Nama Chemicals widens H1 2020 net losses to SAR 11 mln

Nama Chemicals widens H1 2020 net losses to SAR 11 mln

28/07/2020 Argaam Exclusive

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Nama Chemicals Co. widened net losses after Zakat and tax by over three times year-on-year (YoY) to SAR 10.7 million in H1 2020, hit by a drop in the average selling prices of end products and lower sales volumes.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 282.47 224.57 (20.5 %)
Gross Income 45.24 21.06 (53.4 %)
Operating Income 8.85 (5.68) (164.2 %)
Net Income (3.25) (10.66) (228.3 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (0.14) (0.45) (228.3 %)

In Q2 2020, the company widened net losses after Zakat and tax to SAR 3 million, from SAR 1 million in year-earlier period. Nama was pressured by a decline in the average selling prices of end products and investment income, as well as lower sales volumes.

 

When compared to Q1 2020, net losses narrowed by 54.4% thanks to higher sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 134.21 104.54 (22.1 %)
Gross Income 18.62 11.49 (38.3 %)
Operating Income 2.39 0.89 (62.7 %)
Net Income (1.03) (3.34) (224.3 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (0.04) (0.14) (224.3 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2011 204.94 57.7 % 10.81 (29.2 %) (4.35) (306.7 %) (0.19)
Q2 2011 216.55 33.5 % 47.05 31.3 % 16.84 59.5 % 0.72
Q3 2011 162.99 5.4 % 3.16 (89.7 %) (29.27) (328.9 %) (1.24)
Q4 2011 143.06 (21.2 %) (33.47) (210.5 %) (229.75) (2647.4 %) (9.77)
Q1 2012 205.40 0.2 % 24.94 130.8 % (4.45) (2.3 %) (0.19)
Q2 2012 182.18 (15.9 %) 17.93 (61.9 %) (9.18) (154.5 %) (0.39)
Q3 2012 146.77 (10.0 %) 8.45 167.0 % (13.20) 54.9 % (0.56)
Q4 2012 183.05 28.0 % 34.39 202.7 % 3.59 101.6 % 0.15
Q1 2013 205.59 0.1 % 8.10 (67.5 %) (25.42) (470.9 %) (1.08)
Q2 2013 178.72 (1.9 %) 32.42 80.8 % 9.54 203.9 % 0.41
Q3 2013 180.35 22.9 % 8.15 (3.5 %) (12.02) 8.9 % (0.51)
Q4 2013 179.42 (2.0 %) 12.94 (62.4 %) (16.32) (554.1 %) (0.69)
Q1 2014 178.54 (13.2 %) 4.21 (48.1 %) (14.87) 41.5 % (0.63)
Q2 2014 153.32 (14.2 %) (4.42) (113.6 %) (28.37) (397.2 %) (1.21)
Q3 2014 164.65 (8.7 %) (1.40) (117.2 %) (23.36) (94.3 %) (0.99)
Q4 2014 178.88 (0.3 %) (14.98) (215.8 %) (45.89) (181.2 %) (1.95)
Q1 2015 127.00 (28.9 %) (6.45) (253.4 %) (31.15) (109.5 %) (1.32)
Q2 2015 114.62 (25.2 %) 9.06 305.0 % 6.45 122.7 % 0.27
Q3 2015 110.47 (32.9 %) (11.99) (753.8 %) (23.97) (2.6 %) (1.02)
Q4 2015 107.58 (39.9 %) (15.56) (3.9 %) (25.36) 44.7 % (1.08)
Q1 2016 112.90 (11.1 %) (1.84) 71.5 % (21.94) 29.6 % (0.93)
Q2 2016 122.21 6.6 % (6.61) (172.9 %) (31.45) (587.5 %) (1.34)
Q3 2016 102.15 (7.5 %) (8.46) 29.4 % (30.92) (29.0 %) (1.31)
Q4 2016 115.62 7.5 % 5.02 132.2 % (727.12) (2,766.7 %) (30.91)
Q1 2017 130.15 15.3 % 16.90 1020.1 % (3.85) 82.5 % (0.16)
Q2 2017 160.04 31.0 % 23.48 455.4 % (2.76) 91.2 % (0.12)
Q3 2017 145.64 42.6 % 19.58 331.3 % (2.02) 93.5 % (0.09)
Q4 2017 162.85 40.9 % 31.13 520.7 % 7.11 101.0 % 0.30
Q1 2018 181.84 39.7 % 52.41 210.1 % 28.16 832.1 % 1.20
Q2 2018 162.35 1.4 % 47.65 102.9 % 23.44 950.0 % 1.00
Q3 2018 137.48 (5.6 %) 19.24 (1.7 %) 0.75 137.0 % 0.03
Q4 2018 142.67 (12.4 %) 8.25 (73.5 %) (17.08) (340.2 %) (0.73)
Q1 2019 148.26 (18.5 %) 26.62 (49.2 %) (2.22) (107.9 %) (0.09)
Q2 2019 134.21 (17.3 %) 18.62 (60.9 %) (1.03) (104.4 %) (0.04)
Q3 2019 119.48 (13.1 %) 12.49 (35.1 %) (6.39) (953.7 %) (0.27)
Q4 2019 124.00 (13.1 %) 16.21 96.4 % 19.73 215.5 % 0.84
Q1 2020 120.02 (19.0 %) 9.57 (64.0 %) (7.33) (230.2 %) (0.31)
Q2 2020 104.54 (22.1 %) 11.49 (38.3 %) (3.34) (224.3 %) (0.14)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 15.31 % 12.19 % 3.98 %
Q2 2011 15.69 % 15.74 % 4.53 %
Q3 2011 11.92 % 17.23 % (1.01 %)
Q4 2011 3.79 % 17.24 % (12.86 %)
Q1 2012 5.73 % 19.15 % (12.87 %)
Q2 2012 1.81 % 16.43 % (17.26 %)
Q3 2012 2.63 % 18.21 % (15.30 %)
Q4 2012 11.95 % 27.03 % (3.24 %)
Q1 2013 9.60 % 24.75 % (6.16 %)
Q2 2013 11.67 % 27.85 % (3.57 %)
Q3 2013 11.11 % 27.18 % (3.25 %)
Q4 2013 8.28 % 25.66 % (5.94 %)
Q1 2014 8.05 % 26.57 % (4.69 %)
Q2 2014 3.02 % 23.03 % (10.35 %)
Q3 2014 1.67 % 24.22 % (12.27 %)
Q4 2014 (2.46 %) 22.47 % (16.65 %)
Q1 2015 (4.37 %) 24.12 % (20.64 %)
Q2 2015 (2.36 %) 29.07 % (17.93 %)
Q3 2015 (4.59 %) 31.04 % (20.97 %)
Q4 2015 (5.43 %) 37.53 % (21.58 %)
Q1 2016 (4.56 %) 38.93 % (20.20 %)
Q2 2016 (7.94 %) 33.71 % (25.80 %)
Q3 2016 (7.30 %) 33.90 % (26.54 %)
Q4 2016 (2.63 %) 29.10 % (30.54 %)
Q1 2017 1.46 % 30.53 % (25.57 %)
Q2 2017 7.27 % 30.71 % (18.02 %)
Q3 2017 11.78 % 27.90 % (11.35 %)
Q4 2017 15.22 % 27.75 % (0.25 %)
Q1 2018 19.47 % 30.87 % 4.69 %
Q2 2018 23.10 % 35.65 % 8.69 %
Q3 2018 23.34 % 38.81 % 9.23 %
Q4 2018 20.43 % 37.87 % 5.65 %
Q1 2019 17.23 % 34.20 % 0.83 %
Q2 2019 12.93 % 29.20 % (3.48 %)
Q3 2019 12.11 % 22.42 % (4.91 %)
Q4 2019 14.06 % 14.57 % 1.92 %
Q1 2020 11.43 % 13.35 % 1.00 %
Q2 2020 10.63 % 13.36 % 0.57 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 23.52 1.19 1.19 68.85
Q2 2011 23.52 1.46 1.46 69.47
Q3 2011 23.52 (0.33) (0.33) 67.80
Q4 2011 23.52 (10.48) (3.98) 58.77
Q1 2012 23.52 (10.49) (3.98) 59.53
Q2 2012 23.52 (11.59) (5.09) 58.25
Q3 2012 23.52 (10.91) (4.41) 57.81
Q4 2012 23.52 (0.99) (0.99) 58.18
Q1 2013 23.52 (1.88) (1.88) 57.67
Q2 2013 23.52 (1.08) (1.08) 58.45
Q3 2013 23.52 (1.03) (1.03) 58.68
Q4 2013 23.52 (1.88) (1.88) 59.06
Q1 2014 23.52 (1.43) (1.43) 58.43
Q2 2014 23.52 (3.04) (3.04) 57.27
Q3 2014 23.52 (3.52) (3.52) 56.76
Q4 2014 23.52 (4.78) (4.78) 52.18
Q1 2015 23.52 (5.47) (5.47) 50.54
Q2 2015 23.52 (3.99) (4.46) 51.46
Q3 2015 23.52 (4.02) (4.73) 49.19
Q4 2015 23.52 (3.15) (4.22) 46.61
Q1 2016 23.52 (2.76) (3.83) 44.08
Q2 2016 23.52 (4.37) (4.97) 42.99
Q3 2016 23.52 (4.66) (5.02) 41.79
Q4 2016 23.52 (34.50) (5.88) 11.83
Q1 2017 23.52 (33.73) (5.11) 11.94
Q2 2017 23.52 (32.51) (3.89) 11.69
Q3 2017 23.52 (31.28) (2.66) 11.91
Q4 2017 23.52 (0.06) (0.06) 11.66
Q1 2018 23.52 1.30 1.30 14.19
Q2 2018 23.52 2.41 2.41 15.31
Q3 2018 23.52 2.53 2.53 15.04
Q4 2018 23.52 1.50 1.50 14.04
Q1 2019 23.52 0.21 0.21 14.84
Q2 2019 23.52 (0.83) (0.83) 13.90
Q3 2019 23.52 (1.14) (1.14) 12.75
Q4 2019 23.52 0.43 0.43 13.41
Q1 2020 23.52 0.21 0.21 11.50
Q2 2020 23.52 0.11 0.11 12.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 49.78 49.78 0.86
Q2 2011 41.41 41.41 0.87
Q3 2011 NEG NEG 0.75
Q4 2011 NEG NEG 0.93
Q1 2012 NEG NEG 1.54
Q2 2012 NEG NEG 1.33
Q3 2012 NEG NEG 1.38
Q4 2012 NEG NEG 1.21
Q1 2013 NEG NEG 1.25
Q2 2013 NEG NEG 1.13
Q3 2013 NEG NEG 1.13
Q4 2013 NEG NEG 1.30
Q1 2014 NEG NEG 1.46
Q2 2014 NEG NEG 1.49
Q3 2014 NEG NEG 1.60
Q4 2014 NEG NEG 1.12
Q1 2015 NEG NEG 1.19
Q2 2015 NEG NEG 1.15
Q3 2015 NEG NEG 0.93
Q4 2015 NEG NEG 0.84
Q1 2016 NEG NEG 0.72
Q2 2016 NEG NEG 0.81
Q3 2016 NEG NEG 0.63
Q4 2016 NEG NEG 2.87
Q1 2017 NEG NEG 1.81
Q2 2017 0.00 NEG 1.19
Q3 2017 NEG NEG 1.79
Q4 2017 NEG NEG 1.51
Q1 2018 13.59 13.59 1.24
Q2 2018 11.74 11.74 1.85
Q3 2018 10.56 10.56 1.78
Q4 2018 18.10 18.10 1.93
Q1 2019 More than 100 More than 100 1.78
Q2 2019 NEG NEG 1.59
Q3 2019 NEG NEG 1.44
Q4 2019 55.08 55.08 1.76
Q1 2020 84.56 84.56 1.56
Q2 2020 More than 100 More than 100 1.52

Business Segments (Million)

Compared With The
Period Epoxy Resins Products Chlor Alkali Products Others Consolidation adjustments & eliminations
Q1 2012 188.84 49.91 - (33.34)
Q2 2012 165.63 44.97 - (28.42)
Q3 2012 121.57 48.99 - (23.80)
Q4 2012 166.10 58.38 - (41.42)
Q1 2013 199.44 52.87 - (46.72)
Q2 2013 182.91 58.21 - (62.40)
Q3 2013 185.91 57.23 - (62.79)
Q4 2013 170.80 52.01 - (43.38)
Q1 2014 156.88 54.53 - (32.87)
Q2 2014 136.64 50.15 - (33.48)
Q3 2014 141.44 49.33 - (26.12)
Q4 2014 159.55 53.99 - (34.65)
Q1 2015 98.10 37.91 - (9.01)
Q2 2015 96.67 40.66 - (22.71)
Q3 2015 82.51 41.67 - (13.71)
Q4 2015 65.48 43.09 - (0.99)
Q1 2016 70.08 41.97 5.18 (4.33)
Q2 2016 78.57 43.70 5.18 (5.24)
Q3 2016 60.58 41.61 5.18 (5.21)
Q4 2016 71.33 42.86 5.18 (3.75)
Q1 2017 79.13 56.07 5.18 (10.23)
Q2 2017 99.62 65.98 5.18 (10.74)
Q3 2017 87.17 58.67 5.18 (5.38)
Q4 2017 88.33 81.34 5.22 (12.04)
Q1 2018 125.21 55.77 5.26 (4.40)
Q2 2018 102.28 62.99 5.23 (8.14)
Q3 2018 82.74 55.34 5.23 (5.83)
Q4 2018 84.69 56.99 5.25 (4.26)
Q1 2019 86.23 61.34 5.21 (4.53)
Q2 2019 73.23 60.25 5.21 (4.48)
Q3 2019 65.05 53.21 5.23 (4.02)
Q4 2019 77.37 43.29 5.22 (1.88)
Q1 2020 76.99 38.60 5.21 (0.78)
Q2 2020 58.24 42.58 5.22 (1.49)


Financial Ratios
Current
Market Cap (M Riyal) 644.45
Enterprise Value (EV) (M) 1,159.02
Shares Outstanding ((M)) 23.52
EPS ( Riyal) (TTM) (6.94)
Book Value (BV) ( Riyal) 8.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.15
Return on Average Assets (%) (TTM) (15.52 )
Return on Average Equity (%) (TTM) (57.15 )
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Share Price

Nama Chemicals Co.
27.40
(0.05) (0.18 %)

Nama Chemicals Co. (NAMA CHEMICALS)

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