Advanced Petrochemicals H1 profit edges lower to SAR 332 mln

Advanced Petrochemicals H1 profit edges lower to SAR 332 mln

11/07/2016 Argaam Exclusive

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Advanced Petrochemical Company, which produces polypropylene in Saudi Arabia, reported a net profit of SAR 332 million in the first half of 2016 compared to SAR 332.8 million in the same period last year. The company’s operational profit in H1-2016 was marginally lower due to a drop in selling prices.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 1,203.31 1,034.47 (14.0 %)
Gross Income 375.12 403.86 7.7 %
Operating Income 353.87 342.81 (3.1 %)
Net Income 332.77 334.97 0.7 %
Average Shares 260.00 260.00 -
EPS (Riyals) 1.28 1.29 0.7 %

 

The company’s net profit for the second quarter was down 23.5 percent YoY at SAR 186 million as polypropylene market prices decreased.

 

Meanwhile, Q2 profit was up 27.8 percent against Q1 due to comparatively higher selling prices of polypropylene.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 735.37 546.41 (25.7 %)
Gross Income 264.00 224.96 (14.8 %)
Operating Income 253.53 195.04 (23.1 %)
Net Income 243.15 192.11 (21.0 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.94 0.74 (21.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - (0.07) -
Q2 2007 - - - - (0.38) 61.1 %
Q3 2007 - - - - (0.07) -
Q4 2007 - - - - (0.08) 96.6 %
Q1 2008 - - - - (0.05) 37.8 %
Q2 2008 319.83 - 89.11 - 84.19 22371.7 %
Q3 2008 682.50 - 230.29 - 222.51 332206.0 %
Q4 2008 456.85 - (39.87) - (52.56) (66,427.8 %)
Q1 2009 369.52 - 63.52 - 54.28 118100.0 %
Q2 2009 344.26 7.6 % 60.92 (31.6 %) 47.08 (44.1 %)
Q3 2009 361.50 (47.0 %) 41.02 (82.2 %) 32.21 (85.5 %)
Q4 2009 391.55 (14.3 %) 52.47 231.6 % 39.37 174.9 %
Q1 2010 464.49 25.7 % 69.23 9.0 % 61.02 12.4 %
Q2 2010 450.82 31.0 % 81.56 33.9 % 72.00 52.9 %
Q3 2010 545.20 50.8 % 136.90 233.7 % 128.74 299.7 %
Q4 2010 570.45 45.7 % 107.81 105.5 % 96.42 144.9 %
Q1 2011 667.51 43.7 % 145.05 109.5 % 135.83 122.6 %
Q2 2011 742.50 64.7 % 170.14 108.6 % 160.63 123.1 %
Q3 2011 717.07 31.5 % 150.68 10.1 % 141.19 9.7 %
Q4 2011 663.84 16.4 % 109.88 1.9 % 96.09 (0.3 %)
Q1 2012 586.24 (12.2 %) 69.36 (52.2 %) 60.63 (55.4 %)
Q2 2012 456.91 (38.5 %) 67.84 (60.1 %) 58.09 (63.8 %)
Q3 2012 649.29 (9.5 %) 114.76 (23.8 %) 105.51 (25.3 %)
Q4 2012 780.00 17.5 % 134.53 22.4 % 122.17 27.1 %
Q1 2013 641.52 9.4 % 132.77 91.4 % 121.75 100.8 %
Q2 2013 685.67 50.1 % 150.60 122.0 % 140.13 141.2 %
Q3 2013 694.25 6.9 % 154.12 34.3 % 143.53 36.0 %
Q4 2013 764.17 (2.0 %) 173.96 29.3 % 160.10 31.0 %
Q1 2014 669.17 4.3 % 150.42 13.3 % 138.60 13.8 %
Q2 2014 807.63 17.8 % 192.85 28.0 % 183.19 30.7 %
Q3 2014 819.76 18.1 % 205.69 33.5 % 196.90 37.2 %
Q4 2014 739.82 (3.2 %) 231.78 33.2 % 216.42 35.2 %
Q1 2015 467.94 (30.1 %) 111.12 (26.1 %) 100.34 (27.6 %)
Q2 2015 735.37 (8.9 %) 264.00 36.9 % 253.53 38.4 %
Q3 2015 631.98 (22.9 %) 248.32 20.7 % 240.55 22.2 %
Q4 2015 541.73 (26.8 %) 160.72 (30.7 %) 148.10 (31.6 %)
Q1 2016 488.07 4.3 % 178.90 61.0 % 147.77 47.3 %
Q2 2016 546.41 (25.7 %) 224.96 (14.8 %) 195.04 (23.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 1.69 - 0.01 - 1.69 0.01
Q2 2007 0.61 (69.4 %) 0.00 - 0.61 0.00
Q3 2007 (0.06) - 0.00 - (0.06) 0.00
Q4 2007 (0.08) (104.6 %) 0.00 - (0.08) 0.00
Q1 2008 (0.05) (102.9 %) 0.00 - (0.05) 0.00
Q2 2008 75.90 12281.2 % 0.29 - 75.90 0.29
Q3 2008 210.42 334096.8 % 0.81 - 210.42 0.81
Q4 2008 (76.12) (95,045.0 %) (0.29) - (76.12) (0.29)
Q1 2009 42.87 87591.8 % 0.16 - 42.87 0.16
Q2 2009 34.63 (54.4 %) 0.13 - 34.63 0.13
Q3 2009 20.88 (90.1 %) 0.08 - 20.88 0.08
Q4 2009 28.74 137.8 % 0.11 - 28.74 0.11
Q1 2010 52.57 22.6 % 0.20 - 52.57 0.20
Q2 2010 65.26 88.4 % 0.25 - 65.26 0.25
Q3 2010 121.14 480.0 % 0.47 - 121.14 0.47
Q4 2010 89.36 211.0 % 0.34 - 89.36 0.34
Q1 2011 131.11 149.4 % 0.50 - 131.11 0.50
Q2 2011 155.61 138.5 % 0.60 - 155.61 0.60
Q3 2011 135.49 11.9 % 0.52 - 135.49 0.52
Q4 2011 90.60 1.4 % 0.35 - 90.60 0.35
Q1 2012 57.09 (56.5 %) 0.22 - 57.09 0.22
Q2 2012 53.88 (65.4 %) 0.21 - 53.88 0.21
Q3 2012 100.26 (26.0 %) 0.39 - 100.26 0.39
Q4 2012 117.01 29.2 % 0.45 - 117.01 0.45
Q1 2013 117.94 106.6 % 0.45 - 117.94 0.45
Q2 2013 136.67 153.7 % 0.53 - 136.67 0.53
Q3 2013 140.96 40.6 % 0.54 - 140.96 0.54
Q4 2013 161.29 37.9 % 0.62 - 161.29 0.62
Q1 2014 137.45 16.5 % 0.53 1.20 136.26 0.52
Q2 2014 184.63 35.1 % 0.71 4.45 180.19 0.69
Q3 2014 228.74 62.3 % 0.88 34.57 194.17 0.75
Q4 2014 200.13 24.1 % 0.77 (13.13) 213.26 0.82
Q1 2015 89.63 (34.8 %) 0.34 - 89.63 0.34
Q2 2015 243.15 31.7 % 0.94 - 243.15 0.94
Q3 2015 234.18 2.4 % 0.90 - 234.18 0.90
Q4 2015 146.08 (27.0 %) 0.56 - 146.08 0.56
Q1 2016 142.86 59.4 % 0.55 (3.42) 146.28 0.56
Q2 2016 192.11 (21.0 %) 0.74 (6.76) 198.87 0.76

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 27.86 % 34.47 % 23.67 %
Q3 2008 31.87 % 37.22 % 28.55 %
Q4 2008 19.16 % 25.06 % 14.40 %
Q1 2009 18.76 % 25.27 % 13.84 %
Q2 2009 16.99 % 24.08 % 11.43 %
Q3 2009 8.20 % 17.20 % 1.45 %
Q4 2009 14.86 % 24.34 % 8.67 %
Q1 2010 14.32 % 23.63 % 8.76 %
Q2 2010 14.64 % 23.92 % 10.04 %
Q3 2010 18.37 % 27.17 % 14.45 %
Q4 2010 19.47 % 28.05 % 16.17 %
Q1 2011 21.10 % 29.07 % 18.21 %
Q2 2011 22.17 % 29.22 % 19.69 %
Q3 2011 21.27 % 27.74 % 18.96 %
Q4 2011 20.63 % 26.92 % 18.37 %
Q1 2012 18.45 % 24.84 % 16.19 %
Q2 2012 16.41 % 22.93 % 13.90 %
Q3 2012 15.36 % 22.01 % 12.81 %
Q4 2012 15.63 % 21.99 % 13.28 %
Q1 2013 17.80 % 24.04 % 15.39 %
Q2 2013 19.32 % 25.56 % 17.12 %
Q3 2013 20.42 % 26.53 % 18.30 %
Q4 2013 21.95 % 27.75 % 19.99 %
Q1 2014 22.36 % 28.05 % 20.45 %
Q2 2014 22.87 % 28.30 % 21.08 %
Q3 2014 23.62 % 28.85 % 21.95 %
Q4 2014 25.71 % 31.08 % 23.84 %
Q1 2015 26.15 % 31.74 % 23.89 %
Q2 2015 29.41 % 35.36 % 26.79 %
Q3 2015 33.21 % 39.71 % 30.30 %
Q4 2015 32.99 % 40.09 % 30.00 %
Q1 2016 35.54 % 41.88 % 32.11 %
Q2 2016 36.81 % 42.47 % 32.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 260.00 - - 5.45
Q2 2007 260.00 - - 5.45
Q3 2007 260.00 0.02 0.02 5.45
Q4 2007 260.00 0.01 0.01 5.45
Q1 2008 260.00 0.00 0.00 5.45
Q2 2008 260.00 0.29 0.29 5.73
Q3 2008 260.00 1.10 1.10 6.52
Q4 2008 260.00 0.81 0.81 6.22
Q1 2009 260.00 0.97 0.97 6.38
Q2 2009 260.00 0.81 0.81 6.51
Q3 2009 260.00 0.09 0.09 6.32
Q4 2009 260.00 0.49 0.49 6.42
Q1 2010 260.00 0.53 0.53 6.35
Q2 2010 260.00 0.64 0.64 6.19
Q3 2010 260.00 1.03 1.03 6.64
Q4 2010 260.00 1.26 1.26 6.97
Q1 2011 260.00 1.56 1.56 6.91
Q2 2011 260.00 1.91 1.91 6.95
Q3 2011 260.00 1.97 1.97 7.46
Q4 2011 260.00 1.97 1.97 7.80
Q1 2012 260.00 1.69 1.69 7.47
Q2 2012 260.00 1.30 1.30 7.04
Q3 2012 260.00 1.16 1.16 7.42
Q4 2012 260.00 1.26 1.26 7.86
Q1 2013 260.00 1.50 1.50 7.67
Q2 2013 260.00 1.81 1.81 7.55
Q3 2013 260.00 1.97 1.97 8.08
Q4 2013 260.00 2.14 2.14 8.67
Q1 2014 260.00 2.22 2.21 8.42
Q2 2014 260.00 2.40 2.38 8.31
Q3 2014 260.00 2.74 2.58 8.51
Q4 2014 260.00 2.89 2.78 9.14
Q1 2015 260.00 2.70 2.60 8.58
Q2 2015 260.00 2.93 2.85 9.04
Q3 2015 260.00 2.95 3.00 9.31
Q4 2015 260.00 2.74 2.74 9.65
Q1 2016 260.00 2.95 2.96 9.15
Q2 2016 260.00 2.75 2.79 9.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - 2.17
Q2 2007 - - 2.22
Q3 2007 More than 100 More than 100 3.52
Q4 2007 More than 100 More than 100 4.82
Q1 2008 More than 100 More than 100 4.94
Q2 2008 More than 100 More than 100 5.44
Q3 2008 17.14 17.14 2.90
Q4 2008 10.36 10.36 1.35
Q1 2009 9.53 9.53 1.45
Q2 2009 17.36 17.36 2.17
Q3 2009 More than 100 More than 100 2.28
Q4 2009 27.69 27.69 2.11
Q1 2010 23.72 23.72 1.97
Q2 2010 17.36 17.36 1.81
Q3 2010 10.46 10.46 1.62
Q4 2010 11.71 11.71 2.12
Q1 2011 10.74 10.74 2.43
Q2 2011 9.73 9.73 2.67
Q3 2011 7.93 7.93 2.09
Q4 2011 7.89 7.89 1.99
Q1 2012 11.70 11.70 2.64
Q2 2012 12.21 12.21 2.25
Q3 2012 14.13 14.13 2.21
Q4 2012 13.09 13.09 2.10
Q1 2013 12.31 12.31 2.40
Q2 2013 11.05 11.05 2.66
Q3 2013 10.69 10.69 2.61
Q4 2013 12.02 12.02 2.97
Q1 2014 12.12 12.15 3.19
Q2 2014 11.62 11.73 3.36
Q3 2014 13.77 14.59 4.43
Q4 2014 8.78 9.11 2.77
Q1 2015 9.69 10.06 3.05
Q2 2015 12.08 12.43 3.91
Q3 2015 9.76 9.59 3.09
Q4 2015 8.68 8.68 2.47
Q1 2016 8.79 8.75 2.83
Q2 2016 10.89 10.73 3.02

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 173.61 192.11 10.65 %

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
SNB Capital 187.00 192.11 2.7 %
Riyad Capital 187.00 192.11 2.7 %
Alistithmar Capital 182.60 192.11 5.2 %
SHUAA Capital 182.00 192.11 5.6 %
Al Rajhi Capital 181.00 192.11 6.1 %
AlJazira Capital 180.40 192.11 6.5 %
Sico 178.00 192.11 7.9 %
Albilad Capital 163.00 192.11 17.9 %
Value Capital 158.10 192.11 21.5 %
OSOOL AND BAKHEET 137.00 192.11 40.2 %


Financial Ratios
Current
Market Cap (M Riyal) 8,476.00
Enterprise Value (EV) (M) 16,517.15
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) 0.20
Book Value (BV) ( Riyal) 12.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.64
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 1.6
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Share Price

Advanced Petrochemical Co.
32.60
(0.15) (0.46 %)

Advanced Petrochemical Co. (ADVANCED)

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