Petrochem swings to SAR 1.158 billion profit in 9M 2021

27/10/2021 Argaam Exclusive

National Petrochemical Co. (Petrochem) reported a net profit after Zakat and tax of SAR 1.158 billion for the first nine months of 2021, versus a net loss after Zakat and tax of SAR 22 million in prior-year period, driven by reducing Zakat provisions for the previous years by SAR 94 million.

 

Petrochem also cited higher profit share from associates and increased prices.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Operating Income (13.41) (18.80) (40.2 %)
Net Income (21.75) 1,157.63 5421.9 %
Average Shares 480.00 480.00 -
EPS (Riyals) (0.05) 2.41 5421.9 %

Petrochem’s Q3 2021 net profit after Zakat and tax stood at SAR 244 million, an increase of more than two-fold year-on-year (YoY), due to higher profit share from associates and increased product prices.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Operating Income (3.49) (7.40) (111.7 %)
Net Income 116.95 243.79 108.5 %
Average Shares 480.00 480.00 -
EPS (Riyals) 0.24 0.51 108.5 %

On a sequential basis, net profit slumped 59.5%

 

Total shareholders equity (after deducting minority equity) grew by 13.03% YoY to SAR 8.9 billion in the nine-month period.

 

View more financial results

 

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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
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 605.04 769.1 %
Q1 2018 2,210.53 31.2 % 763.14 51.9 % 605.84 71.3 %
Q2 2018 2,239.39 27.7 % 739.23 75.7 % 572.93 117.2 %
Q3 2018 2,297.25 30.9 % 735.97 33.3 % 569.32 41.0 %
Q4 2018 2,183.25 0.7 % 447.12 (43.3 %) 260.74 (56.9 %)
Q1 2019 2,020.11 (8.6 %) 525.76 (31.1 %) 375.71 (38.0 %)
Q2 2019 1,650.76 (26.3 %) 452.25 (38.8 %) 321.42 (43.9 %)
Q3 2019 1,957.97 (14.8 %) 495.12 (32.7 %) 334.85 (41.2 %)
Q4 2019 1,869.64 (14.4 %) 410.15 (8.3 %) 253.90 (2.6 %)
Q1 2020 1,572.92 (22.1 %) 249.89 (52.5 %) 124.84 (66.8 %)
Q2 2020 1,407.06 (14.8 %) 132.56 (70.7 %) 10.54 (96.7 %)
Q3 2020 - - - - (3.49) (101.0 %)
Q4 2020 - - - - (11.13) (104.4 %)
Q1 2021 - - - - (3.71) (103.0 %)
Q2 2021 - - - - (7.70) (173.1 %)
Q3 2021 - - - - (7.40) (111.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2017 391.19 416.3 % 0.81 65.00 326.19 0.68
Q1 2018 333.94 98.9 % 0.70 - 333.94 0.70
Q2 2018 288.02 117.7 % 0.60 - 288.02 0.60
Q3 2018 307.41 56.1 % 0.64 - 307.41 0.64
Q4 2018 236.02 (39.7 %) 0.49 186.79 49.23 0.10
Q1 2019 187.24 (43.9 %) 0.39 - 187.24 0.39
Q2 2019 183.45 (36.3 %) 0.38 - 183.45 0.38
Q3 2019 171.05 (44.4 %) 0.36 - 171.05 0.36
Q4 2019 132.73 (43.8 %) 0.28 - 132.73 0.28
Q1 2020 50.22 (73.2 %) 0.10 - 50.22 0.10
Q2 2020 (188.92) (203.0 %) (0.39) (254.00) 65.08 0.14
Q3 2020 116.95 (31.6 %) 0.24 - 116.95 0.24
Q4 2020 251.52 89.5 % 0.52 - 251.52 0.52
Q1 2021 310.75 518.8 % 0.65 - 310.75 0.65
Q2 2021 603.09 419.2 % 1.26 - 603.09 1.26
Q3 2021 243.79 108.5 % 0.51 - 243.79 0.51

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2017 30.74 % 34.49 % 11.18 %
Q1 2018 32.00 % 35.27 % 12.54 %
Q2 2018 33.94 % 36.82 % 13.67 %
Q3 2018 33.94 % 36.32 % 14.08 %
Q4 2018 30.07 % 34.98 % 10.96 %
Q1 2019 28.01 % 33.04 % 9.52 %
Q2 2019 26.51 % 32.32 % 8.92 %
Q3 2019 24.58 % 30.68 % 7.56 %
Q4 2019 25.12 % 28.97 % 8.99 %
Q1 2020 22.80 % 27.32 % 7.62 %
Q2 2020 18.92 % 23.79 % 6.16 %
Q3 2020 16.34 % 26.43 % 7.53 %
Q4 2020 12.83 % - 16.23 %
Q1 2021 9.42 % - 52.90 %
Q2 2021 - - -
Q3 2021 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2017 480.00 1.85 1.72 14.16
Q1 2018 480.00 2.20 2.06 14.86
Q2 2018 480.00 2.52 2.39 14.96
Q3 2018 480.00 2.75 2.62 15.60
Q4 2018 480.00 2.43 2.04 16.13
Q1 2019 480.00 2.12 1.73 16.52
Q2 2019 480.00 1.90 1.52 16.40
Q3 2019 480.00 1.62 1.23 16.75
Q4 2019 480.00 1.41 1.41 16.97
Q1 2020 480.00 1.12 1.12 17.08
Q2 2020 480.00 0.34 0.87 16.19
Q3 2020 480.00 0.23 0.76 16.43
Q4 2020 480.00 0.48 1.01 16.91
Q1 2021 480.00 1.02 1.55 17.56
Q2 2021 480.00 2.67 2.67 18.06
Q3 2021 480.00 2.94 2.94 18.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 10.01 10.80 1.31
Q1 2018 11.25 11.99 1.66
Q2 2018 11.82 12.49 1.99
Q3 2018 10.12 10.65 1.79
Q4 2018 10.01 11.92 1.51
Q1 2019 12.79 15.67 1.64
Q2 2019 13.09 16.45 1.52
Q3 2019 14.69 19.33 1.42
Q4 2019 16.90 16.90 1.40
Q1 2020 16.67 16.67 1.09
Q2 2020 70.08 27.60 1.49
Q3 2020 More than 100 39.13 1.81
Q4 2020 69.46 32.99 1.97
Q1 2021 42.39 27.92 2.47
Q2 2021 16.47 16.47 2.44
Q3 2021 17.03 17.03 2.69

Analysts Estimates (Million)

Item Q3 2021 (e) Q3 2021 (a) Change‬
Average 424.60 243.79 (42.6 %)

Estimates vs Actual (Million)

Item Q3 2021 (e) Q3 2021 (a) Change
Arqaam Capital 381.00 243.79 (36.0) %
AlJazira Capital 435.40 243.79 (44.0) %
SNB Capital 439.00 243.79 (44.5) %
Riyad Capital 443.00 243.79 (45.0) %

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