Saudi Ceramic net losses halves in H1 2019

04/08/2019 Argaam Exclusive

View other reports

Share Price

36.85
0.50 1.38 %

Saudi Ceramic Co. (SAUDI CERAMICS)

Saudi Ceramic Co. cut its net losses after zakat and tax by 57.3 percent year-on-year (YoY) to around SAR 41.2 million for the first half of 2019 on higher profit margins driven by higher selling prices and volumes, lower costs, improved efficiency and profitable product mix.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 498.36 583.44 17.1 %
Gross Income 52.64 113.11 114.9 %
Operating Income (73.14) (18.48) 74.7 %
Net Income (96.46) (41.15) 57.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) (1.21) (0.51) 57.3 %

Losses shrank by 65.4 percent YoY in Q2 2019 to SAR 16.1 million due to higher profit margins, lower costs, enhanced efficiency and profitable product mix.

 

When compared to the previous quarter, net loss decreased by 35.7 percent on higher gross profit, lower costs, improved utilization of production capacity, and diversification of profitable products.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 241.88 273.84 13.2 %
Gross Income 30.26 60.65 100.5 %
Operating Income (35.35) (5.77) 83.7 %
Net Income (46.51) (16.10) 65.4 %
Average Shares 80.00 80.00 -
EPS (Riyals) (0.58) (0.20) 65.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 268.19 15.8 % 100.71 22.7 % 58.38 42.0 % 0.73
Q2 2010 277.92 15.0 % 99.01 14.0 % 57.87 11.0 % 0.72
Q3 2010 254.76 7.2 % 90.23 (1.4 %) 46.21 (12.4 %) 0.58
Q4 2010 278.96 13.0 % 103.73 12.7 % 58.13 13.6 % 0.73
Q1 2011 306.36 14.2 % 112.11 11.3 % 59.93 2.7 % 0.75
Q2 2011 320.67 15.4 % 117.77 18.9 % 65.38 13.0 % 0.82
Q3 2011 269.71 5.9 % 107.50 19.1 % 54.15 17.2 % 0.68
Q4 2011 324.61 16.4 % 102.39 (1.3 %) 52.55 (9.6 %) 0.66
Q1 2012 360.16 17.6 % 112.93 0.7 % 62.60 4.5 % 0.78
Q2 2012 369.22 15.1 % 121.61 3.3 % 63.43 (3.0 %) 0.79
Q3 2012 346.18 28.4 % 112.91 5.0 % 55.51 2.5 % 0.69
Q4 2012 371.80 14.5 % 126.83 23.9 % 66.04 25.7 % 0.83
Q1 2013 406.29 12.8 % 152.19 34.8 % 82.21 31.3 % 1.03
Q2 2013 428.89 16.2 % 151.71 24.7 % 82.18 29.6 % 1.03
Q3 2013 383.50 10.8 % 138.68 22.8 % 71.80 29.4 % 0.90
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.25 10.9 % 0.92
Q1 2014 424.02 4.4 % 153.61 0.9 % 87.42 6.3 % 1.09
Q2 2014 437.62 2.0 % 152.06 0.2 % 84.09 2.3 % 1.05
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 78.88 9.9 % 0.99
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 59.83 (18.3 %) 0.75
Q1 2015 447.05 5.4 % 158.46 3.2 % 84.27 (3.6 %) 1.05
Q2 2015 444.31 1.5 % 162.61 6.9 % 81.25 (3.4 %) 1.02
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 62.65 (20.6 %) 0.78
Q4 2015 412.03 10.1 % 135.95 7.5 % 55.65 (7.0 %) 0.70
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 47.68 (43.4 %) 0.60
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 28.60 (64.8 %) 0.36
Q3 2016 232.44 (34.4 %) 54.62 (56.3 %) (46.88) (174.8 %) (0.59)
Q4 2016 350.43 (15.0 %) 73.09 (46.2 %) (9.22) (116.6 %) (0.12)
Q1 2017 315.35 (15.4 %) 81.02 (33.1 %) 11.47 (75.9 %) 0.14
Q2 2017 274.69 (21.0 %) 65.29 (40.1 %) (5.84) (120.4 %) (0.07)
Q3 2017 224.14 (3.6 %) 24.26 (55.6 %) (39.91) 14.9 % (0.50)
Q4 2017 325.55 (7.1 %) (2.30) (103.1 %) (62.77) (581.2 %) (0.78)
Q1 2018 256.48 (18.7 %) 22.39 (72.4 %) (49.95) (535.5 %) (0.62)
Q2 2018 241.88 (11.9 %) 30.26 (53.7 %) (46.51) (696.0 %) (0.58)
Q3 2018 250.00 11.5 % 36.59 50.8 % (38.53) 3.5 % (0.48)
Q4 2018 279.69 (14.1 %) 18.57 907.3 % (79.59) (26.8 %) (0.99)
Q1 2019 309.60 20.7 % 52.46 134.3 % (25.05) 49.8 % (0.31)
Q2 2019 273.84 13.2 % 60.65 100.5 % (16.10) 65.4 % (0.20)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 37.33 % 30.20 % 21.57 %
Q2 2010 37.19 % 30.61 % 21.37 %
Q3 2010 36.46 % 29.64 % 20.39 %
Q4 2010 36.46 % 29.91 % 20.43 %
Q1 2011 36.23 % 30.00 % 19.87 %
Q2 2011 36.51 % 30.41 % 19.78 %
Q3 2011 37.52 % 31.14 % 20.21 %
Q4 2011 36.01 % 29.85 % 19.00 %
Q1 2012 34.55 % 28.33 % 18.40 %
Q2 2012 33.57 % 26.94 % 17.58 %
Q3 2012 32.13 % 26.07 % 16.72 %
Q4 2012 32.77 % 26.73 % 17.11 %
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %
Q3 2016 30.82 % 22.60 % 7.90 %
Q4 2016 27.45 % 20.51 % 3.47 %
Q1 2017 25.50 % 18.97 % 0.28 %
Q2 2017 23.36 % 17.91 % (2.63 %)
Q3 2017 20.92 % 17.01 % (4.20 %)
Q4 2017 14.76 % 11.65 % (8.99 %)
Q1 2018 10.14 % 7.13 % (14.66 %)
Q2 2018 7.12 % 3.45 % (19.00 %)
Q3 2018 8.10 % 3.31 % (18.41 %)
Q4 2018 10.49 % 4.62 % (20.87 %)
Q1 2019 12.75 % 7.34 % (17.54 %)
Q2 2019 15.12 % 10.13 % (14.31 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 80.00 2.68 2.68 10.52
Q2 2010 80.00 2.75 2.75 11.24
Q3 2010 80.00 2.67 2.67 11.82
Q4 2010 80.00 2.76 2.76 12.55
Q1 2011 80.00 2.78 2.78 12.19
Q2 2011 80.00 2.87 2.87 13.01
Q3 2011 80.00 2.97 2.97 13.68
Q4 2011 80.00 2.90 2.90 14.34
Q1 2012 80.00 2.93 2.93 15.13
Q2 2012 80.00 2.91 2.91 14.80
Q3 2012 80.00 2.93 2.93 15.49
Q4 2012 80.00 3.09 3.09 16.32
Q1 2013 80.00 3.34 3.34 17.36
Q2 2013 80.00 3.57 3.57 17.20
Q3 2013 80.00 3.78 3.78 18.10
Q4 2013 80.00 3.87 3.87 19.01
Q1 2014 80.00 3.93 3.93 20.10
Q2 2014 80.00 3.96 3.93 19.73
Q3 2014 80.00 4.05 3.72 20.72
Q4 2014 80.00 3.88 3.33 21.45
Q1 2015 80.00 3.84 3.29 22.49
Q2 2015 80.00 3.80 3.29 22.25
Q3 2015 80.00 3.60 3.23 23.03
Q4 2015 80.00 3.55 3.38 23.72
Q1 2016 80.00 3.09 2.92 24.33
Q2 2016 80.00 2.43 2.26 23.43
Q3 2016 80.00 1.06 1.35 22.85
Q4 2016 80.00 0.25 0.56 22.18
Q1 2017 80.00 (0.20) 0.04 22.91
Q2 2017 80.00 (0.63) (0.39) 22.21
Q3 2017 80.00 (0.54) (0.61) 21.74
Q4 2017 80.00 (1.21) (1.28) 20.38
Q1 2018 80.00 (1.98) (1.98) 19.74
Q2 2018 80.00 (2.49) (2.49) 19.16
Q3 2018 80.00 (2.47) (2.47) 18.67
Q4 2018 80.00 (2.68) (2.68) 17.69
Q1 2019 80.00 (2.37) (2.37) 17.39
Q2 2019 80.00 (1.99) (1.99) 17.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 14.20 14.20 3.62
Q2 2010 13.55 13.55 3.32
Q3 2010 16.39 16.39 3.70
Q4 2010 16.76 16.76 3.68
Q1 2011 15.43 15.43 3.51
Q2 2011 15.41 15.41 3.40
Q3 2011 14.03 14.03 3.05
Q4 2011 16.09 16.09 3.26
Q1 2012 15.81 15.81 3.07
Q2 2012 14.98 14.98 2.94
Q3 2012 13.81 13.81 2.61
Q4 2012 11.20 11.20 2.12
Q1 2013 11.71 11.71 2.25
Q2 2013 14.59 14.59 3.03
Q3 2013 14.71 14.71 3.07
Q4 2013 13.55 13.55 2.76
Q1 2014 16.31 16.31 3.19
Q2 2014 16.88 17.01 3.39
Q3 2014 16.94 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.74 2.16
Q2 2015 13.04 15.08 2.23
Q3 2015 10.18 11.34 1.59
Q4 2015 8.24 8.66 1.23
Q1 2016 7.71 8.16 0.98
Q2 2016 10.34 11.12 1.07
Q3 2016 15.76 12.42 0.73
Q4 2016 More than 50 36.81 0.94
Q1 2017 NEG More than 50 0.79
Q2 2017 NEG NEG 0.83
Q3 2017 NEG NEG 0.76
Q4 2017 NEG NEG 0.82
Q1 2018 NEG NEG 0.75
Q2 2018 NEG NEG 0.80
Q3 2018 NEG NEG 0.69
Q4 2018 NEG NEG 0.82
Q1 2019 NEG NEG 0.87
Q2 2019 NEG NEG 0.88

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Ceramic Pipes Company
Q1 2010 203.05 65.13 -
Q2 2010 220.80 57.12 -
Q3 2010 201.80 52.96 -
Q4 2010 206.24 72.73 -
Q1 2011 234.66 71.70 -
Q2 2011 261.21 59.46 -
Q3 2011 216.65 53.06 -
Q4 2011 235.72 88.89 -
Q1 2012 276.26 83.90 -
Q2 2012 298.52 70.70 -
Q3 2012 271.12 75.05 -
Q4 2012 285.86 85.95 -
Q1 2013 313.82 92.47 -
Q2 2013 349.20 79.69 -
Q3 2013 314.46 69.04 -
Q4 2013 300.20 81.67 -
Q1 2014 336.95 87.06 -
Q2 2014 353.97 83.66 -
Q3 2014 304.32 81.32 -
Q4 2014 294.58 79.50 -
Q1 2015 365.19 81.86 -
Q2 2015 358.31 86.00 -
Q3 2015 293.40 61.18 -
Q4 2015 307.83 104.20 -
Q1 2016 289.14 83.66 -
Q2 2016 279.81 68.04 -
Q3 2016 180.46 51.98 -
Q4 2016 245.75 104.68 -
Q1 2017 234.30 81.05 -
Q2 2017 210.46 64.23 -
Q3 2017 168.81 55.32 -
Q4 2017 222.02 103.53 -
Q1 2018 186.25 70.23 -
Q2 2018 196.18 45.70 -
Q3 2018 188.46 59.83 -
Q4 2018 206.96 70.31 2.42
Q1 2019 223.48 80.36 5.76
Q2 2019 213.56 54.51 5.78

Current
Market Cap (M Riyal) 2,948.00
Enterprise Value (EV) (M) 3,684.00
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) (2.62)
Book Value (BV) ( Riyal) 19.00
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.94
Return on Average Assets (%) (TTM) (6.87 )
Return on Average Equity (%) (TTM) (12.91 )

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.