Advanced net profit edges up to SAR 354.2 mln in H1 2019

Advanced net profit edges up to SAR 354.2 mln in H1 2019

08/07/2019 Argaam Exclusive

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Advanced Petrochemical Co. reported a net profit after zakat and tax of SAR 354.2 million in the first half of 2019, edging up 0.94 percent year-on-year (YoY) on higher sales volumes, lower propane and outsourced propylene prices.

 

Profit was impacted by higher cost of production, higher general and administrative expenses, and a decrease in profit share from SK Advanced Co. Ltd.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 1,253.49 1,328.92 6.0 %
Gross Income 396.28 440.27 11.1 %
Operating Income 341.31 359.06 5.2 %
Net Income 350.89 354.18 0.9 %
Average Shares 260.00 260.00 -
EPS (Riyals) 1.35 1.36 0.9 %

The company’s Q2 net profit after zakat and tax fell 24.1 percent YoY to SAR 192.3 million due to lower sales volumes, lower prices of poly propylene, higher consumption of outsourced propylene, and lower profit share from subsidiary.

 

On a sequential basis, Q2 net profit rose around 19 percent from the previous quarter on higher polypropylene prices, lower cost of outsourced propylene and lower cost of production. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 749.67 680.96 (9.2 %)
Gross Income 277.14 246.37 (11.1 %)
Operating Income 246.61 207.33 (15.9 %)
Net Income 253.34 192.31 (24.1 %)
Average Shares 260.00 260.00 -
EPS (Riyals) 0.97 0.74 (24.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2016 528.53 (16.4 %) 225.65 (9.1 %) 196.67 (18.2 %)
Q4 2016 576.37 6.4 % 228.95 42.5 % 188.65 27.4 %
Q1 2017 526.24 7.8 % 143.25 (19.9 %) 117.00 (20.8 %)
Q2 2017 604.41 10.6 % 220.13 (2.1 %) 192.07 (1.5 %)
Q3 2017 616.41 16.6 % 221.95 (1.6 %) 195.36 (0.7 %)
Q4 2017 637.48 10.6 % 152.79 (33.3 %) 115.24 (38.9 %)
Q1 2018 503.82 (4.3 %) 119.14 (16.8 %) 94.71 (19.1 %)
Q2 2018 749.67 24.0 % 277.14 25.9 % 246.61 28.4 %
Q3 2018 744.94 20.9 % 218.08 (1.7 %) 190.55 (2.5 %)
Q4 2018 749.79 17.6 % 213.22 39.5 % 168.51 46.2 %
Q1 2019 647.97 28.6 % 193.91 62.8 % 151.74 60.2 %
Q2 2019 680.96 (9.2 %) 246.37 (11.1 %) 207.33 (15.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2016 189.10 (19.2 %) 0.73 (14.00) 203.11 0.78
Q4 2016 207.81 42.3 % 0.80 6.98 200.83 0.77
Q1 2017 124.37 (12.9 %) 0.48 - 124.37 0.48
Q2 2017 194.51 1.2 % 0.75 - 194.51 0.75
Q3 2017 208.41 10.2 % 0.80 - 208.41 0.80
Q4 2017 103.83 (50.0 %) 0.40 - 103.83 0.40
Q1 2018 97.55 (21.6 %) 0.38 - 97.55 0.38
Q2 2018 253.34 30.2 % 0.97 - 253.34 0.97
Q3 2018 202.20 (3.0 %) 0.78 - 202.20 0.78
Q4 2018 163.87 57.8 % 0.63 - 163.87 0.63
Q1 2019 161.88 65.9 % 0.62 - 161.88 0.62
Q2 2019 192.31 (24.1 %) 0.74 - 192.31 0.74

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2016 37.55 % 41.89 % 32.99 %
Q4 2016 40.13 % 42.70 % 35.01 %
Q1 2017 37.79 % 40.45 % 33.39 %
Q2 2017 36.59 % 39.17 % 32.33 %
Q3 2017 35.05 % 37.93 % 31.34 %
Q4 2017 30.95 % 34.04 % 26.47 %
Q1 2018 30.23 % 33.46 % 25.58 %
Q2 2018 30.75 % 33.85 % 26.45 %
Q3 2018 29.10 % 32.22 % 24.92 %
Q4 2018 30.11 % 33.04 % 26.09 %
Q1 2019 31.20 % 33.53 % 27.01 %
Q2 2019 30.87 % 33.03 % 25.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2016 260.00 2.58 2.67 10.55
Q4 2016 260.00 2.81 2.88 11.68
Q1 2017 260.00 2.74 2.80 11.22
Q2 2017 260.00 2.75 2.78 10.86
Q3 2017 260.00 2.83 2.80 11.89
Q4 2017 260.00 2.43 2.43 11.97
Q1 2018 260.00 2.32 2.32 11.84
Q2 2018 260.00 2.55 2.55 12.53
Q3 2018 260.00 2.53 2.53 12.43
Q4 2018 260.00 2.76 2.76 12.40
Q1 2019 260.00 3.00 3.00 12.38
Q2 2019 260.00 2.77 2.77 12.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2016 11.08 10.70 2.71
Q4 2016 12.36 12.08 2.98
Q1 2017 12.73 12.49 3.11
Q2 2017 12.69 12.57 3.22
Q3 2017 12.31 12.43 2.93
Q4 2017 14.32 14.32 2.90
Q1 2018 16.28 16.28 3.20
Q2 2018 16.27 16.27 3.31
Q3 2018 16.45 16.45 3.34
Q4 2018 13.87 13.87 3.08
Q1 2019 14.01 14.01 3.40
Q2 2019 16.48 16.48 3.68

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average 173.90 192.31 10.58 %

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
Al Rajhi Capital 184.00 192.31 4.5 %
SNB Capital 181.00 192.31 6.2 %
AlJazira Capital 169.50 192.31 13.5 %
OSOOL AND BAKHEET 168.00 192.31 14.5 %
Riyad Capital 167.00 192.31 15.2 %


Financial Ratios
Current
Market Cap (M Riyal) 8,489.00
Enterprise Value (EV) (M) 16,530.15
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.
32.70
(0.05) (0.15 %)

Advanced Petrochemical Co. (ADVANCED)

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