Yansab turns to SAR 454.9M profit in 9M 2024, SAR 130.6M in Q3

27/10/2024 Argaam Exclusive

Yanbu National Petrochemical Co. (Yansab) swung to a net profit of SAR 454.9 million in the first nine months of 2024, versus a net loss of SAR 503.6 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 3,087.76 4,674.94 51.4 %
Gross Income (191.47) 851.46 544.7 %
Operating Income (518.49) 447.83 186.4 %
Net Income (503.61) 454.88 190.3 %
Average Shares 562.50 562.50 -
EPS (Riyals) (0.90) 0.81 190.3 %

The nine-month profit was buoyed by higher output and sales volumes, along with better average selling prices of all products.

 

Moreover, the nine-month period of 2023 included the scheduled turnaround of the company's complex for preventive maintenance from Jan. 10 to March 2, as announced on Nov. 20, 2022, and March 2, 2023. It also included the temporary shutdown of the company's plants as announced on Aug. 21 and Sept. 4. On the other hand, Yansab reported a rise in some production input costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,097.87 1,627.71 48.3 %
Gross Income (44.02) 290.74 760.4 %
Operating Income (152.62) 137.75 190.3 %
Net Income (161.32) 130.58 180.9 %
Average Shares 562.50 562.50 -
EPS (Riyals) (0.29) 0.23 180.9 %

In the third quarter, Yansab made net earnings of SAR 130.6 million, against net losses of SAR 161.3 million in Q3 2023, thanks to a rise in revenue driven by higher average selling prices of all products. The third quarter of 2023 witnessed a temporary shutdown of the company's plants as announced on Aug. 21 and Sept. 4.

 

The petrochemical producer’s net earnings dropped 41.9% from SAR 224.7 million in Q2 2024 on a drop in revenue amid lower average selling prices and higher production input costs.

 

Total shareholders’ equity, after minority interest, dropped to SAR 11.77 billion as of Sept. 30, 2024, from SAR 12.34 billion a year earlier.

 

View More Financial Results

 

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Share Price

Yanbu National Petrochemical Co.
36.95
(0.35) (0.94 %)

Yanbu National Petrochemical Co. (YANSAB)

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Financial Ratios
Current
Market Cap (M Riyal) 20,784.38
Enterprise Value (EV) (M) 18,074.80
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) 0.84
Book Value (BV) ( Riyal) 20.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 43.91
P/E (TTM) 43.91
Price/book 1.76
Return on Average Assets (%) (TTM) 3.3
Return on Average Equity (%) (TTM) 3.9
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 1,716.78 (25.9 %) 412.75 (41.7 %) 363.99 (43.6 %)
Q2 2015 1,563.32 (35.1 %) 373.04 (51.0 %) 316.42 (54.8 %)
Q3 2015 1,800.27 (27.8 %) 434.61 (48.6 %) 381.43 (51.4 %)
Q4 2015 1,831.05 (20.0 %) 537.20 (30.5 %) 478.22 (32.9 %)
Q1 2016 1,346.43 (21.6 %) 607.27 47.1 % 504.57 38.6 %
Q2 2016 1,722.34 10.2 % 852.67 128.6 % 738.74 133.5 %
Q3 2016 1,516.80 (15.7 %) 688.73 58.5 % 591.89 55.2 %
Q4 2016 1,645.07 (10.2 %) 732.63 36.4 % 587.71 22.9 %
Q1 2017 1,758.51 30.6 % 728.26 19.9 % 623.21 23.5 %
Q2 2017 1,362.12 (20.9 %) 465.16 (45.4 %) 357.71 (51.6 %)
Q3 2017 1,933.44 27.5 % 780.33 13.3 % 653.62 10.4 %
Q4 2017 2,166.85 31.7 % 896.55 22.4 % 779.55 32.6 %
Q1 2018 1,787.21 1.6 % 739.84 1.6 % 634.81 1.9 %
Q2 2018 2,111.47 55.0 % 937.57 101.6 % 816.19 128.2 %
Q3 2018 2,110.43 9.2 % 839.25 7.5 % 710.81 8.7 %
Q4 2018 1,619.36 (25.3 %) 348.78 (61.1 %) 199.58 (74.4 %)
Q1 2019 1,522.05 (14.8 %) 472.49 (36.1 %) 378.99 (40.3 %)
Q2 2019 1,637.96 (22.4 %) 431.61 (54.0 %) 329.47 (59.6 %)
Q3 2019 1,422.74 (32.6 %) 296.05 (64.7 %) 205.38 (71.1 %)
Q4 2019 1,482.08 (8.5 %) 298.12 (14.5 %) 182.31 (8.7 %)
Q1 2020 1,194.98 (21.5 %) 199.26 (57.8 %) 102.37 (73.0 %)
Q2 2020 1,020.66 (37.7 %) 137.12 (68.2 %) 52.91 (83.9 %)
Q3 2020 1,440.73 1.3 % 277.21 (6.4 %) 201.04 (2.1 %)
Q4 2020 1,378.58 (7.0 %) 475.13 59.4 % 371.28 103.7 %
Q1 2021 1,723.01 44.2 % 595.01 198.6 % 476.99 366.0 %
Q2 2021 1,983.00 94.3 % 772.06 463.0 % 639.83 1109.4 %
Q3 2021 1,779.61 23.5 % 343.61 24.0 % 215.40 7.1 %
Q4 2021 1,922.11 39.4 % 507.13 6.7 % 382.16 2.9 %
Q1 2022 1,979.41 14.9 % 437.30 (26.5 %) 304.60 (36.1 %)
Q2 2022 2,068.87 4.3 % 407.10 (47.3 %) 284.24 (55.6 %)
Q3 2022 1,590.54 (10.6 %) 69.59 (79.7 %) (50.91) (123.6 %)
Q4 2022 1,385.22 (27.9 %) 56.44 (88.9 %) (95.48) (125.0 %)
Q1 2023 667.01 (66.3 %) (239.63) (154.8 %) (370.72) (221.7 %)
Q2 2023 1,322.88 (36.1 %) 92.18 (77.4 %) 4.86 (98.3 %)
Q3 2023 1,097.87 (31.0 %) (44.02) (163.3 %) (152.62) (199.8 %)
Q4 2023 1,444.97 4.3 % 138.11 144.7 % 23.62 124.7 %
Q1 2024 1,390.51 108.5 % 228.63 195.4 % 105.21 128.4 %
Q2 2024 1,656.72 25.2 % 332.09 260.3 % 204.88 4119.1 %
Q3 2024 1,627.71 48.3 % 290.74 760.4 % 137.75 190.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 285.14 (48.7 %) 0.51 - 285.14 0.51
Q2 2015 227.40 (62.9 %) 0.40 - 227.40 0.40
Q3 2015 301.72 (56.4 %) 0.54 (0.82) 302.54 0.54
Q4 2015 393.06 (36.4 %) 0.70 (4.14) 397.20 0.71
Q1 2016 421.74 47.9 % 0.75 - 421.74 0.75
Q2 2016 747.34 228.6 % 1.33 - 747.34 1.33
Q3 2016 568.28 88.3 % 1.01 - 568.28 1.01
Q4 2016 607.00 54.4 % 1.08 - 607.00 1.08
Q1 2017 608.16 44.2 % 1.08 - 608.16 1.08
Q2 2017 345.72 (53.7 %) 0.61 - 345.72 0.61
Q3 2017 644.59 13.4 % 1.15 - 644.59 1.15
Q4 2017 777.90 28.2 % 1.38 - 777.90 1.38
Q1 2018 630.59 3.7 % 1.12 - 630.59 1.12
Q2 2018 820.89 137.4 % 1.46 - 820.89 1.46
Q3 2018 729.02 13.1 % 1.30 - 729.02 1.30
Q4 2018 233.48 (70.0 %) 0.42 - 233.48 0.42
Q1 2019 390.64 (38.1 %) 0.69 - 390.64 0.69
Q2 2019 316.13 (61.5 %) 0.56 - 316.13 0.56
Q3 2019 212.06 (70.9 %) 0.38 - 212.06 0.38
Q4 2019 170.95 (26.8 %) 0.30 - 170.95 0.30
Q1 2020 104.46 (73.3 %) 0.19 - 104.46 0.19
Q2 2020 44.83 (85.8 %) 0.08 - 44.83 0.08
Q3 2020 195.63 (7.7 %) 0.35 - 195.63 0.35
Q4 2020 332.65 94.6 % 0.59 (2.18) 334.83 0.60
Q1 2021 420.29 302.3 % 0.75 (63.50) 483.79 0.86
Q2 2021 596.37 1230.4 % 1.06 - 596.37 1.06
Q3 2021 179.78 (8.1 %) 0.32 (26.60) 206.38 0.37
Q4 2021 334.86 0.7 % 0.60 (21.79) 356.65 0.63
Q1 2022 283.03 (32.7 %) 0.50 11.06 271.98 0.48
Q2 2022 288.50 (51.6 %) 0.51 (3.60) 292.10 0.52
Q3 2022 (60.96) (133.9 %) (0.11) - (60.96) (0.11)
Q4 2022 (96.43) (128.8 %) (0.17) (7.36) (89.07) (0.16)
Q1 2023 (369.72) (230.6 %) (0.66) - (369.72) (0.66)
Q2 2023 27.44 (90.5 %) 0.05 - 27.44 0.05
Q3 2023 (161.32) (164.7 %) (0.29) - (161.32) (0.29)
Q4 2023 18.46 119.1 % 0.03 - 18.46 0.03
Q1 2024 99.52 126.9 % 0.18 - 99.52 0.18
Q2 2024 224.78 719.2 % 0.40 - 224.78 0.40
Q3 2024 130.58 180.9 % 0.23 - 130.58 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2018 41.93 % 49.73 % 35.93 %
Q3 2018 41.75 % 49.37 % 36.18 %
Q4 2018 37.56 % 45.25 % 31.64 %
Q1 2019 35.28 % 43.52 % 29.53 %
Q2 2019 30.37 % 42.48 % 24.23 %
Q3 2019 24.97 % 38.92 % 18.58 %
Q4 2019 24.70 % 38.51 % 17.97 %
Q1 2020 21.35 % 36.17 % 14.01 %
Q2 2020 18.17 % 31.43 % 10.40 %
Q3 2020 17.74 % 31.59 % 10.04 %
Q4 2020 21.62 % 37.76 % 13.50 %
Q1 2021 26.68 % 41.11 % 19.04 %
Q2 2021 32.48 % 45.21 % 24.68 %
Q3 2021 31.84 % 43.79 % 23.62 %
Q4 2021 29.94 % 40.31 % 22.18 %
Q1 2022 26.88 % 36.54 % 18.68 %
Q2 2022 21.87 % 30.50 % 14.54 %
Q3 2022 18.80 % 27.31 % 11.37 %
Q4 2022 13.82 % 22.83 % 5.89 %
Q1 2023 5.14 % 16.37 % (3.99 %)
Q2 2023 (0.43 %) 13.49 % (9.91 %)
Q3 2023 (3.02 %) 12.86 % (13.25 %)
Q4 2023 (1.18 %) 15.45 % (10.70 %)
Q1 2024 7.89 % 22.41 % (0.30 %)
Q2 2024 11.71 % 24.29 % 3.25 %
Q3 2024 16.17 % 26.81 % 7.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2018 562.50 5.11 5.11 28.87
Q3 2018 562.50 5.26 5.26 30.17
Q4 2018 562.50 4.29 4.29 30.68
Q1 2019 562.50 3.86 3.86 31.34
Q2 2019 562.50 2.97 2.97 28.12
Q3 2019 562.50 2.05 2.05 28.38
Q4 2019 562.50 1.94 1.94 28.70
Q1 2020 562.50 1.43 1.43 27.13
Q2 2020 562.50 0.95 0.95 25.92
Q3 2020 562.50 0.92 0.92 26.23
Q4 2020 562.50 1.20 1.21 26.64
Q1 2021 562.50 1.77 1.88 26.30
Q2 2021 562.50 2.75 2.86 25.75
Q3 2021 562.50 2.72 2.88 26.05
Q4 2021 562.50 2.72 2.92 26.74
Q1 2022 562.50 2.48 2.54 25.92
Q2 2022 562.50 1.93 2.00 25.16
Q3 2022 562.50 1.50 1.53 25.26
Q4 2022 562.50 0.74 0.74 24.98
Q1 2023 562.50 (0.42) (0.40) 23.04
Q2 2023 562.50 (0.89) (0.88) 22.12
Q3 2023 562.50 (1.07) (1.05) 21.95
Q4 2023 562.50 (0.86) (0.86) 21.16
Q1 2024 562.50 (0.03) (0.03) 21.39
Q2 2024 562.50 0.32 0.32 20.83
Q3 2024 562.50 0.84 0.84 20.94

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2018 14.58 14.58 2.58
Q3 2018 13.48 13.48 2.35
Q4 2018 14.87 14.87 2.08
Q1 2019 19.22 19.22 2.37
Q2 2019 21.47 21.47 2.26
Q3 2019 26.12 26.12 1.88
Q4 2019 28.85 28.85 1.95
Q1 2020 29.12 29.12 1.53
Q2 2020 54.11 54.11 1.98
Q3 2020 64.01 64.01 2.24
Q4 2020 53.05 52.88 2.40
Q1 2021 39.18 36.75 2.63
Q2 2021 26.43 25.36 2.82
Q3 2021 26.19 24.70 2.73
Q4 2021 25.24 23.52 2.57
Q1 2022 26.99 26.29 2.58
Q2 2022 26.15 25.20 2.01
Q3 2022 30.81 30.29 1.83
Q4 2022 56.50 56.51 1.67
Q1 2023 NEG NEG 1.83
Q2 2023 NEG NEG 2.14
Q3 2023 NEG NEG 1.89
Q4 2023 NEG NEG 1.80
Q1 2024 NEG NEG 1.76
Q2 2024 More than 100 More than 100 1.80
Q3 2024 50.74 50.74 2.04

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 156.15 130.58 (16.4 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Sico 133.00 130.58 (1.8) %
YAQEEN 151.00 130.58 (13.5) %
Al Rajhi Capital 152.00 130.58 (14.1) %
Riyad Capital 154.00 130.58 (15.2) %
Hermes 162.00 130.58 (19.4) %
Bank of America 165.29 130.58 (21.0) %
Value Capital 105.80 130.58 23.4 %
AlJazira Capital 177.50 130.58 (26.4) %
SNB Capital 199.00 130.58 (34.4) %
U-Capital 206.00 130.58 (36.6) %
JP Morgan 217.00 130.58 (39.8) %
Citi Bank Group 51.20 130.58 155.0 %

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