Arabian Pipes’ net loss slims by 26% in nine-months 2015

20/10/2015 Argaam Exclusive

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Arabian Pipes Co., a Saudi-listed manufacturer of welded steel pipes, reported a net loss of SAR 23.7 million during the first nine months of 2015, easing its losses by 26 percent year-on-year (YOY) due to lower costs at their Jubail factory and a decrease in raw material prices.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 294.04 296.20 0.7 %
Gross Income 23.42 32.58 39.1 %
Operating Income (11.89) (3.12) 73.7 %
Net Income (32.07) (23.66) 26.2 %
Average Shares 10.00 10.00 -
EPS (Riyals) (3.21) (2.37) 26.2 %

 

The company reported a net loss of SAR 8.9 million during Q3-2015, cutting its losses by 20 percent compared to the same quarter of last year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 97.04 70.08 (27.8 %)
Gross Income 8.82 8.17 (7.4 %)
Operating Income (4.51) (1.35) 70.1 %
Net Income (11.48) (8.93) 22.2 %
Average Shares 10.00 10.00 -
EPS (Riyals) (1.15) (0.89) 22.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 186.45 118.0 % 41.82 90.6 % 28.99 91.7 % 2.90
Q2 2006 150.39 79.1 % 19.20 (0.5 %) 15.06 (5.4 %) 1.51
Q3 2006 82.67 (21.2 %) 17.22 (39.0 %) 6.89 (68.4 %) 0.69
Q4 2006 174.30 (13.6 %) 32.79 (4.4 %) 24.46 (1.9 %) 2.45
Q1 2007 122.02 (34.6 %) 31.37 (25.0 %) 23.70 (18.2 %) 2.37
Q2 2007 190.21 26.5 % 57.98 202.0 % 41.44 175.2 % 4.14
Q3 2007 156.09 88.8 % 42.11 144.5 % 26.74 288.3 % 2.67
Q4 2007 175.25 0.5 % 51.37 56.7 % 33.70 37.8 % 3.37
Q1 2008 179.59 47.2 % 54.88 75.0 % 37.93 60.0 % 3.79
Q2 2008 227.78 19.8 % 51.24 (11.6 %) 42.14 1.7 % 4.21
Q3 2008 184.37 18.1 % 51.90 23.3 % 27.35 2.3 % 2.74
Q4 2008 225.10 28.4 % 63.01 22.7 % 9.85 (70.8 %) 0.98
Q1 2009 131.90 (26.6 %) 31.25 (43.1 %) 5.62 (85.2 %) 0.56
Q2 2009 87.56 (61.6 %) 22.13 (56.8 %) 10.63 (74.8 %) 1.06
Q3 2009 102.93 (44.2 %) 32.37 (37.6 %) 8.19 (70.1 %) 0.82
Q4 2009 121.71 (45.9 %) 31.10 (50.6 %) 0.62 (93.7 %) 0.06
Q1 2010 56.18 (57.4 %) 12.72 (59.3 %) 1.16 (79.4 %) 0.12
Q2 2010 95.56 9.1 % 10.23 (53.8 %) 8.32 (21.7 %) 0.83
Q3 2010 53.58 (47.9 %) 2.62 (91.9 %) (4.77) (158.2 %) (0.48)
Q4 2010 50.46 (58.5 %) 3.66 (88.2 %) (8.22) (1419.3 %) (0.82)
Q1 2011 59.28 5.5 % 3.00 (76.4 %) (0.96) (182.7 %) (0.10)
Q2 2011 49.01 (48.7 %) 6.17 (39.7 %) 1.32 (84.2 %) 0.13
Q3 2011 87.11 62.6 % 16.42 527.2 % 0.61 112.9 % 0.06
Q4 2011 79.28 57.1 % 8.42 129.8 % (7.67) 6.7 % (0.77)
Q1 2012 166.39 180.7 % 16.44 448.9 % 2.39 349.9 % 0.24
Q2 2012 161.94 230.4 % 14.96 142.6 % 3.25 147.1 % 0.32
Q3 2012 172.68 98.2 % 14.13 (13.9 %) (7.01) (1241.0 %) (0.70)
Q4 2012 178.91 125.7 % 4.05 (51.9 %) (24.01) (213.2 %) (2.40)
Q1 2013 99.72 (40.1 %) 8.59 (47.8 %) (17.93) (849.0 %) (1.79)
Q2 2013 110.16 (32.0 %) 11.85 (20.8 %) (5.33) (263.9 %) (0.53)
Q3 2013 86.61 (49.8 %) 14.73 4.2 % (4.95) 29.4 % (0.49)
Q4 2013 86.75 (51.5 %) 18.07 346.1 % 37.87 257.7 % 3.79
Q1 2014 85.65 (14.1 %) 10.29 19.8 % (6.82) 62.0 % (0.68)
Q2 2014 111.35 1.1 % 4.32 (63.6 %) (14.05) (163.8 %) (1.41)
Q3 2014 97.04 12.0 % 8.82 (40.1 %) (11.48) (131.9 %) (1.15)
Q4 2014 91.22 5.2 % (0.45) (102.5 %) (20.27) (153.5 %) (2.03)
Q1 2015 161.06 88.0 % 16.03 55.8 % (6.33) 7.2 % (0.63)
Q2 2015 65.06 (41.6 %) 8.39 94.3 % (8.40) 40.2 % (0.84)
Q3 2015 70.08 (27.8 %) 8.17 (7.4 %) (8.93) 22.2 % (0.89)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 21.43 % 18.69 % 15.88 %
Q2 2006 19.20 % 16.27 % 14.10 %
Q3 2006 18.12 % 14.64 % 12.21 %
Q4 2006 18.70 % 15.11 % 12.70 %
Q1 2007 19.00 % 15.30 % 13.24 %
Q2 2007 24.49 % 21.31 % 16.95 %
Q3 2007 25.56 % 22.81 % 18.10 %
Q4 2007 28.41 % 24.58 % 19.51 %
Q1 2008 29.43 % 25.25 % 19.94 %
Q2 2008 27.02 % 22.48 % 19.02 %
Q3 2008 27.30 % 21.35 % 18.40 %
Q4 2008 27.06 % 19.55 % 16.00 %
Q1 2009 25.67 % 17.92 % 12.79 %
Q2 2009 26.76 % 18.19 % 10.63 %
Q3 2009 27.17 % 19.44 % 8.72 %
Q4 2009 26.31 % 19.10 % 5.64 %
Q1 2010 26.69 % 19.22 % 5.59 %
Q2 2010 22.96 % 17.56 % 4.86 %
Q3 2010 17.33 % 14.80 % 1.63 %
Q4 2010 11.43 % 14.47 % (1.37 %)
Q1 2011 7.54 % 13.92 % (2.17 %)
Q2 2011 7.27 % 15.48 % (5.95 %)
Q3 2011 11.89 % 17.51 % (2.95 %)
Q4 2011 12.38 % 19.32 % (2.44 %)
Q1 2012 12.43 % 16.12 % (0.88 %)
Q2 2012 11.37 % 13.27 % (0.28 %)
Q3 2012 9.30 % 9.73 % (1.56 %)
Q4 2012 7.29 % 6.21 % (3.73 %)
Q1 2013 6.80 % 4.15 % (7.45 %)
Q2 2013 6.88 % 2.70 % (9.67 %)
Q3 2013 8.25 % 2.77 % (10.98 %)
Q4 2013 13.89 % 4.19 % 2.52 %
Q1 2014 14.88 % 5.66 % 5.63 %
Q2 2014 12.80 % 3.82 % 3.25 %
Q3 2014 10.90 % 1.66 % 1.45 %
Q4 2014 5.96 % (1.17 %) (13.66 %)
Q1 2015 6.23 % (0.71 %) (11.32 %)
Q2 2015 7.91 % 0.57 % (11.22 %)
Q3 2015 8.29 % 1.48 % (11.34 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 10.00 9.16 9.16 46.98
Q2 2006 10.00 9.08 9.08 48.48
Q3 2006 10.00 7.59 7.59 49.17
Q4 2006 10.00 7.54 7.54 51.62
Q1 2007 10.00 7.01 7.01 54.05
Q2 2007 10.00 9.65 9.65 58.13
Q3 2007 10.00 11.63 11.63 60.81
Q4 2007 10.00 12.56 12.56 64.18
Q1 2008 10.00 13.98 13.98 67.97
Q2 2008 10.00 14.05 14.05 67.46
Q3 2008 10.00 14.11 14.11 70.19
Q4 2008 10.00 11.73 13.07 71.18
Q1 2009 10.00 8.50 9.84 71.74
Q2 2009 10.00 5.34 6.69 72.80
Q3 2009 10.00 3.43 4.77 73.62
Q4 2009 10.00 2.51 2.51 73.68
Q1 2010 10.00 2.06 2.06 73.80
Q2 2010 10.00 1.83 1.83 74.63
Q3 2010 10.00 0.53 0.53 74.15
Q4 2010 10.00 (0.35) (0.35) 73.33
Q1 2011 10.00 (0.56) (0.56) 73.24
Q2 2011 10.00 (1.26) (1.26) 73.37
Q3 2011 10.00 (0.72) (0.72) 73.43
Q4 2011 10.00 (0.67) (0.67) 72.66
Q1 2012 10.00 (0.33) (0.33) 72.90
Q2 2012 10.00 (0.14) (0.14) 73.23
Q3 2012 10.00 (0.90) (0.90) 72.53
Q4 2012 10.00 (2.54) (2.54) 70.12
Q1 2013 10.00 (4.57) (4.57) 68.33
Q2 2013 10.00 (5.43) (5.43) 67.80
Q3 2013 10.00 (5.22) (5.22) 67.30
Q4 2013 10.00 0.97 0.97 71.09
Q1 2014 10.00 2.08 2.08 70.41
Q2 2014 10.00 1.21 1.21 69.00
Q3 2014 10.00 0.55 0.55 67.88
Q4 2014 10.00 (5.26) (5.26) 65.86
Q1 2015 10.00 (5.21) (5.21) 65.22
Q2 2015 10.00 (4.65) (4.65) 64.38
Q3 2015 10.00 (4.39) (4.39) 63.49

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 35.66 35.66 6.96
Q2 2006 52.02 52.02 9.74
Q3 2006 50.42 50.42 7.78
Q4 2006 23.70 23.70 3.46
Q1 2007 20.88 20.88 2.71
Q2 2007 17.21 17.21 2.86
Q3 2007 18.20 18.20 3.48
Q4 2007 20.05 20.05 3.92
Q1 2008 19.82 19.82 4.08
Q2 2008 27.95 27.95 5.82
Q3 2008 21.25 21.25 4.27
Q4 2008 11.97 10.74 1.97
Q1 2009 10.34 8.93 1.22
Q2 2009 20.97 16.76 1.54
Q3 2009 30.95 22.24 1.44
Q4 2009 38.07 38.07 1.29
Q1 2010 54.42 54.42 1.52
Q2 2010 49.41 49.41 1.21
Q3 2010 More than 100 More than 100 1.21
Q4 2010 NEG NEG 1.17
Q1 2011 NEG NEG 1.30
Q2 2011 NEG NEG 1.44
Q3 2011 NEG NEG 1.14
Q4 2011 NEG NEG 1.62
Q1 2012 NEG NEG 1.49
Q2 2012 NEG NEG 1.08
Q3 2012 NEG NEG 1.40
Q4 2012 NEG NEG 1.60
Q1 2013 NEG NEG 1.51
Q2 2013 NEG NEG 1.22
Q3 2013 NEG NEG 1.24
Q4 2013 More than 100 More than 100 1.36
Q1 2014 47.72 47.72 1.41
Q2 2014 86.92 86.92 1.52
Q3 2014 More than 100 More than 100 1.94
Q4 2014 NEG NEG 1.17
Q1 2015 NEG NEG 1.21
Q2 2015 NEG NEG 1.29
Q3 2015 NEG NEG 0.88


Financial Ratios
Current
Market Cap (M Riyal) 1,750.00
Enterprise Value (EV) (M) 2,117.29
Shares Outstanding ((M)) 10.00
EPS ( Riyal) (TTM) 17.36
Book Value (BV) ( Riyal) 28.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.08
P/E (TTM) 10.08
Price/book 6.08
Return on Average Assets (%) (TTM) 20.7
Return on Average Equity (%) (TTM) 86.6
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Share Price

Arabian Pipes Co.
175.00
(3.60) (2.02 %)

Arabian Pipes Co. (APC)

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