Saudi Ceramic’s H1 net profit plunges 54%

21/07/2016 Argaam Exclusive

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Share Price

Saudi Ceramic Co. (SAUDI CERAMICS)

Saudi Ceramic Co. reported a net profit of SAR 76.4 million in the first half of 2016, a year-on-year (YoY) drop of 53.9 percent attributed to lower sales due to lower market demand and lower product selling prices along with higher financing charges and Zakat expenses.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	891.37	720.65	(19.2 %)
Gross Income	321.07	230.12	(28.3 %)
Operating Income	167.89	92.36	(45.0 %)
Net Income	165.52	76.28	(53.9 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	2.07	0.95	(53.9 %)

The second-quarter net profit fell 65 percent to SAR 28.3 million compared with SAR 81 million in the year-ago period due to drop in sales and lower selling prices, increase in financing costs and Zakat expense.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	444.31	347.85	(21.7 %)
Gross Income	162.61	109.01	(33.0 %)
Operating Income	86.00	37.27	(56.7 %)
Net Income	81.25	28.60	(64.8 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.02	0.36	(64.8 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	372.80	347.85	(6.7 %)
Gross Income	121.11	109.01	(10.0 %)
Operating Income	55.09	37.27	(32.4 %)
Net Income	47.68	28.60	(40.0 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	0.60	0.36	(40.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	135.12	14.2 %	51.12	19.6 %	25.45	22.3 %	0.32
Q2 2007	151.97	19.0 %	57.38	17.1 %	31.33	29.1 %	0.39
Q3 2007	165.69	29.0 %	62.11	26.3 %	41.46	65.3 %	0.52
Q4 2007	162.18	28.9 %	54.79	22.5 %	29.26	26.8 %	0.37
2007	614.96	22.9 %	225.40	21.4 %	127.50	36.7 %	1.59
Q1 2008	199.71	47.8 %	69.83	36.6 %	38.36	50.7 %	0.48
Q2 2008	215.78	42.0 %	85.78	49.5 %	51.73	65.1 %	0.65
Q3 2008	226.11	36.5 %	86.36	39.0 %	49.82	20.2 %	0.62
Q4 2008	215.51	32.9 %	78.59	43.4 %	37.98	29.8 %	0.47
2008	857.11	39.4 %	320.56	42.2 %	177.90	39.5 %	2.22
Q1 2009	231.64	16.0 %	82.09	17.6 %	41.11	7.2 %	0.51
Q2 2009	241.57	12.0 %	86.87	1.3 %	52.14	0.8 %	0.65
Q3 2009	237.62	5.1 %	91.51	6.0 %	52.78	5.9 %	0.66
Q4 2009	246.90	14.6 %	92.03	17.1 %	51.17	34.7 %	0.64
2009	957.73	11.7 %	352.50	10.0 %	197.20	10.8 %	2.47
Q1 2010	268.19	15.8 %	100.71	22.7 %	58.38	42.0 %	0.73
Q2 2010	277.92	15.0 %	99.01	14.0 %	57.87	11.0 %	0.72
Q3 2010	254.76	7.2 %	90.23	(1.4 %)	46.21	(12.4 %)	0.58
Q4 2010	278.96	13.0 %	103.73	12.7 %	58.13	13.6 %	0.73
2010	1,079.83	12.7 %	393.68	11.7 %	220.59	11.9 %	2.76
Q1 2011	306.36	14.2 %	112.11	11.3 %	59.93	2.7 %	0.75
Q2 2011	320.67	15.4 %	117.77	18.9 %	65.38	13.0 %	0.82
Q3 2011	269.71	5.9 %	107.50	19.1 %	54.15	17.2 %	0.68
Q4 2011	324.61	16.4 %	102.39	(1.3 %)	52.55	(9.6 %)	0.66
2011	1,221.35	13.1 %	439.77	11.7 %	232.01	5.2 %	2.90
Q1 2012	360.16	17.6 %	112.93	0.7 %	62.60	4.5 %	0.78
Q2 2012	369.22	15.1 %	121.61	3.3 %	63.43	(3.0 %)	0.79
Q3 2012	346.18	28.4 %	112.91	5.0 %	55.51	2.5 %	0.69
Q4 2012	371.80	14.5 %	126.83	23.9 %	66.04	25.7 %	0.83
2012	1,447.36	18.5 %	474.28	7.8 %	247.58	6.7 %	3.09
Q1 2013	406.29	12.8 %	152.19	34.8 %	82.21	31.3 %	1.03
Q2 2013	428.89	16.2 %	151.71	24.7 %	82.18	29.6 %	1.03
Q3 2013	383.50	10.8 %	138.68	22.8 %	71.80	29.4 %	0.90
Q4 2013	381.87	2.7 %	136.48	7.6 %	73.25	10.9 %	0.92
2013	1,600.55	10.6 %	579.06	22.1 %	309.44	25.0 %	3.87
Q1 2014	424.02	4.4 %	153.61	0.9 %	87.42	6.3 %	1.09
Q2 2014	437.62	2.0 %	152.06	0.2 %	84.09	2.3 %	1.05
Q3 2014	385.64	0.6 %	131.82	(4.9 %)	78.88	9.9 %	0.99
Q4 2014	374.07	(2.0 %)	126.49	(7.3 %)	59.83	(18.3 %)	0.75
2014	1,621.35	1.3 %	563.96	(2.6 %)	310.22	0.3 %	3.88
Q1 2015	447.05	5.4 %	158.46	3.2 %	84.27	(3.6 %)	1.05
Q2 2015	444.31	1.5 %	162.61	6.9 %	81.25	(3.4 %)	1.02
Q3 2015	354.58	(8.1 %)	124.96	(5.2 %)	62.65	(20.6 %)	0.78
Q4 2015	412.03	10.1 %	135.95	7.5 %	55.65	(7.0 %)	0.70
2015	1,657.98	2.3 %	581.98	3.2 %	283.82	(8.5 %)	3.55
Q1 2016	372.80	(16.6 %)	121.11	(23.6 %)	47.68	(43.4 %)	0.60
Q2 2016	347.85	(21.7 %)	109.01	(33.0 %)	28.60	(64.8 %)	0.36

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	500.38	17.6 %	185.67	12.7 %	93.24	11.5 %	1.17
2007	614.96	22.9 %	225.40	21.4 %	127.50	36.7 %	1.59
2008	857.11	39.4 %	320.56	42.2 %	177.90	39.5 %	2.22
2009	957.73	11.7 %	352.50	10.0 %	197.20	10.8 %	2.47
2010	1,079.83	12.7 %	393.68	11.7 %	220.59	11.9 %	2.76
2011	1,221.35	13.1 %	439.77	11.7 %	232.01	5.2 %	2.90
2012	1,447.36	18.5 %	474.28	7.8 %	247.58	6.7 %	3.09
2013	1,600.55	10.6 %	579.06	22.1 %	309.44	25.0 %	3.87
2014	1,621.35	1.3 %	563.96	(2.6 %)	310.22	0.3 %	3.88
2015	1,657.98	2.3 %	581.98	3.2 %	283.82	(8.5 %)	3.55

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	37.52 %	29.16 %	18.93 %
Q2 2007	37.38 %	29.16 %	19.38 %
Q3 2007	37.22 %	29.73 %	20.97 %
Q4 2007	36.65 %	28.69 %	20.73 %
2007	36.65 %	28.69 %	20.73 %
Q1 2008	35.92 %	28.11 %	20.66 %
Q2 2008	36.66 %	29.18 %	21.63 %
Q3 2008	36.92 %	29.51 %	21.05 %
Q4 2008	37.40 %	30.27 %	20.76 %
2008	37.40 %	30.27 %	20.76 %
Q1 2009	37.44 %	30.39 %	20.32 %
Q2 2009	36.50 %	29.18 %	19.79 %
Q3 2009	36.60 %	29.14 %	19.86 %
Q4 2009	36.81 %	29.49 %	20.59 %
2009	36.81 %	29.49 %	20.59 %
Q1 2010	37.33 %	30.20 %	21.57 %
Q2 2010	37.19 %	30.61 %	21.37 %
Q3 2010	36.46 %	29.64 %	20.39 %
Q4 2010	36.46 %	29.91 %	20.43 %
2010	36.46 %	29.91 %	20.43 %
Q1 2011	36.23 %	30.00 %	19.87 %
Q2 2011	36.51 %	30.41 %	19.78 %
Q3 2011	37.52 %	31.14 %	20.21 %
Q4 2011	36.01 %	29.85 %	19.00 %
2011	36.01 %	29.85 %	19.00 %
Q1 2012	34.55 %	28.33 %	18.40 %
Q2 2012	33.57 %	26.94 %	17.58 %
Q3 2012	32.13 %	26.07 %	16.72 %
Q4 2012	32.77 %	26.73 %	17.11 %
2012	32.77 %	26.73 %	17.11 %
Q1 2013	34.39 %	28.17 %	17.89 %
Q2 2013	35.00 %	28.91 %	18.41 %
Q3 2013	35.80 %	29.43 %	19.00 %
Q4 2013	36.18 %	29.46 %	19.33 %
2013	36.18 %	29.46 %	19.33 %
Q1 2014	35.87 %	29.28 %	19.44 %
Q2 2014	35.70 %	28.79 %	19.31 %
Q3 2014	35.23 %	27.83 %	18.29 %
Q4 2014	34.78 %	27.19 %	16.44 %
2014	34.78 %	27.19 %	16.44 %
Q1 2015	34.59 %	26.49 %	16.02 %
Q2 2015	35.09 %	26.86 %	15.93 %
Q3 2015	35.34 %	28.19 %	15.96 %
Q4 2015	35.10 %	27.32 %	16.30 %
2015	35.10 %	27.32 %	16.30 %
Q1 2016	34.39 %	27.09 %	14.75 %
Q2 2016	33.02 %	25.77 %	12.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	37.11 %	29.16 %	18.63 %
2007	36.65 %	28.69 %	20.73 %
2008	37.40 %	30.27 %	20.76 %
2009	36.81 %	29.49 %	20.59 %
2010	36.46 %	29.91 %	20.43 %
2011	36.01 %	29.85 %	19.00 %
2012	32.77 %	26.73 %	17.11 %
2013	36.18 %	29.46 %	19.33 %
2014	34.78 %	27.19 %	16.44 %
2015	35.10 %	27.32 %	16.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	37.83 %	28.93 %	18.84 %
Q2 2007	37.76 %	29.87 %	20.62 %
Q3 2007	37.49 %	31.60 %	25.02 %
Q4 2007	33.78 %	24.41 %	18.04 %
Q1 2008	34.97 %	26.90 %	19.21 %
Q2 2008	39.75 %	33.02 %	23.98 %
Q3 2008	38.19 %	32.13 %	22.03 %
Q4 2008	36.47 %	28.67 %	17.62 %
Q1 2009	35.44 %	27.84 %	17.75 %
Q2 2009	35.96 %	28.17 %	21.58 %
Q3 2009	38.51 %	31.80 %	22.21 %
Q4 2009	37.27 %	30.11 %	20.73 %
Q1 2010	37.55 %	30.71 %	21.77 %
Q2 2010	35.63 %	29.95 %	20.82 %
Q3 2010	35.42 %	27.74 %	18.14 %
Q4 2010	37.18 %	31.07 %	20.84 %
Q1 2011	36.59 %	30.96 %	19.56 %
Q2 2011	36.73 %	31.43 %	20.39 %
Q3 2011	39.86 %	31.09 %	20.08 %
Q4 2011	31.54 %	26.21 %	16.19 %
Q1 2012	31.36 %	25.41 %	17.38 %
Q2 2012	32.94 %	26.03 %	17.18 %
Q3 2012	32.62 %	26.68 %	16.03 %
Q4 2012	34.11 %	28.76 %	17.76 %
Q1 2013	37.46 %	30.85 %	20.23 %
Q2 2013	35.37 %	29.02 %	19.16 %
Q3 2013	36.16 %	29.04 %	18.72 %
Q4 2013	35.74 %	28.89 %	19.18 %
Q1 2014	36.23 %	30.11 %	20.62 %
Q2 2014	34.75 %	27.22 %	18.65 %
Q3 2014	34.18 %	24.96 %	14.43 %
Q4 2014	33.81 %	26.15 %	11.19 %
Q1 2015	35.44 %	27.38 %	18.85 %
Q2 2015	36.60 %	28.60 %	18.29 %
Q3 2015	35.24 %	30.84 %	14.43 %
Q4 2015	33.00 %	22.86 %	12.98 %
Q1 2016	32.49 %	26.41 %	12.79 %
Q2 2016	31.34 %	23.36 %	8.22 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	80.00	1.22	1.22	7.14
Q2 2007	80.00	1.31	1.31	6.75
Q3 2007	80.00	1.52	1.52	7.28
Q4 2007	80.00	1.59	1.59	7.66
Q1 2008	80.00	1.76	1.76	7.35
Q2 2008	80.00	2.01	2.01	7.99
Q3 2008	80.00	2.11	2.11	8.59
Q4 2008	80.00	2.22	2.22	9.05
Q1 2009	80.00	2.26	2.26	8.77
Q2 2009	80.00	2.26	2.26	9.43
Q3 2009	80.00	2.30	2.30	10.10
Q4 2009	80.00	2.47	2.47	10.74
Q1 2010	80.00	2.68	2.68	10.52
Q2 2010	80.00	2.75	2.75	11.24
Q3 2010	80.00	2.67	2.67	11.82
Q4 2010	80.00	2.76	2.76	12.55
Q1 2011	80.00	2.78	2.78	12.19
Q2 2011	80.00	2.87	2.87	13.01
Q3 2011	80.00	2.97	2.97	13.68
Q4 2011	80.00	2.90	2.90	14.34
Q1 2012	80.00	2.93	2.93	15.13
Q2 2012	80.00	2.91	2.91	14.80
Q3 2012	80.00	2.93	2.93	15.49
Q4 2012	80.00	3.09	3.09	16.32
Q1 2013	80.00	3.34	3.34	17.36
Q2 2013	80.00	3.57	3.57	17.20
Q3 2013	80.00	3.78	3.78	18.10
Q4 2013	80.00	3.87	3.87	19.01
Q1 2014	80.00	3.93	3.93	20.10
Q2 2014	80.00	3.96	3.93	19.73
Q3 2014	80.00	4.05	3.72	20.72
Q4 2014	80.00	3.88	3.33	21.45
Q1 2015	80.00	3.84	3.29	22.49
Q2 2015	80.00	3.80	3.29	22.25
Q3 2015	80.00	3.60	3.23	23.03
Q4 2015	80.00	3.55	3.38	23.72
Q1 2016	80.00	3.09	2.92	24.33
Q2 2016	80.00	2.43	2.26	23.43

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	80.00	1.17	1.17	6.83
2007	80.00	1.59	1.59	7.66
2008	80.00	2.22	2.22	9.05
2009	80.00	2.47	2.47	10.74
2010	80.00	2.76	2.76	12.55
2011	80.00	2.90	2.90	14.34
2012	80.00	3.09	3.09	16.32
2013	80.00	3.87	3.87	19.01
2014	80.00	3.88	3.33	21.45
2015	80.00	3.55	3.38	23.72

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	15.04	15.04	2.58
Q2 2007	19.40	19.40	3.77
Q3 2007	17.56	17.56	3.66
Q4 2007	21.32	21.32	4.44
Q1 2008	20.17	20.17	4.82
Q2 2008	18.98	18.98	4.77
Q3 2008	17.78	17.78	4.37
Q4 2008	15.00	15.00	3.69
Q1 2009	12.45	12.45	3.20
Q2 2009	18.48	18.48	4.43
Q3 2009	16.75	16.75	3.82
Q4 2009	14.26	14.26	3.28
Q1 2010	14.20	14.20	3.62
Q2 2010	13.55	13.55	3.32
Q3 2010	16.39	16.39	3.70
Q4 2010	16.76	16.76	3.68
Q1 2011	15.43	15.43	3.51
Q2 2011	15.41	15.41	3.40
Q3 2011	14.03	14.03	3.05
Q4 2011	16.09	16.09	3.26
Q1 2012	15.81	15.81	3.07
Q2 2012	14.98	14.98	2.94
Q3 2012	13.81	13.81	2.61
Q4 2012	11.20	11.20	2.12
Q1 2013	11.71	11.71	2.25
Q2 2013	14.59	14.59	3.03
Q3 2013	14.71	14.71	3.07
Q4 2013	13.55	13.55	2.76
Q1 2014	16.31	16.31	3.19
Q2 2014	16.88	17.01	3.39
Q3 2014	16.94	18.41	3.31
Q4 2014	12.82	14.92	2.32
Q1 2015	12.65	14.74	2.16
Q2 2015	13.04	15.08	2.23
Q3 2015	10.18	11.34	1.59
Q4 2015	8.24	8.66	1.23
Q1 2016	7.71	8.16	0.98
Q2 2016	10.34	11.12	1.07

Period	P/E	Adjusted P/E	Price/book
2006	16.60	16.60	2.83
2007	21.32	21.32	4.44
2008	15.00	15.00	3.69
2009	14.26	14.26	3.28
2010	16.76	16.76	3.68
2011	16.09	16.09	3.26
2012	11.20	11.20	2.12
2013	13.55	13.55	2.76
2014	12.82	14.92	2.32
2015	8.24	8.66	1.23

Business Segments (Million)

Compared With The

Period	Ceramic tile and sanitary ware sector	Heaters sector
Q1 2007	102.53	32.59
Q2 2007	119.52	32.45
Q3 2007	131.56	34.12
Q4 2007	121.74	40.44
Q1 2008	155.61	44.10
Q2 2008	171.84	43.94
Q3 2008	176.99	49.11
Q4 2008	167.30	48.21
Q1 2009	180.35	51.29
Q2 2009	192.03	49.55
Q3 2009	185.62	52.00
Q4 2009	176.20	70.69
Q1 2010	203.05	65.13
Q2 2010	220.80	57.12
Q3 2010	201.80	52.96
Q4 2010	206.24	72.73
Q1 2011	234.66	71.70
Q2 2011	261.21	59.46
Q3 2011	216.65	53.06
Q4 2011	235.72	88.89
Q1 2012	276.26	83.90
Q2 2012	298.52	70.70
Q3 2012	271.12	75.05
Q4 2012	285.86	85.95
Q1 2013	313.82	92.47
Q2 2013	349.20	79.69
Q3 2013	314.46	69.04
Q4 2013	300.20	81.67
Q1 2014	336.95	87.06
Q2 2014	353.97	83.66
Q3 2014	304.32	81.32
Q4 2014	294.58	79.50
Q1 2015	365.19	81.86
Q2 2015	358.31	86.00
Q3 2015	293.40	61.18
Q4 2015	307.83	104.20
Q1 2016	289.14	83.66
Q2 2016	279.81	68.04

Period	Ceramic tile and sanitary ware sector	Heaters sector
2007	475.36	139.60
2008	671.74	185.37
2009	734.19	223.53
2010	831.89	247.94
2011	948.23	273.11
2012	1,131.76	315.61
2013	1,277.69	322.87
2014	1,289.82	331.54
2015	1,324.73	333.25

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	46.55	28.60	(38.6 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
Riyad Capital	41.00	28.60	(30.2) %
AlJazira Capital	52.10	28.60	(45.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	2,960.00
Enterprise Value (EV) (M)	3,696.00
Shares Outstanding ((M))	80.00
EPS ( Riyal) (TTM)	(2.62)
Book Value (BV) ( Riyal)	19.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.95
Return on Average Assets (%) (TTM)	(6.87 )
Return on Average Equity (%) (TTM)	(12.91 )

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Saudi Ceramic’s H1 net profit plunges 54%

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Share Price

Saudi Ceramic Co. (SAUDI CERAMICS)

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) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Ceramic’s H1 net profit plunges 54%

View other reports

Share Price

Saudi Ceramic Co. (SAUDI CERAMICS)

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) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)