SPIMACO’s H1 net profit rises 20%

06/08/2017 Argaam Exclusive

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Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) reported a net profit of SAR 153.4 million for the first half of 2017, a 19.9 percent year-on-year (YoY) increase, thanks to a 13.3 percent decline in sales and marketing expenses.

 

The company also recorded SAR 46.1 million gains from selling securities.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 661.75 697.74 5.4 %
Gross Income 377.84 368.71 (2.4 %)
Operating Income 80.72 99.43 23.2 %
Net Income 128.53 147.78 15.0 %
Average Shares 120.00 120.00 -
EPS (Riyals) 1.07 1.23 15.0 %

Net profit for the second quarter grew by 35.8 percent YoY to SAR 53.4 million, backed by lower selling, general and administrative expenses.

 

When compared to the previous quarter, the pharmaceutical producer’s net profit declined by 46.6 percent, due to a drop in gross profit and sales despite lower operating expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 339.54 304.63 (10.3 %)
Gross Income 183.58 156.13 (15.0 %)
Operating Income 27.50 49.40 79.6 %
Net Income 39.61 46.56 17.5 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.33 0.39 17.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 220.58 8.5 % 99.57 9.4 % 40.93 3.6 % 0.40
Q2 2008 211.66 1.1 % 74.78 12.5 % 34.24 51.7 % 0.34
Q3 2008 145.45 (2.6 %) 74.34 11.2 % 15.62 (41.1 %) 0.15
Q4 2008 294.26 24.8 % 114.28 11.7 % 37.48 12.6 % 0.37
Q1 2009 257.88 16.9 % 108.57 9.0 % 42.69 4.3 % 0.42
Q2 2009 229.00 8.2 % 81.53 9.0 % 37.81 10.4 % 0.37
Q3 2009 171.15 17.7 % 72.49 (2.5 %) 15.84 1.4 % 0.16
Q4 2009 292.71 (0.5 %) 157.00 37.4 % 58.48 56.0 % 0.58
Q1 2010 274.33 6.4 % 118.90 9.5 % 45.32 6.2 % 0.38
Q2 2010 252.34 10.2 % 100.50 23.3 % 43.09 14.0 % 0.36
Q3 2010 191.40 11.8 % 85.88 18.5 % 18.07 14.1 % 0.15
Q4 2010 319.57 9.2 % 181.12 15.4 % 70.04 19.8 % 0.58
Q1 2011 252.08 (8.1 %) 123.51 3.9 % 45.71 0.9 % 0.38
Q2 2011 292.08 15.7 % 123.61 23.0 % 60.75 41.0 % 0.51
Q3 2011 209.24 9.3 % 106.76 24.3 % 29.75 64.6 % 0.25
Q4 2011 375.82 17.6 % 206.69 14.1 % 74.06 5.7 % 0.62
Q1 2012 303.14 20.3 % 153.21 24.0 % 56.45 23.5 % 0.47
Q2 2012 286.64 (1.9 %) 140.91 14.0 % 90.14 48.4 % 0.75
Q3 2012 227.40 8.7 % 113.28 6.1 % 32.33 8.7 % 0.27
Q4 2012 365.97 (2.6 %) 211.16 2.2 % 53.73 (27.5 %) 0.45
Q1 2013 361.37 19.2 % 184.62 20.5 % 63.15 11.9 % 0.53
Q2 2013 344.22 20.1 % 179.12 27.1 % 113.71 26.1 % 0.95
Q3 2013 222.91 (2.0 %) 118.64 4.7 % 34.19 5.8 % 0.28
Q4 2013 382.01 4.4 % 226.14 7.1 % 57.01 6.1 % 0.48
Q1 2014 405.21 12.1 % 206.72 12.0 % 91.17 44.4 % 0.76
Q2 2014 371.14 7.8 % 193.14 7.8 % 97.72 (14.1 %) 0.81
Q3 2014 266.02 19.3 % 134.45 13.3 % 36.69 7.3 % 0.31
Q4 2014 431.06 12.8 % 261.80 15.8 % 91.29 60.1 % 0.76
Q1 2015 432.20 6.7 % 225.86 9.3 % 99.39 9.0 % 0.83
Q2 2015 435.80 17.4 % 210.95 9.2 % 237.63 143.2 % 1.98
Q3 2015 308.27 15.9 % 131.32 (2.3 %) 29.16 (20.5 %) 0.24
Q4 2015 520.38 20.7 % 266.38 1.7 % (9.12) (110.0 %) (0.08)
Q1 2016 322.20 (25.4 %) 194.26 (14.0 %) 88.91 (10.5 %) 0.74
Q2 2016 339.54 (22.1 %) 183.58 (13.0 %) 39.61 (83.3 %) 0.33
Q3 2016 257.21 (16.6 %) 140.54 7.0 % 4.76 (83.7 %) 0.04
Q4 2016 339.59 (34.7 %) 194.16 (27.1 %) 143.48 1673.8 % 1.20
Q1 2017 393.10 22.0 % 212.58 9.4 % 101.22 13.8 % 0.84
Q2 2017 304.63 (10.3 %) 156.13 (15.0 %) 46.56 17.5 % 0.39

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 41.13 % 15.70 % 15.13 %
Q2 2008 42.03 % 16.67 % 16.57 %
Q3 2008 43.15 % 16.47 % 15.83 %
Q4 2008 41.63 % 16.30 % 15.25 %
Q1 2009 40.91 % 16.13 % 14.83 %
Q2 2009 40.87 % 16.44 % 14.89 %
Q3 2009 39.57 % 15.73 % 14.07 %
Q4 2009 44.13 % 18.49 % 16.63 %
Q1 2010 44.45 % 18.88 % 16.94 %
Q2 2010 45.32 % 18.93 % 17.07 %
Q3 2010 45.73 % 18.73 % 16.95 %
Q4 2010 46.88 % 18.85 % 17.32 %
Q1 2011 48.36 % 18.99 % 17.42 %
Q2 2011 48.73 % 19.12 % 18.44 %
Q3 2011 49.86 % 19.99 % 19.22 %
Q4 2011 49.64 % 19.57 % 18.62 %
Q1 2012 50.01 % 19.86 % 18.73 %
Q2 2012 51.72 % 20.36 % 21.31 %
Q3 2012 51.47 % 20.54 % 21.21 %
Q4 2012 52.28 % 19.56 % 19.66 %
Q1 2013 52.36 % 19.26 % 19.28 %
Q2 2013 52.98 % 18.87 % 20.24 %
Q3 2013 53.58 % 18.66 % 20.45 %
Q4 2013 54.06 % 18.26 % 20.45 %
Q1 2014 53.95 % 17.92 % 21.86 %
Q2 2014 53.91 % 17.74 % 20.28 %
Q3 2014 53.39 % 16.79 % 19.84 %
Q4 2014 54.03 % 18.15 % 21.50 %
Q1 2015 54.34 % 18.90 % 21.67 %
Q2 2015 53.23 % 18.31 % 20.04 %
Q3 2015 51.63 % 17.40 % 19.05 %
Q4 2015 49.19 % 17.17 % 19.11 %
Q1 2016 50.60 % 15.90 % 18.80 %
Q2 2016 52.04 % 15.52 % 16.88 %
Q3 2016 54.52 % 15.09 % 15.79 %
Q4 2016 56.62 % 10.25 % 5.68 %
Q1 2017 54.97 % 9.67 % 3.99 %
Q2 2017 54.34 % 11.85 % 4.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 101.51 1.21 1.21 26.83
Q2 2008 101.51 1.33 1.33 27.74
Q3 2008 101.51 1.22 1.27 21.88
Q4 2008 101.51 1.26 1.31 13.76
Q1 2009 101.51 1.28 1.33 14.17
Q2 2009 101.51 1.32 1.36 17.62
Q3 2009 101.51 1.32 1.32 19.72
Q4 2009 101.51 1.53 1.56 21.46
Q1 2010 120.00 1.31 1.36 22.04
Q2 2010 120.00 1.36 1.41 19.98
Q3 2010 120.00 1.37 1.43 21.69
Q4 2010 120.00 1.47 1.50 24.48
Q1 2011 120.00 1.47 1.47 25.41
Q2 2011 120.00 1.62 1.62 27.29
Q3 2011 120.00 1.72 1.72 25.92
Q4 2011 120.00 1.75 1.75 26.50
Q1 2012 120.00 1.84 1.84 30.26
Q2 2012 120.00 2.09 2.09 25.75
Q3 2012 120.00 2.11 2.11 26.24
Q4 2012 120.00 1.94 1.94 25.28
Q1 2013 120.00 1.99 1.99 27.18
Q2 2013 120.00 2.19 2.19 26.14
Q3 2013 120.00 2.21 2.21 27.35
Q4 2013 120.00 2.23 2.23 32.18
Q1 2014 120.00 2.47 2.47 32.96
Q2 2014 120.00 2.33 2.33 33.21
Q3 2014 120.00 2.35 2.35 35.74
Q4 2014 120.00 2.64 2.64 28.75
Q1 2015 120.00 2.71 2.71 27.84
Q2 2015 120.00 3.87 2.61 28.72
Q3 2015 120.00 3.81 2.55 24.87
Q4 2015 120.00 2.98 2.70 22.17
Q1 2016 120.00 2.89 2.49 20.84
Q2 2016 120.00 1.24 2.10 20.49
Q3 2016 120.00 1.03 1.89 20.40
Q4 2016 120.00 2.31 0.60 22.59
Q1 2017 120.00 2.41 0.44 23.27
Q2 2017 120.00 2.47 0.50 21.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 27.68 27.68 1.25
Q2 2008 26.79 26.70 1.28
Q3 2008 20.49 19.74 1.14
Q4 2008 12.99 12.53 1.19
Q1 2009 14.92 14.39 1.35
Q2 2009 17.20 16.65 1.28
Q3 2009 18.29 18.26 1.22
Q4 2009 15.25 14.94 1.08
Q1 2010 16.69 16.04 0.99
Q2 2010 14.70 14.15 1.00
Q3 2010 14.64 14.10 0.93
Q4 2010 15.82 15.53 0.95
Q1 2011 17.65 17.65 1.02
Q2 2011 15.68 15.68 0.93
Q3 2011 14.41 14.41 0.96
Q4 2011 15.03 15.03 0.99
Q1 2012 17.92 17.92 1.09
Q2 2012 12.56 12.56 1.02
Q3 2012 13.70 13.70 1.10
Q4 2012 14.74 14.74 1.13
Q1 2013 13.60 13.60 1.00
Q2 2013 15.51 15.51 1.30
Q3 2013 15.70 15.70 1.27
Q4 2013 19.02 19.02 1.32
Q1 2014 19.07 19.07 1.43
Q2 2014 19.29 19.29 1.36
Q3 2014 21.41 21.41 1.41
Q4 2014 12.89 12.89 1.18
Q1 2015 14.78 14.78 1.44
Q2 2015 11.59 17.18 1.56
Q3 2015 9.46 14.14 1.45
Q4 2015 11.16 12.29 1.50
Q1 2016 11.15 12.96 1.55
Q2 2016 29.96 17.69 1.81
Q3 2016 30.18 16.49 1.53
Q4 2016 17.72 68.63 1.81
Q1 2017 15.03 81.82 1.56
Q2 2017 14.32 70.59 1.64

Business Segments (Million)

Compared With The
Period Medical & Pharmaceutical production segment Investment activity Eliminations
Q1 2008 220.58 - -
Q2 2008 211.66 - -
Q3 2008 145.45 - -
Q4 2008 294.25 - -
Q1 2009 257.88 - -
Q2 2009 229.00 - -
Q3 2009 171.15 - -
Q4 2009 292.71 - -
Q1 2010 274.33 - -
Q2 2010 252.34 - -
Q3 2010 191.41 - -
Q4 2010 319.57 - -
Q1 2011 252.08 - -
Q2 2011 292.08 - -
Q3 2011 209.24 - -
Q4 2011 375.82 - -
Q1 2012 303.14 - -
Q2 2012 286.65 - -
Q3 2012 227.40 - -
Q4 2012 365.97 - -
Q1 2013 361.37 - -
Q2 2013 344.22 - -
Q3 2013 222.91 - -
Q4 2013 382.01 - -
Q1 2014 405.21 - -
Q2 2014 374.14 - -
Q3 2014 266.02 - -
Q4 2014 427.82 - -
Q1 2015 432.29 14.84 -
Q2 2015 436.99 195.93 -
Q3 2015 308.38 9.55 -
Q4 2015 529.24 - -
Q1 2016 513.97 25.27 -
Q2 2016 494.92 9.41 -
Q3 2016 100.39 6.23 -
Q4 2016 401.35 247.84 -
Q1 2017 446.00 50.90 (51.45)
Q2 2017 350.01 1.39 (43.30)

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 53.00 46.56 (12.1 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
Hermes 51.00 46.56 (8.7) %
HSBC 55.00 46.56 (15.3) %

Current
Market Cap (M Riyal) 3,444.00
Enterprise Value (EV) (M) 4,525.48
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) (0.27)
Book Value (BV) ( Riyal) 12.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.23
Return on Average Assets (%) (TTM) (0.76 )
Return on Average Equity (%) (TTM) (2.09 )

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)


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