reports
- Talha Nazr
SSP: Q4 22 Result Analysis | Low sales impact offset by affiliate prof...
SSP reported a Q4 22 net profit of SAR11.1mn, lower than our estimates of SAR13.8mn. This is compared to a net profit of SAR16.8mn in Q3 22 and SAR1.6mn in Q4 21. The variance was mainly due to 1) lower than expected sales and 2) higher operating expenses, partly offset by higher than expected share of profit from the Global Pipes Company, which we believe is the key positive of the results. * Revenues stood at SAR147mn, up 34.0% yoy (-28.2% qoq), significantly lower than our estimates of SA...
- Talha Nazr
SSP: Q3 22 Update | Promising pipeline to support business
We remain Neutral on SSP with a PT of SAR21.7. Saudi Industrial development and IKTVA programs are key growth catalyst for the stock. We believe strong pipeline of projects from Saudi Aramco and Tenaris Global provide revenue sustainability. Aramco’s plans to increase its MSC to 13.0 mmbpd by 2026f and its gas supply by 38% by 2027f bodes well for the company. We expect revenue and net income to grow to SAR762mn (2021-24f CAGR of 26.8%) and SAR68mn (CAGR 318%) respectively by 2024f, while EBI...
- Iyad KhalidÊGhulam
SSP: Lowest revenues on record
SSP reported an in-line set of Q2 20 results, with a net loss of SAR27.0mn. This compares to a net losses of SAR17.8mn in Q1 20 and SAR10.2mn in Q2 19. The loss in Q2 20 is mainly attributed to COVID-19 related lockdown. However, higher contribution from associate Global Pipes partially mitigated the loss. Adjusting for the non-recurring charges net loss would be SAR22mn. Revenues declined -55.1% yoy (-40.6% qoq) to SAR73mn in Q2 20, the lowest revenues on record. The company stated that the ...
- Fatma HADDAD
Too many unexpected events
After three quarters of unremitting decline, Q4 2016 marked a positive revenue growth rate of 10.8%, yoy, to bring sales to SAR159.089m. This trend was driven by the local revenues, which improved by 19% to SAR148.303m. However, export sales tumbled by 43% yoy, reaching SAR10.786m. The cost of sales increased by 18.8% to stand at SAR156.808m. The gross profit moved from SAR11.546m, in Q4 2015, to SAR2.282m in Q4 2016, leading to a collapsing gross margin rate from 8.04%, in Q4 2015, to 1.4% in Q...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Fatma HADDAD
Carrying on with the same trend
During Q3 2016, Saudi Steel Pipe’s revenues decreased by 31.8%, yoy, to stand at SAR122.611m. Revenues recorded since the beginning of the year amount to SAR468.301m vs. SAR708.335m as of 9M 2015. The cost of sales has shrunk by 29.6% yoy to SAR111.481m. The gross profit fell by 289 bps, to 9.08%. The net result has witnessed a 28% decline to stand at SAR5.774m, leading the net result recorded since the beginning of the year to halve (SAR19.724m vs.
The crisis persists
Saudi Steel Pipe’s Q2 2016 revenues amounted to SAR151.346m, a 45.9% yoy tumble that brought revenues recorded since the beginning of the year to SAR345.689m (-34.59% yoy). The gross profit has more than halved, moving from SAR38.88m in Q2 2015 to SAR16.85m in Q2 2016. The net profit dropped by 72.8% yoy to SAR5.891m (SAR13.950m as of H1 2016 vs. SAR31.458m in 2015).
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