q1 2008	22.07 %	17.45 %	2.76 %
Q2 2008	21.29 %	15.54 %	3.74 %
Q3 2008	22.17 %	16.36 %	3.30 %
Q4 2008	23.04 %	19.10 %	3.68 %
2008	23.04 %	19.10 %	3.68 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
2015	17.18 %	12.06 %	3.49 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	18.14 %	11.15 %	0.78 %
2007	22.08 %	16.07 %	2.07 %
2008	23.04 %	19.10 %	3.68 %
2009	26.24 %	23.90 %	6.15 %
2010	23.61 %	16.90 %	5.28 %
2011	18.05 %	13.35 %	3.97 %
2012	16.11 %	10.92 %	3.22 %
2013	15.01 %	9.47 %	3.60 %
2014	15.59 %	10.14 %	2.76 %
2015	17.18 %	12.06 %	3.49 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	20.74 %	9.91 %	0.13 %
Q2 2006	16.93 %	10.51 %	1.01 %
Q3 2006	20.73 %	15.93 %	1.71 %
Q4 2006	14.81 %	7.91 %	0.00 %
Q1 2007	22.05 %	12.57 %	2.50 %
Q2 2007	22.76 %	15.20 %	3.12 %
Q3 2007	20.05 %	16.55 %	2.68 %
Q4 2007	23.72 %	19.05 %	0.03 %
Q1 2008	22.03 %	18.82 %	4.92 %
Q2 2008	19.95 %	9.59 %	6.22 %
Q3 2008	23.58 %	19.59 %	1.10 %
Q4 2008	27.15 %	30.29 %	2.16 %
Q1 2009	24.47 %	22.38 %	5.67 %
Q2 2009	27.84 %	28.96 %	4.51 %
Q3 2009	28.06 %	20.08 %	9.31 %
Q4 2009	24.49 %	23.52 %	5.40 %
Q1 2010	28.32 %	27.37 %	6.82 %
Q2 2010	25.09 %	19.00 %	5.61 %
Q3 2010	21.18 %	9.63 %	5.74 %
Q4 2010	20.00 %	11.84 %	3.10 %
Q1 2011	20.09 %	15.09 %	4.07 %
Q2 2011	18.64 %	12.44 %	4.00 %
Q3 2011	17.16 %	12.12 %	4.58 %
Q4 2011	16.78 %	13.86 %	3.32 %
Q1 2012	17.32 %	11.49 %	3.91 %
Q2 2012	16.64 %	12.56 %	3.39 %
Q3 2012	15.12 %	10.38 %	2.11 %
Q4 2012	15.21 %	9.15 %	3.32 %
Q1 2013	16.33 %	11.73 %	3.53 %
Q2 2013	17.39 %	12.51 %	3.69 %
Q3 2013	13.29 %	8.95 %	2.31 %
Q4 2013	12.38 %	3.48 %	5.00 %
Q1 2014	15.47 %	9.13 %	2.95 %
Q2 2014	15.40 %	10.86 %	3.26 %
Q3 2014	13.69 %	6.93 %	(0.57 %)
Q4 2014	17.64 %	13.32 %	5.05 %
Q1 2015	15.12 %	11.99 %	3.54 %
Q2 2015	15.97 %	10.96 %	3.64 %
Q3 2015	19.50 %	13.93 %	3.76 %
Q4 2015	14.11 %	11.40 %	3.02 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	30.25	0.35	0.35	38.44
Q2 2006	30.25	0.62	0.62	38.90
Q3 2006	30.25	0.98	0.98	39.70
Q4 2006	30.25	0.69	0.69	39.53
Q1 2007	30.25	1.17	1.17	39.78
Q2 2007	30.25	1.69	1.69	41.21
Q3 2007	30.25	2.11	2.11	42.96
Q4 2007	30.25	2.12	2.12	43.65
Q1 2008	30.25	3.12	3.12	45.55
Q2 2008	30.25	4.66	4.66	48.38
Q3 2008	30.25	7.11	4.23	50.03
Q4 2008	30.25	7.78	4.90	49.16
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	30.25	0.69	0.69	39.53
2007	30.25	2.12	2.12	43.65
2008	30.25	7.78	4.90	49.16
2009	30.25	6.69	6.69	54.61
2010	30.25	5.46	5.38	55.67
2011	30.25	5.00	4.68	54.07
2012	30.25	3.68	3.68	51.84
2013	30.25	3.72	3.72	51.72
2014	30.25	2.73	2.49	47.45
2015	30.25	3.35	3.35	48.38

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	More than 100	More than 100	8.18
Q2 2006	More than 100	More than 100	7.54
Q3 2006	More than 100	More than 100	9.99
Q4 2006	More than 100	More than 100	3.75
Q1 2007	More than 100	More than 100	3.85
Q2 2007	78.76	78.76	3.23
Q3 2007	98.56	98.56	4.85
Q4 2007	More than 100	More than 100	5.19
Q1 2008	71.49	71.49	4.90
Q2 2008	67.52	67.52	6.51
Q3 2008	33.10	55.61	4.70
Q4 2008	15.08	23.92	2.39
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	51.02	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

Period	P/E	Adjusted P/E	Price/book
2006	More than 100	More than 100	3.75
2007	More than 100	More than 100	5.19
2008	15.08	23.92	2.39
2009	22.95	22.95	2.81
2010	25.09	25.47	2.46
2011	21.46	22.94	1.98
2012	26.25	26.25	1.86
2013	27.48	27.48	1.98
2014	31.79	34.92	1.83
2015	17.74	17.74	1.23

Business Segments (Million)

Compared With The

Period	Pipe Manufacturing and technology	Water Management	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	-

Period	Pipe Manufacturing and technology	Water Management	Technology
2011	3,080.89	457.24	24.51
2012	3,075.38	357.12	22.30
2013	2,780.19	350.49	-
2014	2,522.60	203.19	-
2015	2,584.39	324.24	-

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	24.00	22.47	(6.4 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
Riyad Capital	24.00	22.47	(6.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,198.40
Enterprise Value (EV) (M)	1,316.07
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)	4.02
Price/book	1.32
Return on Average Assets (%) (TTM)	13.2
Return on Average Equity (%) (TTM)	48.1

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Amiantit’s net profit rises 23% to SAR 101.4 mln in FY15

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Share Price

Saudi Arabian Amiantit Co. (AMIANTIT)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Amiantit’s net profit rises 23% to SAR 101.4 mln in FY15

View other reports

Share Price

Saudi Arabian Amiantit Co. (AMIANTIT)

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

Business Segments (Million) Q4 2015

Revenue by Business Segment (Latest) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)