SPPC posts lower net profit at SAR 51.9m at the end of 2013

31/12/2013 Argaam Exclusive

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Saudi Printing & Packaging Company, which is one of the largest printing and publishing companies in Saudi Arabia, reported SAR 51.9m net profit at the end of 2013, a 58% decrease compared to last year, as shown in the following table:

Financials (M)

Item	2012	2013	Change‬
Revenues	765.90	1,141.77	49.1 %
Gross Income	150.77	234.83	55.8 %
Operating Income	67.22	96.51	43.6 %
Net Income	124.56	51.90	(58.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	2.08	0.87	(58.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2012	Q4 2013	Change‬
Revenues	274.38	295.51	7.7 %
Gross Income	53.01	53.46	0.9 %
Operating Income	16.38	13.62	(16.8 %)
Net Income	86.02	0.64	(99.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.43	0.01	(99.3 %)

Item	Q3 2013	Q4 2013	Change‬
Revenues	293.68	295.51	0.6 %
Gross Income	60.32	53.46	(11.4 %)
Operating Income	25.82	13.62	(47.2 %)
Net Income	14.42	0.64	(95.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.24	0.01	(95.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2004	-	-	-	-	-	-	-
Q2 2004	-	-	-	-	-	-	-
Q3 2004	-	-	-	-	-	-	-
Q4 2004	-	-	-	-	-	-	-
2004	165.43	-	53.66	-	38.47	-	0.64
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	245.44	48.4 %	90.06	67.8 %	68.12	77.1 %	1.14
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	57.67	-	17.06	-	19.15	-	0.32
Q4 2006	66.64	-	20.56	-	25.52	-	0.43
2006	311.91	27.1 %	124.02	37.7 %	114.81	68.5 %	1.91
Q1 2007	80.93	-	31.17	-	34.69	-	0.58
Q2 2007	83.87	-	28.94	-	30.93	-	0.52
Q3 2007	74.64	29.4 %	22.89	34.2 %	22.71	18.6 %	0.38
Q4 2007	130.60	96.0 %	51.08	148.5 %	49.11	92.5 %	0.82
2007	370.04	18.6 %	134.08	8.1 %	137.44	19.7 %	2.29
Q1 2008	115.15	42.3 %	31.65	1.5 %	30.26	(12.8 %)	0.50
Q2 2008	115.27	37.4 %	36.90	27.5 %	36.10	16.7 %	0.60
Q3 2008	98.40	31.8 %	33.51	46.4 %	45.49	100.3 %	0.76
Q4 2008	136.10	4.2 %	36.69	(28.2 %)	38.68	(21.2 %)	0.64
2008	464.91	25.6 %	138.75	3.5 %	150.53	9.5 %	2.51
Q1 2009	100.38	(12.8 %)	25.16	(20.5 %)	15.70	(48.1 %)	0.26
Q2 2009	79.51	(31.0 %)	25.07	(32.1 %)	11.37	(68.5 %)	0.19
Q3 2009	84.01	(14.6 %)	29.08	(13.2 %)	17.61	(61.3 %)	0.29
Q4 2009	93.42	(31.4 %)	(11.27)	(130.7 %)	20.36	(47.4 %)	0.34
2009	357.32	(23.1 %)	68.03	(51.0 %)	65.04	(56.8 %)	1.08
Q1 2010	102.60	2.2 %	19.04	(24.3 %)	7.17	(54.3 %)	0.12
Q2 2010	112.17	41.1 %	24.72	(1.4 %)	16.83	48.0 %	0.28
Q3 2010	102.21	21.7 %	17.71	(39.1 %)	6.87	(61.0 %)	0.11
Q4 2010	85.42	(8.6 %)	13.49	219.7 %	4.33	(78.7 %)	0.07
2010	402.40	12.6 %	74.96	10.2 %	35.20	(45.9 %)	0.59
Q1 2011	98.16	(4.3 %)	18.90	(0.7 %)	7.63	6.4 %	0.13
Q2 2011	118.84	5.9 %	23.50	(4.9 %)	12.53	(25.5 %)	0.21
Q3 2011	92.80	(9.2 %)	17.46	(1.4 %)	6.20	(9.7 %)	0.10
Q4 2011	91.18	6.7 %	15.75	16.7 %	9.64	122.4 %	0.16
2011	400.98	(0.4 %)	75.61	0.9 %	36.00	2.3 %	0.60
Q1 2012	102.60	4.5 %	19.78	4.6 %	8.13	6.5 %	0.14
Q2 2012	111.50	(6.2 %)	21.50	(8.5 %)	10.38	(17.2 %)	0.17
Q3 2012	277.42	198.9 %	56.49	223.5 %	20.03	222.9 %	0.33
Q4 2012	274.38	200.9 %	53.01	236.6 %	86.02	792.6 %	1.43
2012	765.90	91.0 %	150.77	99.4 %	124.56	246.0 %	2.08
Q1 2013	272.94	166.0 %	57.72	191.8 %	13.71	68.6 %	0.23
Q2 2013	279.63	150.8 %	63.34	194.6 %	20.19	94.5 %	0.34
Q3 2013	293.68	5.9 %	60.32	6.8 %	14.42	(28.0 %)	0.24
Q4 2013	295.51	7.7 %	53.46	0.9 %	0.64	(99.3 %)	0.01
2013	1,141.77	49.1 %	234.83	55.8 %	51.90	(58.3 %)	0.87

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	165.43	-	53.66	-	38.47	-	0.64
2005	245.44	48.4 %	90.06	67.8 %	68.12	77.1 %	1.14
2006	311.91	27.1 %	124.02	37.7 %	114.81	68.5 %	1.91
2007	370.04	18.6 %	134.08	8.1 %	137.44	19.7 %	2.29
2008	464.91	25.6 %	138.75	3.5 %	150.53	9.5 %	2.51
2009	357.32	(23.1 %)	68.03	(51.0 %)	65.04	(56.8 %)	1.08
2010	402.40	12.6 %	74.96	10.2 %	35.20	(45.9 %)	0.59
2011	400.98	(0.4 %)	75.61	0.9 %	36.00	2.3 %	0.60
2012	765.90	91.0 %	150.77	99.4 %	124.56	246.0 %	2.08
2013	1,141.77	49.1 %	234.83	55.8 %	51.90	(58.3 %)	0.87

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	-	-	-
2004	32.44 %	31.75 %	23.25 %
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	36.69 %	33.66 %	27.75 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	39.76 %	36.55 %	36.81 %
Q1 2007	-	-	-
Q2 2007	33.80 %	32.01 %	31.49 %
Q3 2007	33.83 %	29.31 %	27.76 %
Q4 2007	36.23 %	31.30 %	26.74 %
2007	36.23 %	31.30 %	26.74 %
Q1 2008	33.28 %	28.23 %	23.38 %
Q2 2008	32.71 %	27.80 %	22.88 %
Q3 2008	33.33 %	28.35 %	26.66 %
Q4 2008	29.84 %	26.72 %	24.10 %
2008	29.84 %	26.72 %	24.10 %
Q1 2009	29.38 %	26.39 %	23.08 %
Q2 2009	29.06 %	26.12 %	21.65 %
Q3 2009	29.00 %	27.14 %	16.65 %
Q4 2009	19.04 %	14.25 %	0.45 %
2009	19.04 %	14.25 %	0.45 %
Q1 2010	17.22 %	12.76 %	(1.03 %)
Q2 2010	15.70 %	11.45 %	0.20 %
Q3 2010	12.23 %	8.32 %	(1.24 %)
Q4 2010	18.63 %	14.20 %	8.75 %
2010	18.63 %	14.20 %	8.75 %
Q1 2011	18.80 %	14.71 %	8.96 %
Q2 2011	18.19 %	15.05 %	7.75 %
Q3 2011	18.56 %	15.40 %	7.77 %
Q4 2011	18.86 %	16.66 %	8.98 %
2011	18.86 %	16.66 %	8.98 %
Q1 2012	18.87 %	16.72 %	9.00 %
Q2 2012	18.71 %	16.48 %	8.63 %
Q3 2012	19.48 %	16.02 %	8.27 %
Q4 2012	19.69 %	14.73 %	6.21 %
2012	19.69 %	14.73 %	6.21 %
Q1 2013	20.16 %	14.67 %	5.68 %
Q2 2013	20.88 %	14.87 %	5.70 %
Q3 2013	20.91 %	14.56 %	5.12 %
Q4 2013	20.57 %	14.15 %	4.29 %
2013	20.57 %	14.15 %	4.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	32.44 %	31.75 %	23.25 %
2005	36.69 %	33.66 %	27.75 %
2006	39.76 %	36.55 %	36.81 %
2007	36.23 %	31.30 %	26.74 %
2008	29.84 %	26.72 %	24.10 %
2009	19.04 %	14.25 %	0.45 %
2010	18.63 %	14.20 %	8.75 %
2011	18.86 %	16.66 %	8.98 %
2012	19.69 %	14.73 %	6.21 %
2013	20.57 %	14.15 %	4.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	-	-	-
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	29.57 %	33.74 %	33.21 %
Q4 2006	30.85 %	31.72 %	38.29 %
Q1 2007	38.51 %	33.97 %	30.97 %
Q2 2007	34.51 %	29.16 %	25.41 %
Q3 2007	30.66 %	22.26 %	17.54 %
Q4 2007	39.11 %	36.17 %	30.23 %
Q1 2008	27.48 %	22.40 %	17.93 %
Q2 2008	32.02 %	27.28 %	22.97 %
Q3 2008	34.05 %	26.17 %	36.45 %
Q4 2008	26.96 %	30.31 %	21.35 %
Q1 2009	25.06 %	20.25 %	12.44 %
Q2 2009	31.53 %	26.31 %	15.49 %
Q3 2009	34.61 %	31.00 %	15.16 %
Q4 2009	(12.06 %)	(17.54 %)	(38.48 %)
Q1 2010	18.56 %	14.91 %	6.99 %
Q2 2010	22.04 %	17.78 %	15.00 %
Q3 2010	17.32 %	14.95 %	6.72 %
Q4 2010	15.79 %	7.73 %	5.07 %
Q1 2011	19.25 %	17.02 %	7.78 %
Q2 2011	19.78 %	18.76 %	10.54 %
Q3 2011	18.82 %	16.44 %	6.69 %
Q4 2011	17.27 %	13.76 %	10.57 %
Q1 2012	19.28 %	17.25 %	7.93 %
Q2 2012	19.29 %	18.05 %	9.31 %
Q3 2012	20.36 %	15.49 %	7.22 %
Q4 2012	19.32 %	11.67 %	3.29 %
Q1 2013	21.15 %	15.48 %	5.02 %
Q2 2013	22.65 %	16.80 %	7.22 %
Q3 2013	20.54 %	14.28 %	4.91 %
Q4 2013	18.09 %	10.29 %	0.22 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2004	-	-	-	-
Q2 2004	-	-	-	-
Q3 2004	-	-	-	-
Q4 2004	-	-	-	-
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	60.00	-	-	10.06
Q4 2006	60.00	-	-	10.32
Q1 2007	60.00	-	-	10.78
Q2 2007	60.00	1.84	1.52	10.49
Q3 2007	60.00	1.90	1.42	10.87
Q4 2007	60.00	2.29	1.65	11.69
Q1 2008	60.00	2.22	1.58	11.19
Q2 2008	60.00	2.30	1.66	11.80
Q3 2008	60.00	2.68	2.04	12.55
Q4 2008	60.00	2.51	1.87	13.20
Q1 2009	60.00	2.27	1.73	11.96
Q2 2009	60.00	1.85	1.50	12.12
Q3 2009	60.00	1.39	1.11	12.41
Q4 2009	60.00	1.08	0.03	12.75
Q1 2010	60.00	0.94	(0.06)	12.87
Q2 2010	60.00	1.03	0.01	13.15
Q3 2010	60.00	0.85	(0.08)	13.27
Q4 2010	60.00	0.59	0.59	12.50
Q1 2011	60.00	0.59	0.59	13.53
Q2 2011	60.00	0.52	0.52	13.22
Q3 2011	60.00	0.51	0.51	13.32
Q4 2011	60.00	0.60	0.60	12.58
Q1 2012	60.00	0.61	0.61	12.19
Q2 2012	60.00	0.57	0.57	12.36
Q3 2012	60.00	0.80	0.80	12.69
Q4 2012	60.00	2.08	0.79	14.13
Q1 2013	60.00	2.17	0.89	13.82
Q2 2013	60.00	2.33	1.05	14.17
Q3 2013	60.00	2.24	0.96	14.41
Q4 2013	60.00	0.82	0.82	14.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	60.00	0.64	0.64	5.08
2005	60.00	1.14	1.14	5.48
2006	60.00	1.91	1.91	10.32
2007	60.00	2.29	1.65	11.69
2008	60.00	2.51	1.87	13.20
2009	60.00	1.08	0.03	12.75
2010	60.00	0.59	0.59	12.50
2011	60.00	0.60	0.60	12.58
2012	60.00	2.08	0.79	14.13
2013	60.00	0.87	0.82	14.44

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2004	-	-	-
Q2 2004	-	-	-
Q3 2004	-	-	-
Q4 2004	-	-	-
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	21.21	28.42	3.70
Q4 2007	18.01	25.01	3.53
Q1 2008	12.52	17.61	2.48
Q2 2008	12.05	16.70	2.35
Q3 2008	7.46	9.80	1.59
Q4 2008	5.58	7.50	1.06
Q1 2009	8.83	11.55	1.67
Q2 2009	9.17	11.37	1.40
Q3 2009	12.20	15.27	1.37
Q4 2009	15.22	More than 100	1.29
Q1 2010	16.77	NEG	1.23
Q2 2010	12.59	More than 100	0.99
Q3 2010	15.40	NEG	0.99
Q4 2010	21.90	21.90	1.03
Q1 2011	19.85	19.85	0.87
Q2 2011	26.21	26.21	1.04
Q3 2011	26.19	26.19	1.01
Q4 2011	32.50	32.50	1.55
Q1 2012	48.16	48.16	2.40
Q2 2012	46.46	46.46	2.15
Q3 2012	44.09	44.09	2.79
Q4 2012	17.82	46.68	2.62
Q1 2013	16.60	40.65	2.60
Q2 2013	16.34	36.32	2.69
Q3 2013	10.27	24.07	1.60
Q4 2013	29.23	29.23	1.65

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	18.01	25.01	3.53
2008	5.58	7.50	1.06
2009	15.22	More than 100	1.29
2010	21.90	21.90	1.03
2011	32.50	32.50	1.55
2012	17.82	46.68	2.62
2013	27.57	29.23	1.65

Business Segments (Million)

Compared With The

Period	packing and packaging	Printing	Other sectors & Investment activities
Q4 2006	-	66.64	12.67
Q1 2007	-	91.80	1.85
Q2 2007	-	94.79	939.96
Q3 2007	-	85.53	0.88
Q4 2007	-	140.23	1.30
Q1 2008	-	125.90	0.86
Q2 2008	-	123.76	3.49
Q3 2008	-	108.02	19.79
Q4 2008	-	145.65	-
Q1 2009	-	103.59	-
Q2 2009	-	82.89	-
Q3 2009	-	94.15	-
Q4 2009	-	161.09	-
Q1 2010	-	102.60	-
Q2 2010	-	112.17	-
Q3 2010	-	102.21	-
Q4 2010	-	85.42	-
Q1 2011	-	98.16	-
Q2 2011	-	118.84	-
Q3 2011	-	92.80	-
Q4 2011	-	(9.66)	-
Q1 2012	29.69	72.91	-
Q2 2012	30.51	80.99	-
Q3 2012	206.27	71.15	-
Q4 2012	216.41	57.98	-
Q1 2013	216.79	56.15	-
Q2 2013	222.49	57.14	-
Q3 2013	242.49	51.19	-
Q4 2013	242.09	53.41	-

Period	packing and packaging	Printing	Other sectors & Investment activities
2006	-	311.91	25.51
2007	-	412.35	4.98
2008	-	503.33	24.14
2009	-	441.72	-
2010	-	402.40	-
2011	100.84	300.14	-
2012	482.88	283.02	-
2013	923.87	217.90	-

Financial Ratios

	Current
Market Cap (M Riyal)	838.80
Enterprise Value (EV) (M)	1,594.94
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	(2.33)
Book Value (BV) ( Riyal)	7.98
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.75
Return on Average Assets (%) (TTM)	(8.87 )
Return on Average Equity (%) (TTM)	(25.35 )

Saudi Printing and Packaging Co. (SPPC)

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SPPC posts lower net profit at SAR 51.9m at the end of 2013

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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) 2013 Q4

Financial Ratios

Share Price

Saudi Printing and Packaging Co. (SPPC)

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SPPC posts lower net profit at SAR 51.9m at the end of 2013

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 2013

Revenue by Business Segment (Latest) 2013 Q4

Financial Ratios

Share Price

Saudi Printing and Packaging Co. (SPPC)

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Business Segments (Million)