Amiantit narrows losses by 60% in 2017

18/03/2018 Argaam Exclusive

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Share Price

26.55
(0.35) (1.30 %)

Saudi Arabian Amiantit Co. (AMIANTIT)

Saudi Arabian Amiantit Co. (Amiantit) cut its losses by about 60 percent year-on-year (YoY) to SAR 91.5 million in fiscal year 2017, mainly due to a one-off net gain of SAR 63.6 million from the sale of the company’s European pipe businesses in a merger deal with Hobas Group.

 

Notwithstanding the gain, Amiantit saw a “continued drop in profitability” as domestic sales slumped due to the postponement and sometimes downsizing or cancellation of construction projects in the Saudi market.

 

GCC sales dropped by 42 percent year-on-year (YoY), while selling prices fell and financing charges rose, further weighing on results.



Financials (M)

Item 2016 2017 Change‬
Revenues 1,364.01 792.34 (41.9 %)
Gross Income 114.41 124.50 8.8 %
Operating Income (106.98) (5.27) 95.1 %
Net Income (232.92) (89.92) 61.4 %
Average Shares 30.25 30.25 -
EPS (Riyals) (7.70) (2.97) 61.4 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 246.31 232.97 (5.4 %)
Gross Income (55.11) 64.38 216.8 %
Operating Income (148.11) 3.16 102.1 %
Net Income (201.68) (50.47) 75.0 %
Average Shares 30.25 30.25 -
EPS (Riyals) (6.67) (1.67) 75.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 0.51 (98.0 %) 0.02
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 1.56 (94.0 %) 0.05
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (33.58) (224.1 %) (1.11)
Q4 2016 246.31 (66.9 %) (55.11) (152.5 %) (201.68) (997.5 %) (6.67)
Q1 2017 210.13 (62.1 %) 23.34 (75.6 %) (45.75) (9036.1 %) (1.51)
Q2 2017 212.33 (58.3 %) 34.93 (52.9 %) (14.51) (1033.3 %) (0.48)
Q3 2017 132.78 (53.4 %) 1.85 (96.0 %) 6.41 119.1 % 0.21
Q4 2017 232.97 (5.4 %) 64.38 216.8 % (50.47) 75.0 % (1.67)
2017 792.34 (41.9 %) 124.50 8.8 % (89.92) 61.4 % (2.97)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)
Q4 2016 10.07 % (2.40 %) (14.63 %)
Q1 2017 7.07 % (6.77 %) (22.36 %)
Q2 2017 5.15 % (10.57 %) (30.99 %)
Q3 2017 0.63 % (16.65 %) (39.82 %)
Q4 2017 15.80 % 5.49 % (21.30 %)
2017 15.71 % 7.28 % (19.38 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25
Q4 2016 30.25 (7.71) (7.71) 32.22
Q1 2017 30.25 (9.24) (9.24) 31.10
Q2 2017 30.25 (9.77) (9.77) 31.68
Q3 2017 30.25 (8.45) (10.55) 33.04
Q4 2017 30.25 (3.45) (5.55) 31.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97
Q4 2016 NEG NEG 1.71
Q1 2017 NEG NEG 1.46
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.39
Q4 2017 NEG NEG 1.75

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination 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 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -
Q4 2016 336.51 22.30 (112.50) -
Q1 2017 221.56 13.56 (24.98) -
Q2 2017 190.64 37.53 (15.84) -
Q3 2017 121.90 40.28 (25.26) -
Q4 2017 185.99 66.84 (85.95) -

Current
Market Cap (M Riyal) 1,182.80
Enterprise Value (EV) (M) 1,300.48
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) 3.97
Price/book 1.31
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 48.1

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