SPM widens net losses to SAR 115 mln in 2018

31/03/2019 Argaam Exclusive

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Saudi Paper Manufacturing Co. (SPM) reported a net loss of SAR 114.9 million for the fiscal year 2018 from a loss of SAR 47.98 million for the year before due to the increase in raw materials prices, the drop in production quantity in spite of the increase in revenue.

The losses were also attributed to the application of IFRS 9 and IAS 36 which led to recording an impairment loss of fixed assets and current assets.

Financials (M)

Item	2017	2018	Change‬
Revenues	515.82	541.46	5.0 %
Gross Income	124.54	83.16	(33.2 %)
Operating Income	(0.17)	(24.69)	(14,771.7 %)
Net Income	(48.67)	(115.45)	(137.2 %)
Average Shares	29.08	29.08	-
EPS (Riyals)	(1.67)	(3.97)	(137.2 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	127.46	149.40	17.2 %
Gross Income	34.82	14.92	(57.2 %)
Operating Income	(13.91)	(7.56)	45.7 %
Net Income	(34.89)	(62.49)	(79.1 %)
Average Shares	29.08	29.08	-
EPS (Riyals)	(1.20)	(2.15)	(79.1 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	114.26	149.40	30.8 %
Gross Income	13.79	14.92	8.2 %
Operating Income	(16.02)	(7.56)	52.8 %
Net Income	(37.41)	(62.49)	(67.0 %)
Average Shares	29.08	29.08	-
EPS (Riyals)	(1.29)	(2.15)	(67.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	110.05	(12.1 %)	42.59	8.2 %	22.63	0.5 %	0.78
Q2 2009	141.44	3.7 %	43.01	3.4 %	19.15	(18.7 %)	0.66
Q3 2009	140.32	19.1 %	46.21	31.2 %	24.68	49.5 %	0.85
Q4 2009	166.02	31.3 %	54.40	49.4 %	27.56	26.1 %	0.95
2009	557.83	10.3 %	186.21	22.1 %	94.01	11.4 %	3.23
Q1 2010	198.66	80.5 %	55.79	31.0 %	29.83	31.9 %	1.03
Q2 2010	209.51	48.1 %	59.42	38.1 %	31.95	66.8 %	1.10
Q3 2010	196.70	40.2 %	55.64	20.4 %	30.17	22.2 %	1.04
Q4 2010	198.71	19.7 %	61.01	12.2 %	30.62	11.1 %	1.05
2010	803.58	44.1 %	231.86	24.5 %	122.57	30.4 %	4.21
Q1 2011	201.89	1.6 %	57.80	3.6 %	30.04	0.7 %	1.03
Q2 2011	230.53	10.0 %	52.33	(11.9 %)	23.32	(27.0 %)	0.80
Q3 2011	201.97	2.7 %	50.84	(8.6 %)	24.12	(20.1 %)	0.83
Q4 2011	201.28	1.3 %	49.77	(18.4 %)	22.94	(25.1 %)	0.79
2011	835.66	4.0 %	210.74	(9.1 %)	100.41	(18.1 %)	3.45
Q1 2012	212.05	5.0 %	57.14	(1.1 %)	25.42	(15.4 %)	0.87
Q2 2012	204.51	(11.3 %)	59.37	13.4 %	26.29	12.8 %	0.90
Q3 2012	182.44	(9.7 %)	52.62	3.5 %	24.06	(0.3 %)	0.83
Q4 2012	194.87	(3.2 %)	38.32	(23.0 %)	26.35	14.9 %	0.91
2012	793.87	(5.0 %)	207.45	(1.6 %)	102.11	1.7 %	3.51
Q1 2013	206.67	(2.5 %)	36.26	(36.5 %)	0.70	(97.3 %)	0.02
Q2 2013	212.77	4.0 %	54.49	(8.2 %)	9.34	(64.5 %)	0.32
Q3 2013	194.61	6.7 %	45.46	(13.6 %)	14.43	(40.0 %)	0.50
Q4 2013	205.69	5.6 %	33.86	(11.7 %)	(4.24)	(116.1 %)	(0.15)
2013	819.74	3.3 %	170.06	(18.0 %)	31.45	(69.2 %)	1.08
Q1 2014	205.50	(0.6 %)	46.17	27.3 %	8.13	1069.9 %	0.28
Q2 2014	204.50	(3.9 %)	53.10	(2.5 %)	12.05	29.1 %	0.41
Q3 2014	179.76	(7.6 %)	41.62	(8.4 %)	2.78	(80.7 %)	0.10
Q4 2014	167.96	(18.3 %)	38.38	13.4 %	2.10	149.5 %	0.07
2014	757.72	(7.6 %)	179.26	5.4 %	25.07	(20.3 %)	0.86
Q1 2015	185.48	(9.7 %)	46.76	1.3 %	4.86	(40.2 %)	0.17
Q2 2015	165.36	(19.1 %)	38.39	(27.7 %)	(3.39)	(128.1 %)	(0.12)
Q3 2015	112.79	(37.3 %)	18.07	(56.6 %)	(71.13)	(2654.9 %)	(2.45)
Q4 2015	137.23	(18.3 %)	18.17	(52.7 %)	(44.37)	(2212.9 %)	(1.53)
2015	600.57	(20.7 %)	111.01	(38.1 %)	(127.11)	(607.1 %)	(4.37)
Q1 2016	140.09	(24.5 %)	29.26	(37.4 %)	(7.23)	(248.6 %)	(0.25)
Q2 2016	130.25	(21.2 %)	30.69	(20.1 %)	(7.34)	(116.6 %)	(0.25)
Q3 2016	100.73	(10.7 %)	16.72	(7.4 %)	(21.63)	69.6 %	(0.74)
Q4 2016	106.21	(22.6 %)	18.06	(0.6 %)	(35.19)	20.7 %	(1.21)
2016	477.27	(20.5 %)	94.43	(14.9 %)	(71.69)	43.6 %	(2.47)
Q1 2017	128.52	(8.3 %)	27.62	(5.6 %)	(6.57)	9.0 %	(0.23)
Q2 2017	121.39	(6.8 %)	30.89	0.6 %	(3.92)	46.5 %	(0.13)
Q3 2017	138.45	37.4 %	31.21	86.6 %	(3.28)	84.8 %	(0.11)
Q4 2017	127.46	20.0 %	34.82	92.8 %	(34.89)	0.9 %	(1.20)
2017	515.82	8.1 %	124.54	31.9 %	(48.67)	32.1 %	(1.67)
Q1 2018	170.33	32.5 %	40.08	45.1 %	4.60	170.0 %	0.16
Q2 2018	107.48	(11.5 %)	12.38	(59.9 %)	(10.43)	(165.9 %)	(0.36)
Q3 2018	114.26	(17.5 %)	13.79	(55.8 %)	(37.41)	(1,041.4 %)	(1.29)
Q4 2018	149.40	17.2 %	14.92	(57.2 %)	(62.49)	(79.1 %)	(2.15)
2018	541.46	5.0 %	83.16	(33.2 %)	(115.45)	(137.2 %)	(3.97)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	557.83	10.3 %	186.21	22.1 %	94.01	11.4 %	3.23
2010	803.58	44.1 %	231.86	24.5 %	122.57	30.4 %	4.21
2011	835.66	4.0 %	210.74	(9.1 %)	100.41	(18.1 %)	3.45
2012	793.87	(5.0 %)	207.45	(1.6 %)	102.11	1.7 %	3.51
2013	819.74	3.3 %	170.06	(18.0 %)	31.45	(69.2 %)	1.08
2014	757.72	(7.6 %)	179.26	5.4 %	25.07	(20.3 %)	0.86
2015	600.57	(20.7 %)	111.01	(38.1 %)	(127.11)	(607.1 %)	(4.37)
2016	477.27	(20.5 %)	94.43	(14.9 %)	(71.69)	43.6 %	(2.47)
2017	515.82	8.1 %	124.54	31.9 %	(48.67)	32.1 %	(1.67)
2018	541.46	5.0 %	83.16	(33.2 %)	(115.45)	(137.2 %)	(3.97)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	31.75 %	25.08 %	17.23 %
Q2 2009	31.71 %	23.75 %	16.17 %
Q3 2009	32.46 %	25.35 %	17.04 %
Q4 2009	33.38 %	26.48 %	16.85 %
2009	33.38 %	26.48 %	16.85 %
Q1 2010	30.85 %	24.27 %	15.66 %
Q2 2010	30.21 %	24.79 %	15.96 %
Q3 2010	29.22 %	23.62 %	15.50 %
Q4 2010	28.85 %	22.97 %	15.25 %
2010	28.85 %	22.97 %	15.25 %
Q1 2011	28.99 %	23.10 %	15.22 %
Q2 2011	27.39 %	21.54 %	13.79 %
Q3 2011	26.65 %	20.50 %	12.98 %
Q4 2011	25.22 %	18.16 %	12.02 %
2011	25.22 %	18.16 %	12.02 %
Q1 2012	24.84 %	17.58 %	11.32 %
Q2 2012	26.48 %	18.32 %	12.05 %
Q3 2012	27.35 %	19.10 %	12.33 %
Q4 2012	26.13 %	19.15 %	11.10 %
2012	26.13 %	19.15 %	11.10 %
Q1 2013	23.66 %	16.30 %	8.04 %
Q2 2013	22.80 %	15.28 %	5.83 %
Q3 2013	21.57 %	13.89 %	4.56 %
Q4 2013	20.75 %	12.92 %	2.47 %
2013	20.75 %	13.30 %	3.84 %
Q1 2014	21.99 %	14.07 %	3.38 %
Q2 2014	22.04 %	13.78 %	3.75 %
Q3 2014	21.97 %	13.29 %	2.35 %
Q4 2014	23.66 %	13.85 %	3.31 %
2014	23.66 %	13.84 %	3.31 %
Q1 2015	24.38 %	14.04 %	2.96 %
Q2 2015	23.64 %	12.84 %	1.20 %
Q3 2015	22.42 %	7.20 %	(7.17 %)
Q4 2015	20.20 %	2.44 %	(14.22 %)
2015	18.48 %	1.94 %	(16.41 %)
Q1 2016	18.70 %	0.57 %	(17.56 %)
Q2 2016	18.48 %	(0.58 %)	(19.89 %)
Q3 2016	18.66 %	2.32 %	(14.61 %)
Q4 2016	19.85 %	4.62 %	(14.96 %)
2016	19.78 %	4.56 %	(15.02 %)
Q1 2017	19.99 %	4.89 %	(15.19 %)
Q2 2017	20.42 %	5.85 %	(14.73 %)
Q3 2017	21.79 %	9.17 %	(9.90 %)
Q4 2017	24.14 %	9.79 %	(9.43 %)
2017	24.14 %	9.79 %	(9.43 %)
Q1 2018	24.57 %	10.73 %	(5.14 %)
Q2 2018	21.79 %	7.95 %	(7.39 %)
Q3 2018	19.45 %	4.90 %	(14.78 %)
Q4 2018	14.99 %	5.77 %	(19.28 %)
2018	15.36 %	5.77 %	(21.07 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	33.38 %	26.48 %	16.85 %
2010	28.85 %	22.97 %	15.25 %
2011	25.22 %	18.16 %	12.02 %
2012	26.13 %	19.15 %	11.10 %
2013	20.75 %	13.30 %	3.84 %
2014	23.66 %	13.84 %	3.31 %
2015	18.48 %	1.94 %	(16.41 %)
2016	19.78 %	4.56 %	(15.02 %)
2017	24.14 %	9.79 %	(9.43 %)
2018	15.36 %	5.77 %	(21.07 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	38.70 %	30.63 %	20.56 %
Q2 2009	30.41 %	20.60 %	13.54 %
Q3 2009	32.93 %	28.97 %	17.59 %
Q4 2009	32.77 %	26.65 %	16.60 %
Q1 2010	28.08 %	21.59 %	15.02 %
Q2 2010	28.36 %	23.55 %	15.25 %
Q3 2010	28.29 %	23.18 %	15.34 %
Q4 2010	30.70 %	23.52 %	15.41 %
Q1 2011	28.63 %	22.14 %	14.88 %
Q2 2011	22.70 %	17.90 %	10.11 %
Q3 2011	25.17 %	18.84 %	11.94 %
Q4 2011	24.73 %	13.78 %	11.39 %
Q1 2012	26.95 %	19.61 %	11.99 %
Q2 2012	29.03 %	20.92 %	12.86 %
Q3 2012	28.84 %	22.32 %	13.19 %
Q4 2012	19.66 %	13.82 %	6.36 %
Q1 2013	17.54 %	8.74 %	0.34 %
Q2 2013	25.61 %	16.93 %	4.39 %
Q3 2013	23.36 %	16.11 %	7.41 %
Q4 2013	16.46 %	9.98 %	(2.06 %)
Q1 2014	22.47 %	13.27 %	3.96 %
Q2 2014	25.97 %	15.91 %	5.89 %
Q3 2014	23.15 %	14.14 %	1.55 %
Q4 2014	22.85 %	11.72 %	1.26 %
Q1 2015	25.21 %	13.96 %	2.62 %
Q2 2015	23.21 %	11.32 %	(0.84 %)
Q3 2015	16.02 %	(16.69 %)	(45.08 %)
Q4 2015	13.24 %	(8.11 %)	(27.76 %)
Q1 2016	20.89 %	10.27 %	(5.16 %)
Q2 2016	23.56 %	9.62 %	(5.63 %)
Q3 2016	16.60 %	(3.97 %)	(21.47 %)
Q4 2016	17.01 %	(0.82 %)	(33.13 %)
Q1 2017	21.49 %	11.78 %	(5.11 %)
Q2 2017	25.44 %	13.56 %	(3.23 %)
Q3 2017	22.54 %	10.58 %	(2.37 %)
Q4 2017	27.32 %	3.35 %	(27.37 %)
Q1 2018	23.53 %	14.37 %	7.88 %
Q2 2018	11.52 %	(0.17 %)	(14.37 %)
Q3 2018	12.07 %	(2.71 %)	(34.90 %)
Q4 2018	9.98 %	6.73 %	(41.83 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	29.08	2.91	2.91	16.14
Q2 2009	29.08	2.76	2.76	15.76
Q3 2009	29.08	3.04	3.04	16.61
Q4 2009	29.08	3.23	3.23	17.56
Q1 2010	29.08	3.48	3.48	18.57
Q2 2010	29.08	3.92	3.92	18.37
Q3 2010	29.08	4.11	4.11	19.44
Q4 2010	29.08	4.21	4.21	20.46
Q1 2011	29.08	4.22	4.22	21.51
Q2 2011	29.08	3.93	3.93	20.75
Q3 2011	29.08	3.72	3.72	21.58
Q4 2011	29.08	3.45	3.45	22.38
Q1 2012	29.08	3.29	3.29	23.26
Q2 2012	29.08	3.40	3.40	22.33
Q3 2012	29.08	3.39	3.39	23.17
Q4 2012	29.08	3.51	3.03	24.10
Q1 2013	29.08	2.66	2.18	22.15
Q2 2013	29.08	2.08	1.60	22.53
Q3 2013	29.08	1.75	1.27	22.96
Q4 2013	29.08	0.70	0.70	21.80
Q1 2014	29.08	0.95	0.95	22.10
Q2 2014	29.08	1.04	1.04	22.39
Q3 2014	29.08	0.64	0.64	22.49
Q4 2014	29.08	0.86	0.86	22.64
Q1 2015	29.08	0.75	0.75	22.79
Q2 2015	29.08	0.22	0.29	22.85
Q3 2015	29.08	(2.32)	(1.56)	20.21
Q4 2015	29.08	(3.92)	(2.94)	18.16
Q1 2016	29.08	(4.34)	(3.35)	13.92
Q2 2016	29.08	(4.47)	(3.56)	13.63
Q3 2016	29.08	(2.77)	(2.55)	12.93
Q4 2016	29.08	(2.45)	(2.45)	11.27
Q1 2017	29.08	(2.43)	(2.43)	11.54
Q2 2017	29.08	(2.31)	(2.31)	11.42
Q3 2017	29.08	(1.68)	(1.68)	11.19
Q4 2017	29.08	(1.67)	(1.67)	9.59
Q1 2018	29.08	(1.29)	(0.99)	10.37
Q2 2018	29.08	(1.51)	(1.38)	9.95
Q3 2018	29.08	(2.69)	(2.64)	6.67
Q4 2018	29.08	(3.64)	(3.59)	3.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	29.08	3.23	3.23	17.56
2010	29.08	4.21	4.21	20.46
2011	29.08	3.45	3.45	22.38
2012	29.08	3.51	3.03	24.10
2013	29.08	1.08	1.08	21.80
2014	29.08	0.86	0.86	22.64
2015	29.08	(4.37)	(3.39)	18.16
2016	29.08	(2.47)	(2.47)	11.27
2017	29.08	(1.67)	(1.67)	9.59
2018	29.08	(3.97)	(3.92)	3.44

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	23.88	23.88	4.30
Q2 2009	26.85	26.85	4.69
Q3 2009	23.83	23.83	4.36
Q4 2009	21.98	21.98	4.05
Q1 2010	20.60	20.60	3.86
Q2 2010	17.70	17.70	3.78
Q3 2010	16.57	16.57	3.50
Q4 2010	16.23	16.23	3.34
Q1 2011	13.40	13.40	2.63
Q2 2011	13.91	13.91	2.63
Q3 2011	12.92	12.92	2.22
Q4 2011	15.58	15.58	2.40
Q1 2012	19.73	19.73	2.79
Q2 2012	14.48	14.48	2.20
Q3 2012	15.16	15.16	2.22
Q4 2012	13.96	16.17	2.03
Q1 2013	17.18	20.96	2.06
Q2 2013	31.50	40.96	2.91
Q3 2013	34.54	47.62	2.63
Q4 2013	79.70	79.70	2.54
Q1 2014	85.25	85.25	3.67
Q2 2014	77.37	77.37	3.61
Q3 2014	More than 100	More than 100	3.57
Q4 2014	54.30	54.28	2.07
Q1 2015	61.85	61.82	2.03
Q2 2015	More than 100	More than 100	2.09
Q3 2015	NEG	NEG	1.62
Q4 2015	NEG	NEG	2.02
Q1 2016	NEG	NEG	1.92
Q2 2016	NEG	NEG	1.75
Q3 2016	NEG	NEG	1.23
Q4 2016	NEG	NEG	1.81
Q1 2017	NEG	NEG	1.68
Q2 2017	NEG	NEG	1.17
Q3 2017	NEG	NEG	1.43
Q4 2017	NEG	NEG	1.75
Q1 2018	NEG	NEG	1.55
Q2 2018	NEG	NEG	1.59
Q3 2018	NEG	NEG	1.88
Q4 2018	NEG	NEG	4.40

Period	P/E	Adjusted P/E	Price/book
2009	21.98	21.98	4.05
2010	16.23	16.23	3.34
2011	15.58	15.58	2.40
2012	13.96	16.17	2.03
2013	51.23	51.23	2.54
2014	54.30	54.30	2.07
2015	NEG	NEG	2.02
2016	NEG	NEG	1.81
2017	NEG	NEG	1.75
2018	NEG	NEG	4.40

Business Segments (Million)

Compared With The

Period	Transformative Industries	Trade and Others	Disposals
Q1 2014	199.39	6.11	-
Q2 2014	150.92	53.58	-
Q3 2014	159.67	20.09	-
Q4 2014	146.82	21.15	-
Q1 2015	165.51	19.97	-
Q2 2015	149.60	15.76	-
Q3 2015	102.66	10.13	-
Q4 2015	80.26	56.69	-
Q1 2016	130.83	9.25	-
Q2 2016	123.39	6.85	-
Q3 2016	94.08	6.66	-
Q4 2016	66.39	39.82	-
Q1 2017	119.44	9.08	-
Q2 2017	112.05	9.34	-
Q3 2017	128.87	9.58	-
Q4 2017	73.87	53.60	-
Q1 2018	161.34	8.99	-
Q2 2018	100.00	7.48	-
Q3 2018	107.94	6.31	-
Q4 2018	141.14	8.25	-

Period	Transformative Industries	Trade and Others	Disposals
2009	594.82	156.73	(193.73)
2010	785.68	198.77	(180.79)
2011	844.77	267.47	(276.58)
2012	876.56	185.26	(267.96)
2013	744.38	75.36	-
2014	656.80	100.92	-
2015	498.02	102.55	-
2016	414.69	62.58	-
2017	434.23	81.59	-
2018	510.43	31.03	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,895.17
Enterprise Value (EV) (M)	3,294.94
Shares Outstanding ((M))	37.07
EPS ( Riyal) (TTM)	2.71
Book Value (BV) ( Riyal)	13.72
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.85
P/E (TTM)	28.77
Price/book	5.69
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	21.9

Saudi Paper Manufacturing Co. (SPM)

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SPM widens net losses to SAR 115 mln in 2018

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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) 2018 Q4

Financial Ratios

Share Price

Saudi Paper Manufacturing Co. (SPM)

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SPM widens net losses to SAR 115 mln in 2018

View other reports

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) Q4 2018

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

Share Price

Saudi Paper Manufacturing Co. (SPM)

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Business Segments (Million)