Saudi industrial posts higher net profit at SAR 25.1m in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

Saudi Industrial Development Co. (SIDC)

Saudi Industrial Development Co., produces ceramics and spring mattresses, reported SAR 25.1m net profit at the end of the first half of 2014, compared to SAR 18.8m in the same period last year, as shown in the following table:

Financials (M)

Item	6m 2013	6m 2014	Change‬
Revenues	164.69	160.73	(2.4 %)
Gross Income	51.31	48.27	(5.9 %)
Operating Income	17.61	7.28	(58.6 %)
Net Income	18.83	25.09	33.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.47	0.63	33.2 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2013	Q2 2014	Change‬
Revenues	84.89	85.66	0.9 %
Gross Income	27.92	25.93	(7.1 %)
Operating Income	10.77	3.79	(64.8 %)
Net Income	12.28	1.32	(89.3 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.03	(89.3 %)

Item	Q1 2014	Q2 2014	Change‬
Revenues	75.07	85.66	14.1 %
Gross Income	22.35	25.93	16.0 %
Operating Income	3.50	3.79	8.4 %
Net Income	23.77	1.32	(94.5 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.59	0.03	(94.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	97.68	(10.5 %)	11.90	(42.6 %)	(3.99)	(2,259.8 %)	(0.10)
Q2 2005	108.38	19.7 %	12.09	(28.6 %)	(4.60)	(235.0 %)	(0.12)
Q3 2005	124.62	6.5 %	13.69	(42.9 %)	(5.80)	(96816.7 %)	(0.15)
Q4 2005	106.79	(3.8 %)	12.46	(41.1 %)	(14.37)	(1,043.9 %)	(0.36)
2005	437.46	2.3 %	50.14	(39.5 %)	(28.76)	(1545.9 %)	(0.72)
Q1 2006	97.20	(0.5 %)	10.39	(12.7 %)	(5.48)	(37.3 %)	(0.14)
Q2 2006	109.04	0.6 %	18.74	54.9 %	(2.50)	45.6 %	(0.06)
Q3 2006	117.30	(5.9 %)	18.01	31.5 %	(1.60)	72.4 %	(0.04)
Q4 2006	106.73	(0.1 %)	12.27	(1.5 %)	(9.64)	32.9 %	(0.24)
2006	430.27	(1.6 %)	59.40	18.5 %	(19.22)	33.2 %	(0.48)
Q1 2007	110.02	13.2 %	12.12	16.7 %	(3.93)	28.2 %	(0.10)
Q2 2007	82.57	(24.3 %)	14.73	(21.4 %)	(2.73)	(9.3 %)	(0.07)
Q3 2007	71.01	(39.5 %)	10.59	(41.2 %)	(3.30)	(105.5 %)	(0.08)
Q4 2007	59.82	(43.9 %)	15.93	29.9 %	21.73	325.5 %	0.54
2007	231.67	(46.2 %)	56.16	(5.5 %)	11.77	161.3 %	0.29
Q1 2008	55.14	(49.9 %)	11.22	(7.5 %)	(1.25)	68.3 %	(0.03)
Q2 2008	66.14	(19.9 %)	13.12	(10.9 %)	(3.09)	(13.2 %)	(0.08)
Q3 2008	72.26	1.8 %	10.43	(1.5 %)	(4.90)	(48.5 %)	(0.12)
Q4 2008	56.80	(5.1 %)	12.16	(23.7 %)	3.71	(82.9 %)	0.09
2008	250.34	8.1 %	46.93	(16.4 %)	(5.52)	(146.9 %)	(0.14)
Q1 2009	51.84	(6.0 %)	6.99	(37.7 %)	(2.75)	(120.9 %)	(0.07)
Q2 2009	58.02	(12.3 %)	12.36	(5.9 %)	0.97	131.5 %	0.02
Q3 2009	60.79	(15.9 %)	13.07	25.3 %	0.13	102.7 %	0.00
Q4 2009	51.76	(8.9 %)	15.85	30.4 %	(1.83)	(149.2 %)	(0.05)
2009	222.42	(11.2 %)	48.26	2.8 %	(3.47)	37.1 %	(0.09)
Q1 2010	52.62	1.5 %	12.19	74.5 %	0.14	105.0 %	0.00
Q2 2010	60.51	4.3 %	14.47	17.2 %	101.10	10279.5 %	2.53
Q3 2010	64.95	6.8 %	17.70	35.5 %	9.73	7328.2 %	0.24
Q4 2010	54.02	4.4 %	11.01	(30.6 %)	(10.36)	(466.7 %)	(0.26)
2010	232.10	4.4 %	55.37	14.7 %	100.61	2996.8 %	2.52
Q1 2011	64.36	22.3 %	15.94	30.8 %	4.26	3008.8 %	0.11
Q2 2011	80.50	33.0 %	18.57	28.3 %	5.67	(94.4 %)	0.14
Q3 2011	82.51	27.0 %	26.05	47.1 %	12.09	24.3 %	0.30
Q4 2011	73.15	35.4 %	17.98	63.4 %	2.60	125.1 %	0.07
2011	300.52	29.5 %	78.54	41.8 %	24.62	(75.5 %)	0.62
Q1 2012	75.20	16.8 %	23.07	44.7 %	9.15	114.8 %	0.23
Q2 2012	81.73	1.5 %	25.04	34.8 %	10.54	85.9 %	0.26
Q3 2012	84.68	2.6 %	25.10	(3.6 %)	8.90	(26.4 %)	0.22
Q4 2012	72.82	(0.4 %)	21.47	19.4 %	4.58	75.9 %	0.11
2012	314.43	4.6 %	94.67	20.5 %	33.16	34.7 %	0.83
Q1 2013	79.81	6.1 %	23.39	1.4 %	6.55	(28.4 %)	0.16
Q2 2013	84.89	3.9 %	27.92	11.5 %	12.28	16.6 %	0.31
Q3 2013	86.34	2.0 %	27.42	9.2 %	9.12	2.5 %	0.23
Q4 2013	68.72	(5.6 %)	21.26	(0.9 %)	7.53	64.6 %	0.19
2013	319.75	1.7 %	99.99	5.6 %	35.48	7.0 %	0.89
Q1 2014	75.07	(5.9 %)	22.35	(4.5 %)	23.77	262.9 %	0.59
Q2 2014	85.66	0.9 %	25.93	(7.1 %)	1.32	(89.3 %)	0.03

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	427.70	19.1 %	82.84	25.2 %	1.99	126.3 %	0.05
2005	437.46	2.3 %	50.14	(39.5 %)	(28.76)	(1545.9 %)	(0.72)
2006	430.27	(1.6 %)	59.40	18.5 %	(19.22)	33.2 %	(0.48)
2007	231.67	(46.2 %)	56.16	(5.5 %)	11.77	161.3 %	0.29
2008	250.34	8.1 %	46.93	(16.4 %)	(5.52)	(146.9 %)	(0.14)
2009	222.42	(11.2 %)	48.26	2.8 %	(3.47)	37.1 %	(0.09)
2010	232.10	4.4 %	55.37	14.7 %	100.61	2996.8 %	2.52
2011	300.52	29.5 %	78.54	41.8 %	24.62	(75.5 %)	0.62
2012	314.43	4.6 %	94.67	20.5 %	33.16	34.7 %	0.83
2013	319.75	1.7 %	99.99	5.6 %	35.48	7.0 %	0.89

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	17.78 %	10.10 %	(0.44 %)
Q2 2005	15.93 %	7.68 %	(2.27 %)
Q3 2005	13.32 %	5.11 %	(3.54 %)
Q4 2005	11.46 %	3.18 %	(6.57 %)
2005	11.46 %	3.18 %	(6.57 %)
Q1 2006	11.13 %	2.53 %	(6.92 %)
Q2 2006	12.63 %	3.90 %	(6.43 %)
Q3 2006	13.85 %	4.66 %	(5.57 %)
Q4 2006	13.81 %	4.05 %	(4.47 %)
2006	13.81 %	4.05 %	(4.47 %)
Q1 2007	13.80 %	3.79 %	(3.99 %)
Q2 2007	13.71 %	2.96 %	(4.30 %)
Q3 2007	13.42 %	2.23 %	(5.29 %)
Q4 2007	16.50 %	3.34 %	3.64 %
2007	24.24 %	7.35 %	5.08 %
Q1 2008	19.54 %	4.15 %	5.38 %
Q2 2008	20.17 %	4.34 %	5.59 %
Q3 2008	20.01 %	5.04 %	4.93 %
Q4 2008	18.74 %	6.91 %	(2.21 %)
2008	18.74 %	6.91 %	(2.21 %)
Q1 2009	17.28 %	5.52 %	(2.84 %)
Q2 2009	17.55 %	5.13 %	(1.24 %)
Q3 2009	19.59 %	6.24 %	0.91 %
Q4 2009	21.70 %	6.73 %	(1.56 %)
2009	21.70 %	6.73 %	(1.56 %)
Q1 2010	23.95 %	8.97 %	(0.26 %)
Q2 2010	24.63 %	9.21 %	(0.90 %)
Q3 2010	26.20 %	9.99 %	1.30 %
Q4 2010	23.86 %	6.85 %	(2.41 %)
2010	23.86 %	6.85 %	(2.41 %)
Q1 2011	24.25 %	7.41 %	(0.60 %)
Q2 2011	23.96 %	8.26 %	1.77 %
Q3 2011	25.43 %	10.24 %	4.13 %
Q4 2011	26.13 %	12.45 %	8.19 %
2011	26.13 %	12.45 %	8.19 %
Q1 2012	27.51 %	13.92 %	9.48 %
Q2 2012	29.47 %	15.73 %	11.00 %
Q3 2012	28.97 %	14.70 %	9.91 %
Q4 2012	30.11 %	15.19 %	10.54 %
2012	30.11 %	15.19 %	10.54 %
Q1 2013	29.78 %	13.90 %	9.58 %
Q2 2013	30.38 %	13.51 %	10.03 %
Q3 2013	30.94 %	13.32 %	10.04 %
Q4 2013	31.27 %	12.94 %	11.10 %
2013	31.27 %	12.94 %	11.10 %
Q1 2014	31.41 %	12.14 %	14.22 %
Q2 2014	30.70 %	9.94 %	6.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	19.37 %	11.11 %	0.47 %
2005	11.46 %	3.18 %	(6.57 %)
2006	13.81 %	4.05 %	(4.47 %)
2007	24.24 %	7.35 %	5.08 %
2008	18.74 %	6.91 %	(2.21 %)
2009	21.70 %	6.73 %	(1.56 %)
2010	23.86 %	6.85 %	(2.41 %)
2011	26.13 %	12.45 %	8.19 %
2012	30.11 %	15.19 %	10.54 %
2013	31.27 %	12.94 %	11.10 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	12.18 %	6.93 %	(4.08 %)
Q2 2005	11.16 %	3.86 %	(4.24 %)
Q3 2005	10.99 %	2.71 %	(4.66 %)
Q4 2005	11.67 %	(0.40 %)	(13.46 %)
Q1 2006	10.68 %	4.02 %	(5.63 %)
Q2 2006	17.18 %	9.36 %	(2.29 %)
Q3 2006	15.36 %	5.44 %	(1.37 %)
Q4 2006	11.50 %	(2.87 %)	(9.03 %)
Q1 2007	11.02 %	2.98 %	(3.57 %)
Q2 2007	17.84 %	6.92 %	(3.31 %)
Q3 2007	14.91 %	3.29 %	(4.64 %)
Q4 2007	26.63 %	(0.89 %)	36.33 %
Q1 2008	20.34 %	6.59 %	(2.26 %)
Q2 2008	19.84 %	8.31 %	(4.68 %)
Q3 2008	14.43 %	5.78 %	(6.77 %)
Q4 2008	21.40 %	7.02 %	6.54 %
Q1 2009	13.48 %	(0.02 %)	(5.30 %)
Q2 2009	21.29 %	7.07 %	1.68 %
Q3 2009	21.49 %	10.08 %	0.22 %
Q4 2009	30.63 %	9.19 %	(3.53 %)
Q1 2010	23.17 %	9.56 %	0.26 %
Q2 2010	23.92 %	8.04 %	(0.77 %)
Q3 2010	27.25 %	12.80 %	7.93 %
Q4 2010	20.37 %	(4.28 %)	(19.27 %)
Q1 2011	24.77 %	11.18 %	6.62 %
Q2 2011	23.07 %	10.68 %	7.04 %
Q3 2011	31.57 %	18.61 %	14.66 %
Q4 2011	24.58 %	8.56 %	3.56 %
Q1 2012	30.68 %	17.46 %	12.17 %
Q2 2012	30.63 %	17.67 %	12.89 %
Q3 2012	29.64 %	14.70 %	10.50 %
Q4 2012	29.48 %	10.65 %	6.28 %
Q1 2013	29.31 %	12.15 %	8.21 %
Q2 2013	32.89 %	16.06 %	14.47 %
Q3 2013	31.75 %	13.96 %	10.56 %
Q4 2013	30.94 %	8.71 %	10.96 %
Q1 2014	29.77 %	8.73 %	21.14 %
Q2 2014	30.27 %	7.94 %	(13.78 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	40.00	(0.05)	(0.05)	7.70
Q2 2005	40.00	(0.25)	(0.25)	7.58
Q3 2005	40.00	(0.39)	(0.39)	7.44
Q4 2005	40.00	(0.72)	(0.72)	5.12
Q1 2006	40.00	(0.76)	(0.76)	10.12
Q2 2006	40.00	(0.70)	(0.70)	9.02
Q3 2006	40.00	(0.60)	(0.60)	7.48
Q4 2006	40.00	(0.48)	(0.48)	5.35
Q1 2007	40.00	(0.44)	(0.44)	5.45
Q2 2007	40.00	(0.45)	(0.45)	5.15
Q3 2007	40.00	(0.49)	(0.49)	5.75
Q4 2007	40.00	0.29	0.29	9.06
Q1 2008	40.00	0.36	0.36	9.29
Q2 2008	40.00	0.35	0.35	9.26
Q3 2008	40.00	0.31	0.31	7.30
Q4 2008	40.00	(0.14)	(0.14)	5.86
Q1 2009	40.00	(0.18)	(0.18)	6.14
Q2 2009	40.00	(0.07)	(0.07)	6.77
Q3 2009	40.00	0.05	0.05	7.28
Q4 2009	40.00	(0.09)	(0.09)	7.27
Q1 2010	40.00	(0.01)	(0.01)	7.71
Q2 2010	40.00	2.49	(0.05)	7.92
Q3 2010	40.00	2.73	0.07	8.34
Q4 2010	40.00	2.52	(0.14)	8.09
Q1 2011	40.00	2.62	(0.04)	8.19
Q2 2011	40.00	0.23	0.12	8.34
Q3 2011	40.00	0.29	0.29	8.48
Q4 2011	40.00	0.62	0.62	8.46
Q1 2012	40.00	0.74	0.74	8.69
Q2 2012	40.00	0.86	0.86	8.95
Q3 2012	40.00	0.78	0.78	9.17
Q4 2012	40.00	0.83	0.83	9.26
Q1 2013	40.00	0.76	0.76	9.38
Q2 2013	40.00	0.81	0.81	9.68
Q3 2013	40.00	0.81	0.81	9.91
Q4 2013	40.00	0.89	0.89	10.10
Q1 2014	40.00	1.32	1.12	10.60
Q2 2014	40.00	1.04	0.52	10.71

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	40.00	0.05	0.05	7.80
2005	40.00	(0.72)	(0.72)	5.12
2006	40.00	(0.48)	(0.48)	5.35
2007	40.00	0.29	0.29	9.06
2008	40.00	(0.14)	(0.14)	5.86
2009	40.00	(0.09)	(0.09)	7.27
2010	40.00	2.52	(0.14)	8.09
2011	40.00	0.62	0.62	8.46
2012	40.00	0.83	0.83	9.26
2013	40.00	0.89	0.89	10.10

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	NEG	NEG	3.21
Q2 2005	NEG	NEG	4.58
Q3 2005	NEG	NEG	7.93
Q4 2005	NEG	NEG	16.89
Q1 2006	NEG	NEG	4.31
Q2 2006	NEG	NEG	5.49
Q3 2006	NEG	NEG	9.96
Q4 2006	NEG	NEG	4.63
Q1 2007	NEG	NEG	3.44
Q2 2007	NEG	NEG	3.44
Q3 2007	NEG	NEG	3.69
Q4 2007	More than 50	More than 50	2.79
Q1 2008	49.11	49.11	1.91
Q2 2008	47.53	47.53	1.81
Q3 2008	33.60	33.60	1.44
Q4 2008	NEG	NEG	1.26
Q1 2009	NEG	NEG	1.38
Q2 2009	NEG	NEG	1.48
Q3 2009	More than 50	More than 50	1.33
Q4 2009	NEG	NEG	1.26
Q1 2010	NEG	NEG	1.16
Q2 2010	3.58	NEG	1.12
Q3 2010	3.17	More than 50	1.04
Q4 2010	3.68	NEG	1.14
Q1 2011	4.18	NEG	1.34
Q2 2011	More than 50	More than 50	1.77
Q3 2011	44.59	44.79	1.53
Q4 2011	22.83	22.83	1.66
Q1 2012	41.88	41.88	3.56
Q2 2012	17.28	17.28	1.66
Q3 2012	21.81	21.81	1.85
Q4 2012	19.66	19.66	1.76
Q1 2013	24.48	24.48	1.99
Q2 2013	19.13	19.13	1.60
Q3 2013	19.92	19.92	1.63
Q4 2013	22.32	22.32	1.96
Q1 2014	16.20	19.06	2.01
Q2 2014	20.03	40.35	1.95

Period	P/E	Adjusted P/E	Price/book
2004	More than 50	More than 50	4.01
2005	NEG	NEG	16.89
2006	NEG	NEG	4.63
2007	More than 50	More than 50	2.79
2008	NEG	NEG	1.26
2009	NEG	NEG	1.26
2010	3.68	NEG	1.14
2011	22.83	22.83	1.66
2012	19.66	19.66	1.76
2013	22.32	22.32	1.96

Business Segments (Million)

Compared With The

Period	Mattresses & sponge sector	Sanitary ware segment	Sheet Iron
Q1 2013	68.42	11.38	-
Q2 2013	70.01	14.88	-
Q3 2013	72.99	13.35	-
Q4 2013	56.96	11.75	-
Q1 2014	63.66	11.41	-
Q2 2014	71.48	14.18	-

Period	Mattresses & sponge sector	Sanitary ware segment	Sheet Iron
2005	185.56	39.91	211.98
2006	188.13	29.18	212.96
2007	205.86	25.80	-
2008	216.22	34.12	-
2009	191.20	31.22	-
2010	199.85	32.25	-
2011	261.04	39.48	-
2012	271.72	42.71	-
2013	268.38	51.37	-

Financial Ratios

	Current
Market Cap (M Riyal)	392.80
Enterprise Value (EV) (M)	410.42
Shares Outstanding ((M))	40.00
EPS ( Riyal) (TTM)	(1.87)
Book Value (BV) ( Riyal)	2.34
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	4.19
Return on Average Assets (%) (TTM)	(31.27 )
Return on Average Equity (%) (TTM)	(58.47 )

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Saudi industrial posts higher net profit at SAR 25.1m in I2 of 2014

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Share Price

Saudi Industrial Development Co. (SIDC)

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) 2014 Q2

Financial Ratios

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Saudi industrial posts higher net profit at SAR 25.1m in I2 of 2014

View other reports

Share Price

Saudi Industrial Development Co. (SIDC)

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) Q2 2014

Revenue by Business Segment (Latest) 2014 Q2

Financial Ratios

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Business Segments (Million)