Yansab’s Q1 net profit rises 4% on higher sale prices

Yansab’s Q1 net profit rises 4% on higher sale prices

22/04/2018 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net profit of SAR 630.6 million for the first quarter of 2018, a 3.7 percent year-on-year (YoY) increase due to higher average sale prices of all products.

The Q1 net profit fell 19 percent compared to the previous quarter on lower sales quantities.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 1,758.51 1,787.21 1.6 %
Gross Income 728.26 739.84 1.6 %
Operating Income 623.21 634.81 1.9 %
Net Income 608.16 630.59 3.7 %
Average Shares 562.50 562.50 -
EPS (Riyals) 1.08 1.12 3.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - (8.24) (19.8 %) (0.01)
Q2 2009 - - - - (6.65) (7.6 %) (0.01)
Q3 2009 - - - - (7.00) (41.9 %) (0.01)
Q4 2009 - - - - (7.32) 3.6 % (0.01)
Q1 2010 688.59 - 325.43 - 259.43 3249.6 % 0.46
Q2 2010 1,638.22 - 632.13 - 502.38 7650.1 % 0.89
Q3 2010 1,602.88 - 501.85 - 356.20 5187.8 % 0.63
Q4 2010 1,891.84 - 710.15 - 554.76 7677.7 % 0.99
Q1 2011 2,077.28 201.7 % 891.46 173.9 % 717.85 176.7 % 1.28
Q2 2011 2,659.86 62.4 % 1,139.46 80.3 % 963.67 91.8 % 1.71
Q3 2011 2,497.80 55.8 % 975.77 94.4 % 827.94 132.4 % 1.47
Q4 2011 2,424.41 28.2 % 786.41 10.7 % 664.88 19.8 % 1.18
Q1 2012 2,445.86 17.7 % 906.99 1.7 % 720.27 0.3 % 1.28
Q2 2012 2,332.26 (12.3 %) 824.89 (27.6 %) 649.61 (32.6 %) 1.15
Q3 2012 2,017.60 (19.2 %) 588.27 (39.7 %) 435.73 (47.4 %) 0.77
Q4 2012 2,503.31 3.3 % 788.85 0.3 % 640.77 (3.6 %) 1.14
Q1 2013 2,168.52 (11.3 %) 800.29 (11.8 %) 667.07 (7.4 %) 1.19
Q2 2013 2,212.84 (5.1 %) 807.15 (2.2 %) 670.52 3.2 % 1.19
Q3 2013 2,888.72 43.2 % 1,027.75 74.7 % 864.83 98.5 % 1.54
Q4 2013 2,083.57 (16.8 %) 589.60 (25.3 %) 442.23 (31.0 %) 0.79
Q1 2014 2,317.89 6.9 % 708.29 (11.5 %) 555.68 (16.7 %) 0.99
Q2 2014 2,409.31 8.9 % 760.78 (5.7 %) 613.03 (8.6 %) 1.09
Q3 2014 2,493.73 (13.7 %) 844.76 (17.8 %) 691.28 (20.1 %) 1.23
Q4 2014 2,290.10 9.9 % 773.20 31.1 % 617.75 39.7 % 1.10
Q1 2015 1,716.78 (25.9 %) 412.75 (41.7 %) 285.14 (48.7 %) 0.51
Q2 2015 1,563.32 (35.1 %) 373.04 (51.0 %) 227.40 (62.9 %) 0.40
Q3 2015 1,800.27 (27.8 %) 434.61 (48.6 %) 301.72 (56.4 %) 0.54
Q4 2015 1,831.05 (20.0 %) 537.20 (30.5 %) 393.06 (36.4 %) 0.70
Q1 2016 1,346.43 (21.6 %) 607.27 47.1 % 421.74 47.9 % 0.75
Q2 2016 1,722.34 10.2 % 852.67 128.6 % 747.34 228.6 % 1.33
Q3 2016 1,516.80 (15.7 %) 688.73 58.5 % 568.28 88.3 % 1.01
Q4 2016 1,645.07 (10.2 %) 732.63 36.4 % 607.00 54.4 % 1.08
Q1 2017 1,758.51 30.6 % 728.26 19.9 % 608.16 44.2 % 1.08
Q2 2017 1,362.12 (20.9 %) 465.16 (45.4 %) 345.72 (53.7 %) 0.61
Q3 2017 1,933.44 27.5 % 780.33 13.3 % 644.59 13.4 % 1.15
Q4 2017 2,166.85 31.7 % 896.55 22.4 % 777.90 28.2 % 1.38
Q1 2018 1,787.21 1.6 % 739.84 1.6 % 630.59 3.7 % 1.12

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 47.26 % 53.80 % 34.63 %
Q2 2010 41.15 % 52.45 % 32.13 %
Q3 2010 37.14 % 49.57 % 28.26 %
Q4 2010 37.27 % 49.49 % 28.73 %
Q1 2011 37.94 % 49.61 % 29.56 %
Q2 2011 39.39 % 49.60 % 31.49 %
Q3 2011 40.72 % 50.12 % 33.57 %
Q4 2011 39.27 % 47.99 % 32.86 %
Q1 2012 37.98 % 46.34 % 31.68 %
Q2 2012 36.02 % 47.12 % 29.51 %
Q3 2012 33.69 % 50.53 % 26.79 %
Q4 2012 33.43 % 58.26 % 26.31 %
Q1 2013 33.28 % 59.12 % 26.53 %
Q2 2013 33.53 % 57.16 % 27.12 %
Q3 2013 35.03 % 51.30 % 29.09 %
Q4 2013 34.48 % 43.54 % 28.27 %
Q1 2014 32.97 % 42.38 % 26.66 %
Q2 2014 31.82 % 41.45 % 25.52 %
Q3 2014 31.20 % 41.94 % 24.74 %
Q4 2014 32.46 % 43.45 % 26.05 %
Q1 2015 31.33 % 42.95 % 24.77 %
Q2 2015 29.81 % 42.15 % 22.59 %
Q3 2015 27.05 % 39.84 % 19.44 %
Q4 2015 25.43 % 38.49 % 17.54 %
Q1 2016 29.84 % 42.19 % 20.62 %
Q2 2016 36.29 % 47.23 % 27.89 %
Q3 2016 41.86 % 52.93 % 33.27 %
Q4 2016 46.24 % 56.31 % 37.63 %
Q1 2017 45.20 % 54.64 % 38.10 %
Q2 2017 41.62 % 51.91 % 33.89 %
Q3 2017 40.40 % 49.45 % 32.92 %
Q4 2017 39.75 % 48.52 % 32.91 %
Q1 2018 39.75 % 48.53 % 33.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 562.50 (0.05) (0.05) 10.11
Q2 2009 562.50 (0.05) (0.05) 10.10
Q3 2009 562.50 (0.05) (0.05) 10.09
Q4 2009 562.50 (0.05) (0.05) 10.08
Q1 2010 562.50 0.42 0.42 10.54
Q2 2010 562.50 1.33 1.33 11.43
Q3 2010 562.50 1.97 1.97 12.06
Q4 2010 562.50 2.97 2.97 13.05
Q1 2011 562.50 3.79 3.79 14.33
Q2 2011 562.50 4.61 4.61 16.04
Q3 2011 562.50 5.45 5.45 17.51
Q4 2011 562.50 5.64 5.64 18.69
Q1 2012 562.50 5.65 5.65 19.97
Q2 2012 562.50 5.09 5.09 21.13
Q3 2012 562.50 4.39 4.39 21.90
Q4 2012 562.50 4.35 4.35 23.04
Q1 2013 562.50 4.25 4.25 24.23
Q2 2013 562.50 4.29 4.29 24.42
Q3 2013 562.50 5.05 5.05 25.96
Q4 2013 562.50 4.70 4.70 26.74
Q1 2014 562.50 4.50 4.50 25.73
Q2 2014 562.50 4.40 4.40 25.32
Q3 2014 562.50 4.09 4.09 26.55
Q4 2014 562.50 4.40 4.40 27.65
Q1 2015 562.50 3.92 3.92 26.65
Q2 2015 562.50 3.24 3.24 26.06
Q3 2015 562.50 2.55 2.55 26.59
Q4 2015 562.50 2.15 2.16 27.29
Q1 2016 562.50 2.39 2.40 27.00
Q2 2016 562.50 3.31 3.32 26.73
Q3 2016 562.50 3.79 3.79 27.81
Q4 2016 562.50 4.17 4.17 28.54
Q1 2017 562.50 4.50 4.50 28.12
Q2 2017 562.50 3.79 3.79 27.24
Q3 2017 562.50 3.92 3.92 28.37
Q4 2017 562.50 4.22 4.22 29.76
Q1 2018 562.50 4.26 4.26 30.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 NEG NEG 1.89
Q2 2009 NEG NEG 2.64
Q3 2009 NEG NEG 3.27
Q4 2009 NEG NEG 3.31
Q1 2010 91.76 91.76 3.69
Q2 2010 28.67 28.67 3.33
Q3 2010 19.55 19.55 3.20
Q4 2010 16.01 16.01 3.65
Q1 2011 12.72 12.72 3.36
Q2 2011 10.26 10.26 2.95
Q3 2011 8.30 8.30 2.58
Q4 2011 7.80 7.80 2.35
Q1 2012 9.21 9.21 2.60
Q2 2012 8.65 8.65 2.08
Q3 2012 10.18 10.18 2.04
Q4 2012 10.88 10.88 2.05
Q1 2013 12.40 12.40 2.18
Q2 2013 12.93 12.93 2.27
Q3 2013 12.32 12.32 2.40
Q4 2013 15.69 15.69 2.76
Q1 2014 15.71 15.71 2.75
Q2 2014 16.11 16.11 2.80
Q3 2014 17.59 17.59 2.71
Q4 2014 10.82 10.82 1.72
Q1 2015 10.76 10.76 1.58
Q2 2015 16.75 16.75 2.08
Q3 2015 16.92 16.91 1.62
Q4 2015 15.10 15.04 1.19
Q1 2016 16.32 16.26 1.44
Q2 2016 12.65 12.61 1.57
Q3 2016 11.41 11.39 1.55
Q4 2016 12.97 12.97 1.89
Q1 2017 12.72 12.72 2.04
Q2 2017 14.74 14.74 2.05
Q3 2017 15.13 15.13 2.09
Q4 2017 13.93 13.93 1.98
Q1 2018 17.13 17.13 2.36

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 725.51 630.59 (13.1 %)

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
Al Rajhi Capital 652.00 630.59 (3.3) %
OSOOL AND BAKHEET 677.80 630.59 (7.0) %
Albilad Capital 691.00 630.59 (8.7) %
AlJazira Capital 723.80 630.59 (12.9) %
Sico 772.00 630.59 (18.3) %
SNB Capital 779.00 630.59 (19.1) %
Riyad Capital 783.00 630.59 (19.5) %


Financial Ratios
Current
Market Cap (M Riyal) 21,121.88
Enterprise Value (EV) (M) 18,783.35
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) (0.03)
Book Value (BV) ( Riyal) 21.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.76
Return on Average Assets (%) (TTM) (0.11 )
Return on Average Equity (%) (TTM) (0.13 )
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Share Price

Yanbu National Petrochemical Co.
37.55
(0.15) (0.40 %)

Yanbu National Petrochemical Co. (YANSAB)

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