Arabian Pipes turns to net loss in 9M

08/11/2018 Argaam Exclusive

View other reports

Arabian Pipes Co. reported a net loss of SAR 33.6 million for the first nine months of 2018, from a net profit of SAR 7.3 million in the same period last year due to higher cost of sales. This was driven by an increase in cost raw materials in addition to higher general, selling and administrative expenses despite higher sales.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 371.10 473.87 27.7 %
Gross Income 45.25 11.95 (73.6 %)
Operating Income 26.85 (10.40) (138.7 %)
Net Income 7.26 (33.65) (563.7 %)
Average Shares 10.00 10.00 -
EPS (Riyals) 0.73 (3.37) (563.7 %)

The company reported a net loss of SAR 16.8 million for Q3 2018, compared to a profit of SAR 6.6 million in the same quarter last year on higher raw materials cost and the delay in delivering some projects which affect the cost and productivity of Al Jubail plant.

 

When compared to previous quarter, net losses widened due to higher cost of sales.

 

Arabian Pipes’ accumulated losses rose to SAR 2.81 million as of September 30, 2018, representing 0.71 percent of its SAR 400 million capital.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 137.86 186.21 35.1 %
Gross Income 21.35 2.32 (89.1 %)
Operating Income 14.84 (5.05) (134.0 %)
Net Income 6.64 (16.85) (353.9 %)
Average Shares 10.00 10.00 -
EPS (Riyals) 0.66 (1.68) (353.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q4 2015 76.77 (15.8 %) 4.61 1120.4 % (22.80) (12.5 %) (2.28)
Q1 2016 61.54 (61.8 %) 7.53 (53.0 %) (10.95) (73.0 %) (1.09)
Q2 2016 105.45 62.1 % 21.48 156.1 % 11.17 233.0 % 1.12
Q3 2016 97.26 38.8 % 16.42 101.0 % 4.44 149.8 % 0.44
Q4 2016 100.69 31.2 % 16.69 261.9 % (0.36) 98.4 % (0.04)
Q1 2017 112.62 83.0 % 7.97 5.8 % (2.50) 77.1 % (0.25)
Q2 2017 120.62 14.4 % 15.93 (25.8 %) 3.12 (72.0 %) 0.31
Q3 2017 137.86 41.7 % 21.35 30.0 % 6.64 49.3 % 0.66
Q4 2017 188.51 87.2 % 7.15 (57.2 %) (1.96) (449.0 %) (0.20)
Q1 2018 121.95 8.3 % 2.81 (64.7 %) (8.85) (253.4 %) (0.88)
Q2 2018 165.72 37.4 % 6.82 (57.2 %) (7.96) (354.7 %) (0.80)
Q3 2018 186.21 35.1 % 2.32 (89.1 %) (16.85) (353.9 %) (1.68)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2015 9.97 % 0.58 % (12.46 %)
Q1 2016 10.49 % (1.51 %) (18.68 %)
Q2 2016 13.32 % 2.94 % (10.04 %)
Q3 2016 14.68 % 6.25 % (5.32 %)
Q4 2016 17.02 % 14.33 % 1.18 %
Q1 2017 15.04 % 14.57 % 3.07 %
Q2 2017 13.22 % 13.68 % 1.09 %
Q3 2017 13.13 % 13.37 % 1.46 %
Q4 2017 9.36 % 9.13 % 0.95 %
Q1 2018 8.30 % 7.71 % (0.18 %)
Q2 2018 6.21 % 5.61 % (1.98 %)
Q3 2018 2.88 % 2.27 % (4.92 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 10.00 (4.65) (4.65) 61.21
Q1 2016 10.00 (5.11) (5.11) 60.12
Q2 2016 10.00 (3.15) (3.15) 61.23
Q3 2016 10.00 (1.81) (1.81) 61.68
Q4 2016 10.00 0.43 0.43 61.64
Q1 2017 10.00 1.28 1.28 61.39
Q2 2017 10.00 0.47 0.47 61.70
Q3 2017 10.00 0.69 0.69 62.37
Q4 2017 10.00 0.53 0.53 62.17
Q1 2018 10.00 (0.10) (0.10) 61.29
Q2 2018 10.00 (1.21) (1.21) 60.49
Q3 2018 10.00 (3.56) (3.26) 58.81

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 NEG NEG 0.88
Q1 2016 NEG NEG 0.66
Q2 2016 NEG NEG 0.88
Q3 2016 NEG NEG 0.84
Q4 2016 More than 100 More than 100 1.15
Q1 2017 52.83 52.83 1.10
Q2 2017 More than 100 More than 100 0.86
Q3 2017 76.08 76.08 0.84
Q4 2017 92.16 92.16 0.79
Q1 2018 NEG NEG 0.84
Q2 2018 NEG NEG 0.82
Q3 2018 NEG NEG 0.69

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

Share Price

175.00
(3.60) (2.02 %)

Arabian Pipes Co. (APC)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.