SABIC’s H1 2022 profit up 15% to SAR 14.4 bln; Q2 rises 4% to SAR 7.9 bln

09/08/2022 Argaam Exclusive

Saudi Basic Industries Corp. (SABIC) reported a net profit after Zakat and tax of SAR 14.4 billion for the first half of 2022, a leap of 15% from SAR 12.5 billion in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 79,949.87 108,617.88 35.9 %
Gross Income 24,738.66 28,570.07 15.5 %
Operating Income 15,356.87 17,697.26 15.2 %
Net Income 12,505.54 14,401.10 15.2 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 4.17 4.80 15.2 %

The profit jump was driven by higher average selling prices and sales volumes despite increased feedstock costs, as well as selling and distribution expenses. This was coupled by a rise in the company’s profit share from associates and joint ventures.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 42,419.19 55,976.30 32.0 %
Gross Income 13,652.60 15,093.17 10.6 %
Operating Income 8,816.78 9,110.99 3.3 %
Net Income 7,643.17 7,926.15 3.7 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 2.55 2.64 3.7 %

In Q2 2022, net profit after Zakat and tax grew by 4% to SAR 7.9 billion, from SAR 7.64 billion in the prior-year period, thanks to better average selling prices and sales volumes despite increased feedstock costs, as well as higher selling and distribution expenses.

 

SABIC also cited a rise in its profit share from associates and joint ventures.

 

Compared to Q1 2022, net profit climbed by 22.6% from SAR 6.47 billion, due to the previously-mentioned reasons.

 

Total shareholders’ equity, after minority interests, increased by 6.68% to SAR 180.66 billion as of June 30, 2022, from SAR 169.34 billion a year earlier.

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Share Price

Saudi Basic Industries Corp.
69.70
(0.20) (0.29 %)

Saudi Basic Industries Corp. (SABIC)

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Financial Ratios
Current
Market Cap (M Riyal) 209,100.00
Enterprise Value (EV) (M) 237,118.89
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 55.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.26
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.0
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 46,738.92 (3.3 %) 14,015.38 (2.1 %) 11,051.99 (3.7 %)
Q2 2013 44,993.01 (3.3 %) 13,049.15 4.3 % 9,971.24 5.5 %
Q3 2013 48,820.23 9.0 % 14,429.15 12.0 % 11,266.96 14.2 %
Q4 2013 48,433.88 (1.8 %) 13,805.23 1.0 % 10,249.04 0.1 %
Q1 2014 49,220.59 5.3 % 14,112.50 0.7 % 10,853.57 (1.8 %)
Q2 2014 48,171.67 7.1 % 13,432.88 2.9 % 10,068.03 1.0 %
Q3 2014 48,070.62 (1.5 %) 13,740.65 (4.8 %) 10,410.26 (7.6 %)
Q4 2014 43,741.90 (9.7 %) 11,099.25 (19.6 %) 7,404.87 (27.8 %)
Q1 2015 34,563.66 (29.8 %) 9,415.16 (33.3 %) 6,123.56 (43.6 %)
Q2 2015 42,094.99 (12.6 %) 12,721.92 (5.3 %) 9,381.47 (6.8 %)
Q3 2015 37,351.85 (22.3 %) 11,830.42 (13.9 %) 8,576.92 (17.6 %)
Q4 2015 34,156.59 (21.9 %) 9,074.93 (18.2 %) 5,135.92 (30.6 %)
Q1 2016 33,467.91 (3.2 %) 10,107.66 7.4 % 4,665.26 (23.8 %)
Q2 2016 36,258.34 (13.9 %) 12,895.61 1.4 % 7,411.32 (21.0 %)
Q3 2016 35,797.36 (4.2 %) 13,221.21 11.8 % 7,855.53 (8.4 %)
Q4 2016 37,475.21 9.7 % 11,089.73 22.2 % 6,163.93 20.0 %
Q1 2017 36,320.80 8.5 % 13,534.02 33.9 % 8,336.38 78.7 %
Q2 2017 34,438.19 (5.0 %) 10,345.55 (19.8 %) 5,584.92 (24.6 %)
Q3 2017 38,678.75 8.0 % 13,587.03 2.8 % 8,502.77 8.2 %
Q4 2017 40,328.24 7.6 % 12,472.69 12.5 % 6,574.32 6.7 %
Q1 2018 41,861.60 15.3 % 14,531.51 7.4 % 10,325.83 23.9 %
Q2 2018 43,284.60 25.7 % 16,100.12 55.6 % 10,829.83 93.9 %
Q3 2018 43,711.93 13.0 % 15,126.31 11.3 % 9,955.59 17.1 %
Q4 2018 40,270.21 (0.1 %) 12,195.24 (2.2 %) 5,169.11 (21.4 %)
Q1 2019 36,010.40 (14.0 %) 9,406.12 (35.3 %) 4,528.64 (56.1 %)
Q2 2019 34,899.15 (19.4 %) 8,542.92 (46.9 %) 3,617.27 (66.6 %)
Q3 2019 32,809.63 (24.9 %) 7,978.34 (47.3 %) 3,282.45 (67.0 %)
Q4 2019 31,676.83 (21.3 %) 3,477.34 (71.5 %) (1639.25) (131.7 %)
Q1 2020 30,193.15 (16.2 %) 5,420.00 (42.4 %) 445.65 (90.2 %)
Q2 2020 24,619.43 (29.5 %) 3,587.99 (58.0 %) (1291.91) (135.7 %)
Q3 2020 29,295.07 (10.7 %) 6,519.82 (18.3 %) 1,840.41 (43.9 %)
Q4 2020 32,841.64 3.7 % 7,959.13 128.9 % 3,113.82 290.0 %
Q1 2021 37,530.68 24.3 % 11,086.06 104.5 % 6,540.09 1367.5 %
Q2 2021 42,419.19 72.3 % 13,652.60 280.5 % 8,816.78 782.5 %
Q3 2021 43,697.92 49.2 % 12,294.30 88.6 % 6,933.07 276.7 %
Q4 2021 51,235.34 56.0 % 13,085.34 64.4 % 7,685.34 146.8 %
Q1 2022 52,641.59 40.3 % 13,476.89 21.6 % 8,586.28 31.3 %
Q2 2022 55,976.30 32.0 % 15,093.17 10.6 % 9,110.99 3.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 6,563.44 (9.7 %) 2.19 - 6,563.44 2.19
Q2 2013 6,042.14 13.9 % 2.01 - 6,042.14 2.01
Q3 2013 6,465.14 2.4 % 2.16 - 6,465.14 2.16
Q4 2013 6,207.65 5.3 % 2.07 - 6,207.65 2.07
Q1 2014 6,441.74 (1.9 %) 2.15 - 6,441.74 2.15
Q2 2014 6,456.47 6.9 % 2.15 - 6,456.47 2.15
Q3 2014 6,178.79 (4.4 %) 2.06 - 6,178.79 2.06
Q4 2014 4,356.31 (29.8 %) 1.45 - 4,356.31 1.45
Q1 2015 3,934.65 (38.9 %) 1.31 - 3,934.65 1.31
Q2 2015 6,170.75 (4.4 %) 2.06 - 6,170.75 2.06
Q3 2015 5,603.55 (9.3 %) 1.87 - 5,603.55 1.87
Q4 2015 3,075.27 (29.4 %) 1.03 (375.21) 3,450.48 1.15
Q1 2016 2,909.90 (26.0 %) 0.97 - 2,909.90 0.97
Q2 2016 4,958.84 (19.6 %) 1.65 (365.81) 5,324.64 1.77
Q3 2016 5,230.26 (6.7 %) 1.74 - 5,230.26 1.74
Q4 2016 4,514.62 46.8 % 1.50 (339.56) 4,854.17 1.62
Q1 2017 5,234.52 79.9 % 1.74 - 5,234.52 1.74
Q2 2017 3,705.70 (25.3 %) 1.24 (278.00) 3,983.70 1.33
Q3 2017 5,787.55 10.7 % 1.93 - 5,787.55 1.93
Q4 2017 3,704.09 (18.0 %) 1.23 (486.00) 4,188.47 1.40
Q1 2018 5,508.08 5.2 % 1.84 (1380.00) 6,888.08 2.30
Q2 2018 6,695.32 80.7 % 2.23 - 6,695.32 2.23
Q3 2018 6,097.89 5.4 % 2.03 - 6,097.89 2.03
Q4 2018 3,219.39 (13.1 %) 1.07 - 3,219.39 1.07
Q1 2019 3,322.59 (39.7 %) 1.11 - 3,322.59 1.11
Q2 2019 2,029.98 (69.7 %) 0.68 - 2,029.98 0.68
Q3 2019 737.04 (87.9 %) 0.25 (1510.00) 2,247.04 0.75
Q4 2019 (891.49) (127.7 %) (0.30) (1300.00) 408.51 0.14
Q1 2020 (1045.94) (131.5 %) (0.35) (1069.00) 23.06 0.01
Q2 2020 (2223.98) (209.6 %) (0.74) (1180.00) (1043.98) (0.35)
Q3 2020 1,088.53 47.7 % 0.36 683.00 405.53 0.14
Q4 2020 2,248.22 352.2 % 0.75 300.00 1,948.22 0.65
Q1 2021 4,862.37 564.9 % 1.62 - 4,862.37 1.62
Q2 2021 7,643.17 443.7 % 2.55 - 7,643.17 2.55
Q3 2021 5,594.64 414.0 % 1.86 - 5,594.64 1.86
Q4 2021 4,973.69 121.2 % 1.66 (760.00) 5,733.69 1.91
Q1 2022 6,474.95 33.2 % 2.16 (384.00) 6,858.95 2.29
Q2 2022 7,926.15 3.7 % 2.64 - 7,926.15 2.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 28.33 % 29.12 % 12.84 %
Q2 2013 28.85 % 29.58 % 13.35 %
Q3 2013 29.05 % 29.86 % 13.15 %
Q4 2013 29.26 % 30.07 % 13.38 %
Q1 2014 28.93 % 29.68 % 13.14 %
Q2 2014 28.66 % 29.37 % 13.14 %
Q3 2014 28.41 % 29.14 % 13.04 %
Q4 2014 27.69 % 28.28 % 12.39 %
Q1 2015 27.32 % 27.97 % 11.99 %
Q2 2015 27.88 % 28.53 % 12.25 %
Q3 2015 28.57 % 29.23 % 12.72 %
Q4 2015 29.05 % 30.32 % 12.93 %
Q1 2016 29.74 % 29.60 % 12.33 %
Q2 2016 31.09 % 29.52 % 12.24 %
Q3 2016 32.43 % 29.34 % 12.11 %
Q4 2016 33.09 % 28.53 % 12.81 %
Q1 2017 34.79 % 30.33 % 14.15 %
Q2 2017 33.46 % 29.82 % 13.40 %
Q3 2017 33.05 % 29.93 % 13.52 %
Q4 2017 33.34 % 29.28 % 12.82 %
Q1 2018 32.80 % 29.66 % 13.42 %
Q2 2018 34.54 % 30.95 % 14.35 %
Q3 2018 34.42 % 31.02 % 14.11 %
Q4 2018 34.27 % 30.40 % 13.54 %
Q1 2019 32.35 % 28.15 % 11.84 %
Q2 2019 29.23 % 24.59 % 9.47 %
Q3 2019 26.48 % 21.57 % 7.51 %
Q4 2019 21.72 % 17.97 % 5.91 %
Q1 2020 19.62 % 15.94 % 3.63 %
Q2 2020 17.15 % 14.65 % 1.37 %
Q3 2020 16.41 % 13.61 % (0.18 %)
Q4 2020 20.08 % 15.66 % 1.14 %
Q1 2021 23.46 % 18.83 % 4.97 %
Q2 2021 27.60 % 22.75 % 10.46 %
Q3 2021 28.75 % 23.87 % 12.81 %
Q4 2021 28.66 % 25.18 % 13.63 %
Q1 2022 27.64 % 24.29 % 13.60 %
Q2 2022 26.50 % 22.78 % 12.83 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 3,000.00 8.02 8.02 50.66
Q2 2013 3,000.00 8.27 8.27 49.81
Q3 2013 3,000.00 8.32 8.32 49.94
Q4 2013 3,000.00 8.43 8.43 52.09
Q1 2014 3,000.00 8.39 8.39 54.16
Q2 2014 3,000.00 8.52 8.52 53.42
Q3 2014 3,000.00 8.43 8.43 52.72
Q4 2014 3,000.00 7.81 7.81 53.78
Q1 2015 3,000.00 6.98 6.98 54.49
Q2 2015 3,000.00 6.88 6.88 53.81
Q3 2015 3,000.00 6.69 6.69 52.93
Q4 2015 3,000.00 6.26 6.39 53.97
Q1 2016 3,000.00 5.92 6.04 55.32
Q2 2016 3,000.00 5.52 5.76 53.63
Q3 2016 3,000.00 5.39 5.64 53.13
Q4 2016 3,000.00 5.87 6.11 52.51
Q1 2017 3,000.00 6.65 6.88 54.32
Q2 2017 3,000.00 6.23 6.43 52.20
Q3 2017 3,000.00 6.41 6.62 53.93
Q4 2017 3,000.00 6.14 6.40 54.64
Q1 2018 3,000.00 6.24 6.95 57.11
Q2 2018 3,000.00 7.23 7.85 54.44
Q3 2018 3,000.00 7.34 7.96 56.39
Q4 2018 3,000.00 7.17 7.63 57.69
Q1 2019 3,000.00 6.45 6.45 58.35
Q2 2019 3,000.00 4.89 4.89 56.51
Q3 2019 3,000.00 3.10 3.61 55.88
Q4 2019 3,000.00 1.73 2.67 59.57
Q1 2020 3,000.00 0.28 1.57 55.65
Q2 2020 3,000.00 (1.14) 0.54 54.50
Q3 2020 3,000.00 (1.02) (0.07) 55.01
Q4 2020 3,000.00 0.02 0.44 55.88
Q1 2021 3,000.00 1.99 2.06 57.14
Q2 2021 3,000.00 5.28 4.95 56.45
Q3 2021 3,000.00 6.78 6.68 58.00
Q4 2021 3,000.00 7.69 7.94 60.05
Q1 2022 3,000.00 8.23 8.61 62.53
Q2 2022 3,000.00 8.32 8.70 60.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 11.96 11.96 1.90
Q2 2013 11.06 11.06 1.84
Q3 2013 11.57 11.57 1.93
Q4 2013 13.23 13.23 2.14
Q1 2014 14.01 14.01 2.17
Q2 2014 13.46 13.46 2.15
Q3 2014 15.57 15.57 2.49
Q4 2014 10.69 10.69 1.55
Q1 2015 11.46 11.46 1.47
Q2 2015 13.82 13.82 1.77
Q3 2015 11.76 11.76 1.49
Q4 2015 12.22 11.98 1.42
Q1 2016 12.64 12.38 1.35
Q2 2016 14.71 14.08 1.51
Q3 2016 14.97 14.32 1.52
Q4 2016 15.58 14.98 1.74
Q1 2017 14.57 14.07 1.78
Q2 2017 16.43 15.90 1.96
Q3 2017 16.03 15.53 1.91
Q4 2017 16.59 15.93 1.87
Q1 2018 18.67 16.75 2.04
Q2 2018 17.45 16.07 2.32
Q3 2018 17.10 15.76 2.22
Q4 2018 16.20 15.22 2.01
Q1 2019 19.39 19.39 2.14
Q2 2019 23.44 23.44 2.03
Q3 2019 29.65 25.51 1.65
Q4 2019 54.19 35.18 1.58
Q1 2020 More than 100 44.60 1.26
Q2 2020 NEG More than 100 1.62
Q3 2020 NEG NEG 1.61
Q4 2020 More than 100 More than 100 1.81
Q1 2021 58.94 57.06 2.05
Q2 2021 23.06 24.59 2.16
Q3 2021 18.78 19.06 2.20
Q4 2021 15.08 14.60 1.93
Q1 2022 15.92 15.21 2.10
Q2 2022 12.21 11.67 1.69

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
Q1 2013 53,485.63 2,102.58 3,993.24 2,395.35 (15237.88)
Q2 2013 51,386.20 1,614.73 3,837.76 2,646.29 (14491.96)
Q3 2013 58,011.68 1,745.25 3,197.53 2,815.69 (16949.92)
Q4 2013 57,409.57 1,822.33 3,249.14 3,436.61 (17483.77)
Q1 2014 56,362.00 1,809.27 3,729.90 3,382.36 (16062.94)
Q2 2014 55,657.69 1,653.50 3,763.80 2,988.81 (15892.13)
Q3 2014 55,728.15 2,001.26 2,891.70 3,109.06 (15659.54)
Q4 2014 49,169.09 1,783.59 3,121.59 2,605.94 (13154.46)
Q1 2015 38,571.99 1,536.62 3,071.69 2,034.46 (10651.10)
Q2 2015 48,753.89 1,498.62 3,168.16 2,381.16 (12706.56)
Q3 2015 44,576.63 1,516.72 2,276.49 2,207.92 (13225.90)
Q4 2015 38,815.62 1,413.55 2,152.13 1,985.75 (11292.09)
Q1 2016 36,009.96 1,151.04 2,407.64 16,590.12 (22690.85)
Q2 2016 40,144.35 1,196.11 2,612.40 18,495.91 (26190.44)
Q3 2016 41,183.30 1,136.61 1,549.86 18,131.31 (26203.71)
Q4 2016 43,213.13 1,217.55 2,439.43 21,307.70 (30702.59)
Q1 2017 43,365.86 1,342.01 2,062.61 21,132.68 (31582.36)
Q2 2017 40,597.88 1,207.35 1,874.58 19,335.71 (28577.34)
Q3 2017 48,770.97 1,150.65 2,376.33 22,248.45 (35867.65)
Q1 2018 36,868.48 1,724.61 3,268.50 - -
Q2 2018 38,307.47 2,118.96 2,858.17 - -
Q3 2018 39,050.58 2,135.48 2,525.87 - -
Q4 2018 36,195.52 1,959.00 2,115.69 - -
Q1 2019 30,944.66 1,810.55 3,255.19 - -
Q2 2019 30,536.22 1,801.59 2,561.34 - -
Q3 2019 28,825.18 1,679.27 2,305.18 - -
Q4 2019 27,181.32 1,826.98 2,668.54 - -
Q1 2020 25,957.94 1,470.01 2,765.19 - -
Q2 2020 20,917.56 1,870.70 1,831.17 - -
Q3 2020 25,154.78 1,742.85 2,397.45 - -
Q4 2020 28,607.57 1,706.63 2,527.44 - -
Q1 2021 32,709.68 1,840.00 2,981.00 - -
Q2 2021 36,430.48 2,478.05 3,510.67 - -
Q3 2021 37,856.20 2,742.03 3,099.69 - -
Q4 2021 42,883.42 5,132.80 3,219.12 - -
Q1 2022 44,281.86 4,044.45 4,315.28 - -
Q2 2022 46,210.88 5,687.48 4,077.93 - -

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 5,924.81 7,926.15 33.78 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
Al Rajhi Capital 7,604.00 7,926.15 4.2 %
OSOOL AND BAKHEET 6,800.00 7,926.15 16.6 %
Hermes 6,465.00 7,926.15 22.6 %
Riyad Capital 6,160.00 7,926.15 28.7 %
SNB Capital 6,097.00 7,926.15 30.0 %
Bank of America 5,981.00 7,926.15 32.5 %
AlJazira Capital 5,610.00 7,926.15 41.3 %
ALEMBIC 5,460.00 7,926.15 45.2 %
JP Morgan 5,370.00 7,926.15 47.6 %
U-Capital 5,035.90 7,926.15 57.4 %
Goldman Sachs 4,590.00 7,926.15 72.7 %

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