Steel Pipes’ Q1 net profit falls 29% to SAR 8.1 mln

19/04/2016 Argaam Exclusive

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Saudi Steel Pipes Co.’s Q1-2016 net profit fell 29.5 percent year-on-year to SAR 8.1 million on lower project-related sales, losses from the Titanium and Steel Manufacturing Co. Ltd. subsidiary and provisions for doubtful accounts.

When compared to previous quarter’s net loss of SAR 1.3 million, the company’s Q1 net profit was driven by higher sales.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2015	Q1 2016	Change‬
Revenues	248.49	194.34	(21.8 %)
Gross Income	29.24	28.94	(1.0 %)
Operating Income	14.61	13.57	(7.1 %)
Net Income	11.41	8.52	(25.4 %)
Average Shares	51.00	51.00	-
EPS (Riyals)	0.22	0.17	(25.4 %)

Item	Q4 2015	Q1 2016	Change‬
Revenues	143.55	194.34	35.4 %
Gross Income	11.55	28.94	150.7 %
Operating Income	(1.11)	13.57	1326.0 %
Net Income	(1.30)	8.52	753.6 %
Average Shares	51.00	51.00	-
EPS (Riyals)	(0.03)	0.17	753.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	727.81	28.7 %	156.07	40.0 %	116.17	73.6 %	3.32
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	816.87	12.2 %	172.80	10.7 %	132.32	13.9 %	3.78
Q1 2009	155.80	-	40.80	-	33.61	-	0.96
Q2 2009	145.28	-	40.19	-	35.85	-	1.02
Q3 2009	130.83	-	36.93	-	30.17	-	0.59
Q4 2009	106.74	-	21.69	-	13.19	-	0.26
2009	538.65	(34.1 %)	139.61	(19.2 %)	112.83	(14.7 %)	2.21
Q1 2010	153.44	(1.5 %)	28.11	(31.1 %)	20.02	(40.4 %)	0.39
Q2 2010	168.86	16.2 %	33.00	(17.9 %)	25.16	(29.8 %)	0.49
Q3 2010	104.11	(20.4 %)	13.27	(64.1 %)	6.54	(78.3 %)	0.13
Q4 2010	166.87	56.3 %	34.15	57.4 %	21.23	60.9 %	0.42
2010	593.28	10.1 %	108.53	(22.3 %)	72.95	(35.3 %)	1.43
Q1 2011	163.11	6.3 %	28.75	2.3 %	21.01	5.0 %	0.41
Q2 2011	153.83	(8.9 %)	29.74	(9.9 %)	21.34	(15.2 %)	0.42
Q3 2011	140.14	34.6 %	17.97	35.3 %	9.40	43.7 %	0.18
Q4 2011	172.27	3.2 %	23.03	(32.6 %)	13.37	(37.0 %)	0.26
2011	629.35	6.1 %	99.49	(8.3 %)	65.12	(10.7 %)	1.28
Q1 2012	206.85	26.8 %	29.13	1.3 %	18.32	(12.8 %)	0.36
Q2 2012	187.48	21.9 %	22.88	(23.1 %)	12.38	(42.0 %)	0.24
Q3 2012	152.16	8.6 %	19.39	7.9 %	8.92	(5.1 %)	0.17
Q4 2012	179.87	4.4 %	26.57	15.4 %	14.09	5.4 %	0.28
2012	726.36	15.4 %	97.96	(1.5 %)	53.71	(17.5 %)	1.05
Q1 2013	248.48	20.1 %	37.91	30.2 %	23.11	26.2 %	0.45
Q2 2013	249.13	32.9 %	39.45	72.5 %	25.11	102.7 %	0.49
Q3 2013	172.98	13.7 %	27.95	44.1 %	16.37	83.5 %	0.32
Q4 2013	168.76	(6.2 %)	25.76	(3.0 %)	14.86	5.4 %	0.29
2013	839.34	15.6 %	131.07	33.8 %	79.44	47.9 %	1.56
Q1 2014	224.73	(9.6 %)	21.65	(42.9 %)	4.03	(82.6 %)	0.08
Q2 2014	249.65	0.2 %	32.69	(17.1 %)	15.55	(38.1 %)	0.30
Q3 2014	241.88	39.8 %	23.65	(15.4 %)	6.59	(59.7 %)	0.13
Q4 2014	141.74	(16.0 %)	19.38	(24.8 %)	5.30	(64.3 %)	0.10
2014	857.99	2.2 %	97.25	(25.8 %)	31.20	(60.7 %)	0.61
Q1 2015	248.49	10.6 %	29.24	35.0 %	11.41	183.3 %	0.22
Q2 2015	279.97	12.1 %	38.88	18.9 %	23.46	50.8 %	0.46
Q3 2015	179.88	(25.6 %)	21.52	(9.0 %)	8.02	21.6 %	0.16
Q4 2015	143.55	1.3 %	11.55	(40.4 %)	(1.30)	(124.6 %)	(0.03)
2015	852.09	(0.7 %)	95.78	(1.5 %)	33.38	7.0 %	0.65
Q1 2016	194.34	(21.8 %)	28.94	(1.0 %)	8.52	(25.4 %)	0.17

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	565.41	-	111.45	-	66.90	-	1.91
2007	727.81	28.7 %	156.07	40.0 %	116.17	73.6 %	3.32
2008	816.87	12.2 %	172.80	10.7 %	132.32	13.9 %	3.78
2009	538.65	(34.1 %)	139.61	(19.2 %)	112.83	(14.7 %)	2.21
2010	593.28	10.1 %	108.53	(22.3 %)	72.95	(35.3 %)	1.43
2011	629.35	6.1 %	99.49	(8.3 %)	65.12	(10.7 %)	1.28
2012	726.36	15.4 %	97.96	(1.5 %)	53.71	(17.5 %)	1.05
2013	839.34	15.6 %	131.07	33.8 %	79.44	47.9 %	1.56
2014	857.99	2.2 %	97.25	(25.8 %)	31.20	(60.7 %)	0.61
2015	852.09	(0.7 %)	95.78	(1.5 %)	33.38	7.0 %	0.65

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	21.44 %	19.70 %	15.96 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	21.15 %	19.03 %	16.20 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	25.92 %	23.89 %	20.95 %
2009	25.92 %	23.89 %	20.95 %
Q1 2010	23.67 %	21.51 %	18.50 %
Q2 2010	21.38 %	19.23 %	15.81 %
Q3 2010	18.02 %	15.98 %	12.18 %
Q4 2010	18.29 %	16.59 %	12.30 %
2010	18.29 %	16.59 %	12.30 %
Q1 2011	18.11 %	16.61 %	12.26 %
Q2 2011	18.02 %	16.41 %	11.93 %
Q3 2011	17.73 %	16.01 %	11.70 %
Q4 2011	15.81 %	13.97 %	10.35 %
2011	15.81 %	13.97 %	10.35 %
Q1 2012	14.84 %	12.84 %	9.27 %
Q2 2012	13.16 %	11.16 %	7.57 %
Q3 2012	13.14 %	10.99 %	7.37 %
Q4 2012	13.49 %	11.08 %	7.39 %
2012	13.49 %	11.08 %	7.39 %
Q1 2013	13.90 %	11.20 %	7.62 %
Q2 2013	14.86 %	11.98 %	8.59 %
Q3 2013	15.51 %	12.68 %	9.25 %
Q4 2013	15.62 %	12.78 %	9.47 %
2013	15.62 %	12.78 %	9.47 %
Q1 2014	14.08 %	11.55 %	7.40 %
Q2 2014	13.24 %	11.01 %	6.23 %
Q3 2014	11.72 %	9.50 %	4.64 %
Q4 2014	11.35 %	9.10 %	3.67 %
2014	11.33 %	9.27 %	3.64 %
Q1 2015	11.90 %	9.69 %	4.41 %
Q2 2015	12.19 %	10.10 %	5.13 %
Q3 2015	12.82 %	10.81 %	5.79 %
Q4 2015	11.88 %	10.12 %	5.00 %
2015	11.24 %	9.48 %	4.04 %
Q1 2016	12.65 %	10.74 %	4.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	19.71 %	15.77 %	11.83 %
2007	21.44 %	19.70 %	15.96 %
2008	21.15 %	19.03 %	16.20 %
2009	25.92 %	23.89 %	20.95 %
2010	18.29 %	16.59 %	12.30 %
2011	15.81 %	13.97 %	10.35 %
2012	13.49 %	11.08 %	7.39 %
2013	15.62 %	12.78 %	9.47 %
2014	11.33 %	9.27 %	3.64 %
2015	11.24 %	9.48 %	4.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	26.19 %	24.41 %	21.57 %
Q2 2009	27.66 %	26.09 %	24.68 %
Q3 2009	28.23 %	26.38 %	23.06 %
Q4 2009	20.32 %	17.11 %	12.36 %
Q1 2010	18.32 %	16.07 %	13.05 %
Q2 2010	19.54 %	17.90 %	14.90 %
Q3 2010	12.75 %	11.59 %	6.28 %
Q4 2010	20.47 %	18.84 %	12.72 %
Q1 2011	17.63 %	16.19 %	12.88 %
Q2 2011	19.34 %	17.27 %	13.87 %
Q3 2011	12.82 %	11.05 %	6.71 %
Q4 2011	13.37 %	11.29 %	7.76 %
Q1 2012	14.08 %	12.06 %	8.85 %
Q2 2012	12.20 %	10.15 %	6.61 %
Q3 2012	12.74 %	10.25 %	5.86 %
Q4 2012	14.77 %	11.62 %	7.84 %
Q1 2013	15.26 %	12.27 %	9.30 %
Q2 2013	15.84 %	13.01 %	10.08 %
Q3 2013	16.16 %	13.91 %	9.46 %
Q4 2013	15.26 %	12.02 %	8.80 %
Q1 2014	9.63 %	7.75 %	1.79 %
Q2 2014	13.09 %	11.24 %	6.23 %
Q3 2014	9.78 %	7.55 %	2.73 %
Q4 2014	13.67 %	10.11 %	3.74 %
Q1 2015	11.77 %	9.97 %	4.59 %
Q2 2015	13.89 %	12.40 %	8.38 %
Q3 2015	11.97 %	10.03 %	5.03 %
Q4 2015	8.04 %	6.07 %	(0.91 %)
Q1 2016	14.89 %	12.44 %	4.38 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	35.00	-	-	13.16
Q2 2009	35.00	-	-	14.04
Q3 2009	51.00	-	-	17.29
Q4 2009	51.00	2.21	2.21	17.55
Q1 2010	51.00	1.95	1.95	15.88
Q2 2010	51.00	1.74	1.74	16.33
Q3 2010	51.00	1.27	1.27	15.92
Q4 2010	51.00	1.43	1.43	16.31
Q1 2011	51.00	1.45	1.45	15.67
Q2 2011	51.00	1.37	1.37	16.03
Q3 2011	51.00	1.43	1.43	15.43
Q4 2011	51.00	1.28	1.28	15.55
Q1 2012	51.00	1.22	1.22	15.04
Q2 2012	51.00	1.05	1.05	15.24
Q3 2012	51.00	1.04	1.04	15.38
Q4 2012	51.00	1.05	1.05	15.56
Q1 2013	51.00	1.15	1.15	15.95
Q2 2013	51.00	1.40	1.40	15.66
Q3 2013	51.00	1.54	1.54	15.19
Q4 2013	51.00	1.56	1.56	15.39
Q1 2014	51.00	1.18	1.18	15.41
Q2 2014	51.00	1.00	1.00	15.66
Q3 2014	51.00	0.80	0.80	15.75
Q4 2014	51.00	0.62	0.62	15.75
Q1 2015	51.00	0.76	0.76	15.93
Q2 2015	51.00	0.92	0.92	15.82
Q3 2015	51.00	0.94	0.96	15.44
Q4 2015	51.00	0.82	0.84	15.23
Q1 2016	51.00	0.76	0.78	15.38

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	35.00	1.91	1.91	9.39
2007	35.00	3.32	3.32	11.85
2008	35.00	3.78	3.78	12.20
2009	51.00	2.21	2.21	17.55
2010	51.00	1.43	1.43	16.31
2011	51.00	1.28	1.28	15.55
2012	51.00	1.05	1.05	15.56
2013	51.00	1.56	1.56	15.39
2014	51.00	0.61	0.61	15.75
2015	51.00	0.65	0.67	15.23

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	1.80
Q4 2009	15.41	15.41	1.94
Q1 2010	16.96	16.96	2.08
Q2 2010	15.61	15.61	1.66
Q3 2010	19.09	19.09	1.53
Q4 2010	16.85	16.85	1.48
Q1 2011	16.10	16.10	1.49
Q2 2011	19.35	19.35	1.66
Q3 2011	16.49	16.49	1.53
Q4 2011	22.87	22.87	1.88
Q1 2012	23.04	23.04	1.87
Q2 2012	20.84	20.84	1.43
Q3 2012	23.10	23.10	1.56
Q4 2012	24.02	24.02	1.63
Q1 2013	22.49	22.49	1.62
Q2 2013	18.54	18.54	1.65
Q3 2013	19.45	19.45	1.97
Q4 2013	22.79	22.79	2.31
Q1 2014	31.68	31.68	2.43
Q2 2014	33.82	33.82	2.15
Q3 2014	47.24	47.24	2.41
Q4 2014	38.95	38.95	1.53
Q1 2015	37.18	37.18	1.78
Q2 2015	31.20	31.20	1.81
Q3 2015	22.33	21.87	1.37
Q4 2015	26.67	26.03	1.43
Q1 2016	23.24	22.64	1.15

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	15.41	15.41	1.94
2010	16.85	16.85	1.48
2011	22.87	22.87	1.88
2012	24.02	24.02	1.63
2013	22.79	22.79	2.31
2014	39.29	39.29	1.53
2015	33.23	32.24	1.43

Business Segments (Million)

Compared With The

Period	Steele Pipes	Process equipment
Q1 2016	189.38	4.96

Analysts Estimates (Million)

Item	Q1 2016 (e)	Q1 2016 (a)	Change‬
Average	6.50	8.52	31.03 %

Estimates vs Actual (Million)

Item	Q1 2016 (e)	Q1 2016 (a)	Change
SNB Capital	6.50	8.52	31.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	3,442.50
Enterprise Value (EV) (M)	3,984.78
Shares Outstanding ((M))	51.00
EPS ( Riyal) (TTM)	4.37
Book Value (BV) ( Riyal)	15.25
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	17.92
P/E (TTM)	15.45
Price/book	4.42
Return on Average Assets (%) (TTM)	15.6
Return on Average Equity (%) (TTM)	33.4

Saudi Steel Pipe Co. (SSP)

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Steel Pipes’ Q1 net profit falls 29% to SAR 8.1 mln

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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) 2016 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Steel Pipe Co. (SSP)

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Steel Pipes’ Q1 net profit falls 29% to SAR 8.1 mln

View other reports

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) Q1 2016

Revenue by Business Segment (Latest) 2016 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Steel Pipe Co. (SSP)

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Business Segments (Million)