Saudi Ceramic swings to SAR 50 mln loss in Q1

07/05/2018 Argaam Exclusive

Saudi Ceramic Co. turned to a net loss of SAR 49.9 million for Q1 2018, compared to a net profit of SAR 11.5 million a year earlier, on the back of lower sales value amid continued weak demand and slowdown in the building materials market.

 

In addition, lower selling prices due to dumping, the implementation of value-added tax (VAT) and higher labor costs, fees as well as financing charges also weighed on the profit.

When compared to Q4 2017, the ceramic producer cut net losses by 20.4 percent year-on-year, thanks to a decline in provisions for IFRS adoption in the previous quarter.  

Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 315.35 256.48 (18.7 %)
Gross Income 81.02 22.39 (72.4 %)
Operating Income 16.13 (37.80) (334.3 %)
Net Income 11.47 (49.95) (535.5 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 0.14 (0.62) (535.5 %)

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Share Price

Saudi Ceramic Co.
55.20
(1.10) (1.95 %)

Financial Ratios
Current
Market Cap (M Riyal) 4,416.00
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 2.68
Book Value (BV) ( Riyal) 20.32
Adjusted P/E (Last12) 20.59
P/E (TTM) 20.59
Price/book 2.72
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 13.9
Enterprise Value (EV) (M Riyal) 5,607.26
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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS (Riyal)
Q1 2009 231.64 16.0 % 82.09 17.6 % 41.11 7.2 % 0.51
Q2 2009 241.57 12.0 % 86.87 1.3 % 52.14 0.8 % 0.65
Q3 2009 237.62 5.1 % 91.51 6.0 % 52.78 5.9 % 0.66
Q4 2009 246.90 14.6 % 92.03 17.1 % 51.17 34.7 % 0.64
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)

Profitability

Period Gross Margin Net Margin
Q1 2009 35.44 % 17.75 %
Q2 2009 35.96 % 21.58 %
Q3 2009 38.51 % 22.21 %
Q4 2009 37.27 % 20.73 %
Q1 2010 37.55 % 21.77 %
Q2 2010 35.63 % 20.82 %
Q3 2010 35.42 % 18.14 %
Q4 2010 37.18 % 20.84 %
Q1 2011 36.59 % 19.56 %
Q2 2011 36.73 % 20.39 %
Q3 2011 39.86 % 20.08 %
Q4 2011 31.54 % 16.19 %
Q1 2012 31.36 % 17.38 %
Q2 2012 32.94 % 17.18 %
Q3 2012 32.62 % 16.03 %
Q4 2012 34.11 % 17.76 %
Q1 2013 37.46 % 20.23 %
Q2 2013 35.37 % 19.16 %
Q3 2013 36.16 % 18.72 %
Q4 2013 35.74 % 19.18 %
Q1 2014 36.23 % 20.62 %
Q2 2014 34.75 % 19.22 %
Q3 2014 34.18 % 20.46 %
Q4 2014 33.81 % 15.99 %
Q1 2015 35.44 % 18.85 %
Q2 2015 36.60 % 18.29 %
Q3 2015 35.24 % 17.67 %
Q4 2015 33.00 % 13.51 %
Q1 2016 32.49 % 12.79 %
Q2 2016 31.34 % 8.22 %
Q3 2016 23.50 % (20.17 %)
Q4 2016 20.86 % (2.63 %)
Q1 2017 25.69 % 3.64 %
Q2 2017 23.77 % (2.13 %)
Q3 2017 10.82 % (17.81 %)
Q4 2017 (0.71 %) (19.28 %)
Q1 2018 8.73 % (19.47 %)

Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS Adjusted EPS Book Value (BV)
Q1 2009 80.00 2.26 2.26 8.77
Q2 2009 80.00 2.26 2.26 9.43
Q3 2009 80.00 2.30 2.30 10.10
Q4 2009 80.00 2.47 2.47 10.74
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 12.45 12.45 3.20
Q2 2009 18.48 18.48 4.43
Q3 2009 16.75 16.75 3.82
Q4 2009 14.26 14.26 3.28
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

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector Pottery pipe sector
Q1 2009 180.35 51.29 -
Q2 2009 192.03 49.55 -
Q3 2009 185.62 52.00 -
Q4 2009 176.20 70.69 -
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 -

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