Saudi Printing’s Q1 net profit down 66% to SAR 3.9 mln

19/04/2016 Argaam Exclusive

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Saudi Printing and Packaging Co. (SPPC) reported a net profit of SAR 3.9 million for the first quarter of 2016, a 66 percent drop compared to the same quarter last year mainly attributed lower sales, lower selling prices and higher provisions.

When compared to the previous quarter’s net loss of SAR 29.7 million, Q1 net profit was attributed to lower cost of sales caused by the global decline in oil prices, lower general and administrative expenses, as well as collecting insurance compensation for a fire at an affiliate in Jeddah.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2015	Q1 2016	Change‬
Revenues	282.77	254.40	(10.0 %)
Gross Income	61.95	55.46	(10.5 %)
Operating Income	13.03	10.50	(19.4 %)
Net Income	11.61	3.82	(67.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.19	0.06	(67.1 %)

Item	Q4 2015	Q1 2016	Change‬
Revenues	275.30	254.40	(7.6 %)
Gross Income	46.35	55.46	19.6 %
Operating Income	(9.96)	10.50	205.4 %
Net Income	(29.74)	3.82	112.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.50)	0.06	112.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2014	285.53	4.6 %	59.64	3.3 %	9.46	(31.0 %)	0.16
Q2 2014	327.40	17.1 %	68.59	8.3 %	12.50	(38.1 %)	0.21
Q3 2014	316.65	7.8 %	57.85	(4.1 %)	12.07	(16.3 %)	0.20
Q4 2014	303.01	2.5 %	58.66	9.7 %	4.85	659.7 %	0.08
2014	1,232.33	7.9 %	244.45	4.1 %	45.38	(12.6 %)	0.76
Q1 2015	282.77	(1.0 %)	61.95	3.9 %	11.61	22.7 %	0.19
Q2 2015	291.81	(10.9 %)	68.07	(0.8 %)	28.21	125.7 %	0.47
Q3 2015	257.88	(18.6 %)	55.98	(3.2 %)	10.89	(9.8 %)	0.18
Q4 2015	275.30	(9.1 %)	46.35	(21.0 %)	(29.74)	(713.7 %)	(0.50)
2015	1,107.76	(10.1 %)	232.84	(4.7 %)	21.65	(52.3 %)	0.36
Q1 2016	254.40	(10.0 %)	55.46	(10.5 %)	3.82	(67.1 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2014	1,232.33	7.9 %	244.45	4.1 %	45.38	(12.6 %)	0.76
2015	1,107.76	(10.1 %)	232.84	(4.7 %)	21.65	(52.3 %)	0.36

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2014	20.51 %	13.73 %	3.84 %
Q2 2014	20.13 %	12.73 %	3.05 %
Q3 2014	19.55 %	11.82 %	2.80 %
Q4 2014	19.86 %	11.55 %	1.08 %
2014	19.84 %	11.53 %	1.62 %
Q1 2015	20.09 %	10.94 %	0.46 %
Q2 2015	20.64 %	11.57 %	0.56 %
Q3 2015	21.55 %	11.40 %	(0.97 %)
Q4 2015	20.98 %	10.00 %	(0.66 %)
2015	21.02 %	10.43 %	(0.63 %)
Q1 2016	20.93 %	10.03 %	(0.97 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	19.84 %	11.53 %	1.62 %
2015	21.02 %	10.43 %	(0.63 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2014	20.89 %	13.73 %	3.17 %
Q2 2014	20.95 %	12.67 %	3.82 %
Q3 2014	18.27 %	10.63 %	3.81 %
Q4 2014	19.36 %	9.22 %	(6.69 %)
Q1 2015	21.91 %	11.13 %	0.46 %
Q2 2015	23.33 %	15.44 %	4.64 %
Q3 2015	21.71 %	9.70 %	(2.16 %)
Q4 2015	16.84 %	3.35 %	(6.01 %)
Q1 2016	21.80 %	11.39 %	(0.74 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2014	60.00	0.75	0.74	14.59
Q2 2014	60.00	0.62	0.61	14.80
Q3 2014	60.00	0.58	0.57	15.00
Q4 2014	60.00	0.65	0.22	15.20
Q1 2015	60.00	0.68	0.09	15.39
Q2 2015	60.00	0.95	0.11	15.86
Q3 2015	60.00	0.93	(0.18)	16.04
Q4 2015	60.00	0.35	(0.12)	15.56
Q1 2016	60.00	0.22	(0.17)	15.49

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	60.00	0.76	0.33	15.20
2015	60.00	0.36	(0.12)	15.56

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2014	31.88	32.16	1.63
Q2 2014	41.25	41.71	1.72
Q3 2014	45.67	46.21	1.76
Q4 2014	28.86	84.04	1.23
Q1 2015	26.70	More than 100	1.19
Q2 2015	18.93	More than 100	1.13
Q3 2015	15.64	NEG	0.90
Q4 2015	75.25	NEG	1.69
Q1 2016	92.58	NEG	1.31

Period	P/E	Adjusted P/E	Price/book
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
2014	24.72	56.29	1.23
2015	72.86	NEG	1.69

Business Segments (Million)

Compared With The

Period	packing and packaging	Printing	Other sectors & Investment activities	elimination
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	-	-
Q1 2014	235.63	49.90	-	-
Q2 2014	269.22	58.18	-	-
Q3 2014	262.24	54.42	-	-
Q4 2014	244.76	57.97	-	-
Q1 2015	235.46	47.31	-	-
Q2 2015	236.52	55.29	-	-
Q3 2015	221.53	36.35	-	-
Q4 2015	204.76	70.54	-	-
Q1 2016	208.55	47.30	-	(1.45)

Period	packing and packaging	Printing	Other sectors & Investment activities	elimination
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	-	-
2014	1,011.85	220.47	-	-
2015	898.27	209.49	-	-

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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Saudi Printing’s Q1 net profit down 66% to SAR 3.9 mln

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Saudi Printing’s Q1 net profit down 66% to SAR 3.9 mln

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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) Q1 2016

Revenue by Business Segment (Latest) 2016 Q1

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Saudi Printing and Packaging Co. (SPPC)

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Business Segments (Million)