Petrochem’s net profit drops 5% in 9M 2017

01/11/2017 Argaam Exclusive

 

National Petrochemical Co. (Petrochem) reported a net profit of SAR 497.1 million in the first nine months of 2017, a 4.6 percent year-on-year (YoY) drop due to higher production costs and an increase in the cost of finance.

 

The company also attributed the decrease in profit to an unplanned two-week shutdown at Petrochem project Saudi Polymers Co. in May on lack of nitrogen supply to the Jubail area. 



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 4,903.18 5,194.68 5.9 %
Gross Income 1,557.07 1,475.33 (5.2 %)
Operating Income 1,106.25 1,021.17 (7.7 %)
Net Income 521.05 497.11 (4.6 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 1.09 1.04 (4.6 %)

The company’s net profit in the third quarter rose by nearly 3 percent YoY to SAR 197 million on higher sales, lower selling and distribution costs, and a drop in the cost of finance. 

 

Q3 net profit jumped by 49 percent compared to the previous quarter on the back of a factory shutdown in May, in addition to lower cost of sales and cost of finance. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 1,601.00 1,755.30 9.6 %
Gross Income 558.40 552.10 (1.1 %)
Operating Income 402.66 403.84 0.3 %
Net Income 191.61 196.94 2.8 %
Average Shares 480.00 480.00 -
EPS (Riyals) 0.40 0.41 2.8 %

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Share Price

National Petrochemical Co.
45.45
(0.60) (1.30 %)


Financial Ratios
Current
Market Cap (M Riyal) 21,816.00
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 480.00
EPS ( Riyal) (TTM) 2.85
Book Value (BV) ( Riyal) 19.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.96
P/E (TTM) 15.96
Price/book 2.39
Return on Average Assets (%) (TTM) 15.3
Return on Average Equity (%) (TTM) 15.9
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - (0.86) -
Q3 2008 - - - - (0.26) -
Q4 2008 - - - - (0.73) -
Q1 2009 - - - - (0.66) -
Q2 2009 - - - - (1.10) (28.1 %)
Q3 2009 - - - - (2.13) (736.9 %)
Q4 2009 - - - - (7.12) (877.3 %)
Q1 2010 - - - - (3.35) (403.8 %)
Q2 2010 - - - - (2.33) (111.0 %)
Q3 2010 - - - - (1.93) 9.4 %
Q4 2010 - - - - (6.60) 7.2 %
Q1 2011 - - - - (4.21) (25.7 %)
Q2 2011 - - - - (6.79) (191.8 %)
Q3 2011 - - - - (5.39) (178.7 %)
Q4 2011 - - - - (30.75) (365.7 %)
Q1 2012 - - - - (22.64) (438.2 %)
Q2 2012 - - - - (41.82) (516.3 %)
Q3 2012 - - - - (32.71) (506.9 %)
Q4 2012 857.88 - (478.86) - (585.13) (1,803.0 %)
Q1 2013 689.10 - 172.39 - 61.30 370.8 %
Q2 2013 1,144.23 - 222.85 - 83.47 299.6 %
Q3 2013 1,117.37 - (38.76) - (170.86) (422.3 %)
Q4 2013 1,485.98 73.2 % 370.03 177.3 % 191.52 132.7 %
Q1 2014 1,709.95 148.1 % 456.16 164.6 % 280.85 358.1 %
Q2 2014 1,965.81 71.8 % 560.99 151.7 % 365.21 337.5 %
Q3 2014 1,952.47 74.7 % 668.53 1824.8 % 453.22 365.3 %
Q4 2014 2,230.28 50.1 % 613.39 65.8 % 406.50 112.3 %
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 233.11 (17.0 %)
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 565.00 54.7 %
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 591.93 30.6 %
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 372.54 (8.4 %)
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 279.83 20.0 %
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 423.76 (25.0 %)
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) 402.66 (32.0 %)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) (90.43) (124.3 %)
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 353.61 26.4 %
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 263.72 (37.8 %)
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 403.84 0.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 - - - - - -
Q2 2008 4.13 - 0.01 (16.00) 20.12 0.04
Q3 2008 5.40 - 0.01 (6.00) 11.40 0.02
Q4 2008 8.27 - 0.02 (2.77) 11.03 0.02
Q1 2009 (7.87) - (0.02) - (7.87) (0.02)
Q2 2009 (12.36) (399.3 %) (0.03) - (12.36) (0.03)
Q3 2009 (19.21) (455.5 %) (0.04) (5.55) (13.66) (0.03)
Q4 2009 (21.15) (355.9 %) (0.04) (8.61) (12.55) (0.03)
Q1 2010 (42.94) (445.6 %) (0.09) - (42.94) (0.09)
Q2 2010 (37.62) (204.3 %) (0.08) - (37.62) (0.08)
Q3 2010 (3.45) 82.0 % (0.01) - (3.45) (0.01)
Q4 2010 41.38 295.6 % 0.09 - 41.38 0.09
Q1 2011 (10.52) 75.5 % (0.02) - (10.52) (0.02)
Q2 2011 (12.37) 67.1 % (0.03) - (12.37) (0.03)
Q3 2011 (12.59) (264.5 %) (0.03) - (12.59) (0.03)
Q4 2011 (28.63) (169.2 %) (0.06) - (28.63) (0.06)
Q1 2012 (21.63) (105.6 %) (0.05) - (21.63) (0.05)
Q2 2012 (35.79) (189.4 %) (0.07) - (35.79) (0.07)
Q3 2012 (0.13) 99.0 % 0.00 - (0.13) 0.00
Q4 2012 (405.99) (1,318.2 %) (0.85) - (405.99) (0.85)
Q1 2013 (1.33) 93.8 % 0.00 - (1.33) 0.00
Q2 2013 10.84 130.3 % 0.02 - 10.84 0.02
Q3 2013 (150.21) (120,064.0 %) (0.31) - (150.21) (0.31)
Q4 2013 74.57 118.4 % 0.16 - 74.57 0.16
Q1 2014 141.02 10678.9 % 0.29 - 141.02 0.29
Q2 2014 197.03 1717.8 % 0.41 - 197.03 0.41
Q3 2014 244.19 262.6 % 0.51 - 244.19 0.51
Q4 2014 192.53 158.2 % 0.40 - 192.53 0.40
Q1 2015 101.84 (27.8 %) 0.21 - 101.84 0.21
Q2 2015 305.39 55.0 % 0.64 - 305.39 0.64
Q3 2015 321.10 31.5 % 0.67 - 321.10 0.67
Q4 2015 178.30 (7.4 %) 0.37 - 178.30 0.37
Q1 2016 121.43 19.2 % 0.25 - 121.43 0.25
Q2 2016 208.01 (31.9 %) 0.43 - 208.01 0.43
Q3 2016 191.61 (40.3 %) 0.40 - 191.61 0.40
Q4 2016 (123.68) (169.4 %) (0.26) - (123.68) (0.26)
Q1 2017 167.90 38.3 % 0.35 - 167.90 0.35
Q2 2017 132.28 (36.4 %) 0.28 - 132.28 0.28
Q3 2017 196.94 2.8 % 0.41 - 196.94 0.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 (55.82 %) (56.03 %) (54.03 %)
Q1 2013 (19.81 %) (12.88 %) (28.65 %)
Q2 2013 (3.11 %) 5.55 % (14.74 %)
Q3 2013 (3.21 %) 5.64 % (14.35 %)
Q4 2013 16.38 % 22.19 % (1.49 %)
Q1 2014 18.51 % 22.23 % 1.40 %
Q2 2014 21.47 % 23.54 % 4.18 %
Q3 2014 28.90 % 29.39 % 9.23 %
Q4 2014 29.26 % 29.67 % 9.86 %
Q1 2015 28.82 % 28.79 % 9.29 %
Q2 2015 31.05 % 31.20 % 10.66 %
Q3 2015 32.35 % 33.43 % 11.69 %
Q4 2015 33.98 % 35.38 % 12.41 %
Q1 2016 34.30 % 36.58 % 12.88 %
Q2 2016 33.53 % 36.34 % 12.07 %
Q3 2016 32.07 % 35.00 % 10.66 %
Q4 2016 26.52 % 30.44 % 6.55 %
Q1 2017 27.68 % 31.99 % 7.29 %
Q2 2017 24.72 % 29.22 % 5.93 %
Q3 2017 24.02 % 28.93 % 5.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 480.00 - - 4.59
Q3 2008 480.00 - - 4.60
Q4 2008 480.00 - - 4.62
Q1 2009 480.00 0.02 0.07 4.60
Q2 2009 480.00 (0.01) 0.00 4.58
Q3 2009 480.00 (0.06) (0.05) 9.95
Q4 2009 480.00 (0.13) (0.10) 9.91
Q1 2010 480.00 (0.20) (0.17) 9.82
Q2 2010 480.00 (0.25) (0.22) 9.74
Q3 2010 480.00 (0.22) (0.20) 9.74
Q4 2010 480.00 (0.09) (0.09) 9.82
Q1 2011 480.00 (0.02) (0.02) 9.80
Q2 2011 480.00 0.03 0.03 9.77
Q3 2011 480.00 0.01 0.01 9.75
Q4 2011 480.00 (0.13) (0.13) 9.69
Q1 2012 480.00 (0.16) (0.16) 9.64
Q2 2012 480.00 (0.21) (0.21) 9.57
Q3 2012 480.00 (0.18) (0.18) 9.57
Q4 2012 480.00 (0.97) (0.97) 8.72
Q1 2013 480.00 (0.92) (0.92) 8.72
Q2 2013 480.00 (0.83) (0.83) 8.74
Q3 2013 480.00 (1.14) (1.14) 8.43
Q4 2013 480.00 (0.14) (0.14) 8.59
Q1 2014 480.00 0.16 0.16 8.88
Q2 2014 480.00 0.55 0.55 9.29
Q3 2014 480.00 1.37 1.37 9.80
Q4 2014 480.00 1.61 1.61 10.20
Q1 2015 480.00 1.53 1.53 10.41
Q2 2015 480.00 1.76 1.76 11.05
Q3 2015 480.00 1.92 1.92 11.72
Q4 2015 480.00 1.89 1.89 12.09
Q1 2016 480.00 1.93 1.93 12.27
Q2 2016 480.00 1.73 1.73 12.70
Q3 2016 480.00 1.46 1.46 13.10
Q4 2016 480.00 0.83 0.83 12.83
Q1 2017 480.00 0.92 0.92 13.18
Q2 2017 480.00 0.77 0.77 12.95
Q3 2017 480.00 0.78 0.78 13.36

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 NEG NEG 1.53
Q4 2009 NEG NEG 1.57
Q1 2010 NEG NEG 1.55
Q2 2010 NEG NEG 1.53
Q3 2010 NEG NEG 1.82
Q4 2010 NEG NEG 2.29
Q1 2011 NEG NEG 2.46
Q2 2011 More than 100 More than 100 2.27
Q3 2011 More than 100 More than 100 2.30
Q4 2011 NEG NEG 2.12
Q1 2012 NEG NEG 2.70
Q2 2012 NEG NEG 2.08
Q3 2012 NEG NEG 2.29
Q4 2012 NEG NEG 2.29
Q1 2013 NEG NEG 2.33
Q2 2013 NEG NEG 2.60
Q3 2013 NEG NEG 2.49
Q4 2013 NEG NEG 2.98
Q1 2014 More than 100 More than 100 3.18
Q2 2014 59.70 59.70 3.51
Q3 2014 26.09 26.09 3.64
Q4 2014 13.57 13.57 2.15
Q1 2015 14.36 14.36 2.11
Q2 2015 14.21 14.21 2.26
Q3 2015 9.67 9.67 1.58
Q4 2015 8.84 8.84 1.38
Q1 2016 8.60 8.60 1.35
Q2 2016 9.82 9.82 1.33
Q3 2016 10.00 10.00 1.11
Q4 2016 25.66 25.66 1.66
Q1 2017 22.05 22.05 1.55
Q2 2017 23.58 23.58 1.40
Q3 2017 23.39 23.39 1.36

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average 172.70 196.94 14.04 %

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
AlJazira Capital 189.50 196.94 3.9 %
Sico 178.00 196.94 10.6 %
SNB Capital 174.00 196.94 13.2 %
Riyad Capital 170.00 196.94 15.8 %
OSOOL AND BAKHEET 152.00 196.94 29.6 %

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