MEPCO’s net profit plunges 51% to SAR 55 mln in FY15
21/01/2016
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Middle East Paper Co. (MEPCO) has reported a net profit of SAR 55.12 million for the 2015 fiscal year (FY); a sharp decline of 21 percent year-on-year (YOY) due to lower sales prices, a decline in sales and higher freight costs.
Financials (M)
| Item | 2014 | 2015 | Change |
|---|---|---|---|
| Revenues | 826.43 | 681.17 | (17.6 %) |
| Gross Income | 234.71 | 172.86 | (26.4 %) |
| Operating Income | 141.99 | 81.87 | (42.3 %) |
| Net Income | 111.34 | 55.12 | (50.5 %) |
| Average Shares | 66.67 | 66.67 | - |
| Earnings Per Share before unusual items (Riyals) | 1.67 | 0.83 | (50.5 %) |
| EPS (Riyal) | 1.67 | 0.83 | (50.5 %) |
The company’s net profit in Q4-2015 plunged 88 percent YOY to SAR 2.77. Profit for the quarter also fell by 71 percent when compared to Q3-2015.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenues | 202.50 | 139.50 | (31.1 %) |
| Gross Income | 53.41 | 35.70 | (33.2 %) |
| Operating Income | 31.88 | 10.55 | (66.9 %) |
| Net Income | 22.91 | 2.77 | (87.9 %) |
| Average Shares | 66.67 | 66.67 | - |
| Earnings Per Share before unusual items (Riyal) | 0.34 | 0.04 | (87.9 %) |
| EPS (Riyal) | 0.34 | 0.04 | (87.9 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 184.71 | (8.1 %) | 47.14 | (11.0 %) | 28.15 | (5.1 %) |
| Q2 2015 | 184.14 | (9.3 %) | 48.17 | (18.4 %) | 26.28 | (28.5 %) |
| Q3 2015 | 172.83 | (21.3 %) | 41.85 | (39.3 %) | 16.89 | (61.5 %) |
| Q4 2015 | 139.50 | (31.1 %) | 35.70 | (33.2 %) | 10.55 | (66.9 %) |
| 2015 | 681.17 | (17.6 %) | 172.86 | (26.4 %) | 81.87 | (42.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2015 | 23.20 | 1.6 % | 0.35 | - | 23.20 | 0.35 |
| Q2 2015 | 19.57 | (33.1 %) | 0.29 | - | 19.57 | 0.29 |
| Q3 2015 | 9.58 | (73.6 %) | 0.14 | - | 9.58 | 0.14 |
| Q4 2015 | 2.77 | (87.9 %) | 0.04 | - | 2.77 | 0.04 |
| 2015 | 55.12 | (50.5 %) | 0.83 | - | 55.12 | 0.83 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 27.46 % | 27.05 % | 12.69 % |
| Q2 2014 | 28.26 % | 28.06 % | 13.39 % |
| Q3 2014 | 28.55 % | 28.01 % | 13.67 % |
| Q4 2014 | 28.37 % | 27.86 % | 13.48 % |
| 2014 | 28.40 % | 27.82 % | 13.47 % |
| Q1 2015 | 28.22 % | 28.65 % | 13.79 % |
| Q2 2015 | 27.52 % | 28.28 % | 12.90 % |
| Q3 2015 | 25.61 % | 26.90 % | 10.11 % |
| Q4 2015 | 25.38 % | 26.78 % | 8.09 % |
| 2015 | 25.38 % | 26.78 % | 8.09 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2015 | 66.67 | 1.68 | 1.68 | 9.39 |
| Q2 2015 | 66.67 | 1.53 | 1.53 | 9.68 |
| Q3 2015 | 66.67 | 1.13 | 1.13 | 9.83 |
| Q4 2015 | 66.67 | 0.83 | 0.83 | 9.87 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2015 | - | - | - |
| Q2 2015 | 26.14 | 26.14 | 4.13 |
| Q3 2015 | 25.29 | 25.29 | 2.90 |
| Q4 2015 | 30.07 | 30.07 | 2.52 |
Business Segments (Million)
Q4 2015
| Period | The industrial sector | The commercial sector | Disposals |
|---|---|---|---|
| Q1 2015 | 149.78 | 73.94 | (39.01) |
| Q2 2015 | 170.79 | 72.52 | (59.17) |
| Q3 2015 | 171.60 | 59.18 | (57.94) |
| Q4 2015 | 142.39 | 54.31 | (57.21) |
| Current | |
| Market Cap (M Riyal) | 2,324.49 |
| Enterprise Value (EV) (M Riyal) | 2,449.63 |
| Shares Outstanding ((M)) | 86.67 |
| EPS ( Riyal) (TTM) | (0.61) |
| Book Value (BV) ( Riyal) | 18.66 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| P/E (TTM) | NEG |
| Price/book | 1.44 |
| Return on Average Assets (%) (TTM) | (2.01 ) |
| Return on Average Equity (%) (TTM) | (3.19 ) |
| EV/adj EBITDA | 20.87 |
| EV/Revenues | 2.23 |
Share Price
Middle East Paper Co. (MEPCO)
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