Financial Results : Saudi Ceramic’s H1 net profit plunges 54%

Saudi Ceramic’s H1 net profit plunges 54%

21/07/2016 Argaam Exclusive

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Saudi Ceramic Co. reported a net profit of SAR 76.4 million in the first half of 2016, a year-on-year (YoY) drop of 53.9 percent attributed to lower sales due to lower market demand and lower product selling prices along with higher financing charges and Zakat expenses. 



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 891.37 720.65 (19.2 %)
Gross Income 321.07 230.12 (28.3 %)
Operating Income 167.89 92.36 (45.0 %)
Net Income 165.52 76.28 (53.9 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 1.66 0.76 (53.9 %)
EPS (Riyals) 1.66 0.76 (53.9 %)

 

The second-quarter net profit fell 65 percent to SAR 28.3 million compared with SAR 81 million in the year-ago period due to drop in sales and lower selling prices, increase in financing costs and Zakat expense.     



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 444.31 347.85 (21.7 %)
Gross Income 162.61 109.01 (33.0 %)
Operating Income 86.00 37.27 (56.7 %)
Net Income 81.25 28.60 (64.8 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.81 0.29 (64.8 %)
EPS (Riyals) 0.81 0.29 (64.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 135.12 14.2 % 51.12 19.6 % 25.84 19.9 %
Q2 2007 151.97 19.0 % 57.38 17.1 % 31.13 24.1 %
Q3 2007 165.69 29.0 % 62.11 26.3 % 35.83 39.2 %
Q4 2007 162.18 28.9 % 54.79 22.5 % 24.95 17.3 %
Q1 2008 199.71 47.8 % 69.83 36.6 % 37.38 44.7 %
Q2 2008 215.78 42.0 % 85.78 49.5 % 52.15 67.5 %
Q3 2008 226.11 36.5 % 86.36 39.0 % 53.16 48.4 %
Q4 2008 215.51 32.9 % 78.59 43.4 % 40.05 60.6 %
Q1 2009 231.64 16.0 % 82.09 17.6 % 44.29 18.5 %
Q2 2009 241.57 12.0 % 86.87 1.3 % 48.24 (7.5 %)
Q3 2009 237.62 5.1 % 91.51 6.0 % 53.72 1.0 %
Q4 2009 246.90 14.6 % 92.03 17.1 % 50.45 26.0 %
Q1 2010 268.19 15.8 % 100.71 22.7 % 58.07 31.1 %
Q2 2010 277.92 15.0 % 99.01 14.0 % 58.31 20.9 %
Q3 2010 254.76 7.2 % 90.23 (1.4 %) 48.42 (9.9 %)
Q4 2010 278.96 13.0 % 103.73 12.7 % 57.52 14.0 %
Q1 2011 306.36 14.2 % 112.11 11.3 % 64.93 11.8 %
Q2 2011 320.67 15.4 % 117.77 18.9 % 67.39 15.6 %
Q3 2011 269.71 5.9 % 107.50 19.1 % 55.72 15.1 %
Q4 2011 324.61 16.4 % 102.39 (1.3 %) 55.82 (3.0 %)
Q1 2012 360.16 17.6 % 112.93 0.7 % 62.03 (4.5 %)
Q2 2012 369.22 15.1 % 121.61 3.3 % 64.48 (4.3 %)
Q3 2012 346.18 28.4 % 112.91 5.0 % 58.05 4.2 %
Q4 2012 371.80 14.5 % 126.83 23.9 % 73.32 31.4 %
Q1 2013 406.29 12.8 % 152.19 34.8 % 91.03 46.8 %
Q2 2013 428.89 16.2 % 151.71 24.7 % 89.94 39.5 %
Q3 2013 383.50 10.8 % 138.68 22.8 % 76.48 31.7 %
Q4 2013 381.87 2.7 % 136.48 7.6 % 73.61 0.4 %
Q1 2014 424.02 4.4 % 153.61 0.9 % 88.47 (2.8 %)
Q2 2014 437.62 2.0 % 152.06 0.2 % 78.86 (12.3 %)
Q3 2014 385.64 0.6 % 131.82 (4.9 %) 56.04 (26.7 %)
Q4 2014 374.07 (2.0 %) 126.49 (7.3 %) 57.35 (22.1 %)
Q1 2015 447.05 5.4 % 158.46 3.2 % 81.89 (7.4 %)
Q2 2015 444.31 1.5 % 162.61 6.9 % 86.00 9.0 %
Q3 2015 354.58 (8.1 %) 124.96 (5.2 %) 66.71 19.0 %
Q4 2015 412.03 10.1 % 135.95 7.5 % 51.48 (10.2 %)
Q1 2016 372.80 (16.6 %) 121.11 (23.6 %) 55.09 (32.7 %)
Q2 2016 347.85 (21.7 %) 109.01 (33.0 %) 37.27 (56.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 25.45 22.3 % 0.25 - 25.45 0.25
Q2 2007 31.33 29.1 % 0.31 - 31.33 0.31
Q3 2007 41.46 65.3 % 0.41 - 41.46 0.41
Q4 2007 29.26 26.8 % 0.29 - 29.26 0.29
Q1 2008 38.36 50.7 % 0.38 - 38.36 0.38
Q2 2008 51.73 65.1 % 0.52 - 51.73 0.52
Q3 2008 49.82 20.2 % 0.50 - 49.82 0.50
Q4 2008 37.98 29.8 % 0.38 - 37.98 0.38
Q1 2009 41.11 7.2 % 0.41 - 41.11 0.41
Q2 2009 52.14 0.8 % 0.52 - 52.14 0.52
Q3 2009 52.78 5.9 % 0.53 - 52.78 0.53
Q4 2009 51.17 34.7 % 0.51 - 51.17 0.51
Q1 2010 58.38 42.0 % 0.58 - 58.38 0.58
Q2 2010 57.87 11.0 % 0.58 - 57.87 0.58
Q3 2010 46.21 (12.4 %) 0.46 - 46.21 0.46
Q4 2010 58.13 13.6 % 0.58 - 58.13 0.58
Q1 2011 59.93 2.7 % 0.60 - 59.93 0.60
Q2 2011 65.38 13.0 % 0.65 - 65.38 0.65
Q3 2011 54.15 17.2 % 0.54 - 54.15 0.54
Q4 2011 52.55 (9.6 %) 0.53 - 52.55 0.53
Q1 2012 62.60 4.5 % 0.63 - 62.60 0.63
Q2 2012 63.43 (3.0 %) 0.63 - 63.43 0.63
Q3 2012 55.51 2.5 % 0.56 - 55.51 0.56
Q4 2012 66.04 25.7 % 0.66 - 66.04 0.66
Q1 2013 82.21 31.3 % 0.82 - 82.21 0.82
Q2 2013 82.18 29.6 % 0.82 - 82.18 0.82
Q3 2013 71.80 29.4 % 0.72 - 71.80 0.72
Q4 2013 73.25 10.9 % 0.73 - 73.25 0.73
Q1 2014 87.42 6.3 % 0.87 - 87.42 0.87
Q2 2014 84.09 2.3 % 0.84 2.46 81.63 0.82
Q3 2014 78.88 9.9 % 0.79 23.24 55.64 0.56
Q4 2014 59.83 (18.3 %) 0.60 17.98 41.85 0.42
Q1 2015 84.27 (3.6 %) 0.84 - 84.27 0.84
Q2 2015 81.25 (3.4 %) 0.81 - 81.25 0.81
Q3 2015 62.65 (20.6 %) 0.63 11.48 51.17 0.51
Q4 2015 55.65 (7.0 %) 0.56 2.17 53.48 0.53
Q1 2016 47.68 (43.4 %) 0.48 - 47.68 0.48
Q2 2016 28.60 (64.8 %) 0.29 - 28.60 0.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 37.52 % 29.16 % 18.93 %
Q2 2007 37.38 % 29.16 % 19.38 %
Q3 2007 37.22 % 29.73 % 20.97 %
Q4 2007 36.65 % 28.69 % 20.73 %
Q1 2008 35.92 % 28.11 % 20.66 %
Q2 2008 36.66 % 29.18 % 21.63 %
Q3 2008 36.92 % 29.51 % 21.05 %
Q4 2008 37.40 % 30.27 % 20.76 %
Q1 2009 37.44 % 30.39 % 20.32 %
Q2 2009 36.50 % 29.18 % 19.79 %
Q3 2009 36.60 % 29.14 % 19.86 %
Q4 2009 36.81 % 29.49 % 20.59 %
Q1 2010 37.33 % 30.20 % 21.57 %
Q2 2010 37.19 % 30.61 % 21.37 %
Q3 2010 36.46 % 29.64 % 20.39 %
Q4 2010 36.46 % 29.91 % 20.43 %
Q1 2011 36.23 % 30.00 % 19.87 %
Q2 2011 36.51 % 30.41 % 19.78 %
Q3 2011 37.52 % 31.14 % 20.21 %
Q4 2011 36.01 % 29.85 % 19.00 %
Q1 2012 34.55 % 28.33 % 18.40 %
Q2 2012 33.57 % 26.94 % 17.58 %
Q3 2012 32.13 % 26.07 % 16.72 %
Q4 2012 32.77 % 26.73 % 17.11 %
Q1 2013 34.39 % 28.17 % 17.89 %
Q2 2013 35.00 % 28.91 % 18.41 %
Q3 2013 35.80 % 29.43 % 19.00 %
Q4 2013 36.18 % 29.46 % 19.33 %
Q1 2014 35.87 % 29.28 % 19.44 %
Q2 2014 35.70 % 28.79 % 19.31 %
Q3 2014 35.23 % 27.83 % 18.29 %
Q4 2014 34.78 % 27.19 % 16.44 %
Q1 2015 34.59 % 26.49 % 16.02 %
Q2 2015 35.09 % 26.86 % 15.93 %
Q3 2015 35.34 % 28.19 % 15.96 %
Q4 2015 35.10 % 27.32 % 16.30 %
Q1 2016 34.39 % 27.09 % 14.75 %
Q2 2016 33.02 % 25.77 % 12.17 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 100.00 0.98 0.98 5.72
Q2 2007 100.00 1.05 1.05 5.40
Q3 2007 100.00 1.21 1.21 5.82
Q4 2007 100.00 1.28 1.28 6.13
Q1 2008 100.00 1.40 1.40 5.88
Q2 2008 100.00 1.61 1.61 6.39
Q3 2008 100.00 1.69 1.69 6.88
Q4 2008 100.00 1.78 1.78 7.24
Q1 2009 100.00 1.81 1.81 7.02
Q2 2009 100.00 1.81 1.81 7.54
Q3 2009 100.00 1.84 1.84 8.08
Q4 2009 100.00 1.97 1.97 8.59
Q1 2010 100.00 2.14 2.14 8.41
Q2 2010 100.00 2.20 2.20 8.99
Q3 2010 100.00 2.14 2.14 9.45
Q4 2010 100.00 2.21 2.21 10.04
Q1 2011 100.00 2.22 2.22 9.75
Q2 2011 100.00 2.30 2.30 10.40
Q3 2011 100.00 2.38 2.38 10.94
Q4 2011 100.00 2.32 2.32 11.47
Q1 2012 100.00 2.35 2.35 12.10
Q2 2012 100.00 2.33 2.33 11.84
Q3 2012 100.00 2.34 2.34 12.40
Q4 2012 100.00 2.48 2.48 13.06
Q1 2013 100.00 2.67 2.67 13.88
Q2 2013 100.00 2.86 2.86 13.76
Q3 2013 100.00 3.02 3.02 14.48
Q4 2013 100.00 3.09 3.09 15.21
Q1 2014 100.00 3.15 3.15 16.08
Q2 2014 100.00 3.17 3.14 15.79
Q3 2014 100.00 3.24 2.98 16.58
Q4 2014 100.00 3.10 2.67 17.16
Q1 2015 100.00 3.07 2.63 17.99
Q2 2015 100.00 3.04 2.63 17.80
Q3 2015 100.00 2.88 2.59 18.42
Q4 2015 100.00 2.84 2.70 18.98
Q1 2016 100.00 2.47 2.34 19.46
Q2 2016 100.00 1.95 1.81 18.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 15.05 15.05 2.58
Q2 2007 19.41 19.41 3.77
Q3 2007 17.57 17.57 3.66
Q4 2007 21.33 21.33 4.44
Q1 2008 20.18 20.18 4.82
Q2 2008 18.98 18.98 4.77
Q3 2008 17.78 17.78 4.38
Q4 2008 15.01 15.01 3.69
Q1 2009 12.45 12.45 3.21
Q2 2009 18.49 18.49 4.44
Q3 2009 16.76 16.76 3.82
Q4 2009 14.27 14.27 3.28
Q1 2010 14.20 14.20 3.62
Q2 2010 13.55 13.55 3.32
Q3 2010 16.40 16.40 3.71
Q4 2010 16.76 16.76 3.68
Q1 2011 15.43 15.43 3.52
Q2 2011 15.42 15.42 3.40
Q3 2011 14.04 14.04 3.05
Q4 2011 16.10 16.10 3.26
Q1 2012 15.81 15.81 3.07
Q2 2012 14.99 14.99 2.95
Q3 2012 13.82 13.82 2.61
Q4 2012 11.20 11.20 2.12
Q1 2013 11.72 11.72 2.25
Q2 2013 14.60 14.60 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 16.89 17.02 3.39
Q3 2014 16.95 18.41 3.31
Q4 2014 12.82 14.92 2.32
Q1 2015 12.65 14.75 2.16
Q2 2015 13.05 15.09 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

Business Segments (Million)

Compared With The
Period Ceramic tile and sanitary ware sector Heaters sector
Q1 2007 102.53 32.59
Q2 2007 119.52 32.45
Q3 2007 131.56 34.12
Q4 2007 121.74 40.44
Q1 2008 155.61 44.10
Q2 2008 171.84 43.94
Q3 2008 176.99 49.11
Q4 2008 167.30 48.21
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

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (net income) Change‬ Q2 2016 (before unusual items) Change‬
Average 46.55 28.60 (38.6 %) 28.60 (38.6 %)

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (net income) Change Q2 2016 (before unusual items) Change‬
Riyad Capital 41.00 28.60 (30.2) % 28.60 (30.2) %
AlJazira Capital 52.10 28.60 (45.1) % 28.60 (45.1) %


Financial Ratios
Current
Market Cap (M Riyal) 2,930.00
Enterprise Value (EV) (M) 3,624.66
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) (0.66)
Book Value (BV) ( Riyal) 14.45
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.03
Return on Average Assets (%) (TTM) (2.41 )
Return on Average Equity (%) (TTM) (3.11 )
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Share Price

Saudi Ceramic Co.
29.30
0.90 3.17 %

Saudi Ceramic Co. (SAUDI CERAMICS)

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