Sipchem posts higher net profit at SAR 620.5m at the end of 2013

Sipchem posts higher net profit at SAR 620.5m at the end of 2013

31/12/2013 Argaam Exclusive

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Saudi International Petrochemical Company (SIPCHEM), a producer of Methanol and its derivatives,  reported SAR 620.5m net profit at the end of 2013, a 3% increase compared to last year, as shown in the following table:



Financials (M)

Item 2012 2013 Change‬
Revenues 3,921.88 4,071.61 3.8 %
Gross Income 1,267.55 1,364.56 7.7 %
Operating Income 1,135.88 1,162.05 2.3 %
Net Income 601.17 620.45 3.2 %
Average Shares 366.67 366.67 -
EPS (Riyals) 1.64 1.69 3.2 %


Current Quarter Comparison (M)

Compared With The
Item Q4 2012 Q4 2013 Change‬
Revenues 1,044.97 1,302.97 24.7 %
Gross Income 303.75 469.59 54.6 %
Operating Income 260.50 354.05 35.9 %
Net Income 157.65 196.79 24.8 %
Average Shares 366.67 366.67 -
EPS (Riyals) 0.43 0.54 24.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 210.95 - 146.46 - 141.31 -
Q2 2005 196.12 - 134.24 - 129.31 -
Q3 2005 163.62 - 103.13 - 94.79 -
Q4 2005 155.40 - 92.22 - 85.56 -
Q1 2006 202.42 (4.0 %) 141.70 (3.3 %) 134.42 (4.9 %)
Q2 2006 352.83 79.9 % 195.27 45.5 % 185.54 43.5 %
Q3 2006 298.29 82.3 % 170.57 65.4 % 158.80 67.5 %
Q4 2006 480.44 209.2 % 314.18 240.7 % 294.47 244.2 %
Q1 2007 369.98 82.8 % 254.83 79.8 % 243.19 80.9 %
Q2 2007 330.81 (6.2 %) 183.27 (6.1 %) 167.58 (9.7 %)
Q3 2007 324.86 8.9 % 156.78 (8.1 %) 144.15 (9.2 %)
Q4 2007 502.03 4.5 % 357.82 13.9 % 338.33 14.9 %
Q1 2008 584.46 58.0 % 391.43 53.6 % 377.34 55.2 %
Q2 2008 413.05 24.9 % 242.12 32.1 % 226.13 34.9 %
Q3 2008 474.56 46.1 % 272.92 74.1 % 257.95 78.9 %
Q4 2008 236.51 (52.9 %) 108.33 (69.7 %) 82.70 (75.6 %)
Q1 2009 159.74 (72.7 %) 22.80 (94.2 %) 5.64 (98.5 %)
Q2 2009 175.76 (57.4 %) 25.13 (89.6 %) 8.32 (96.3 %)
Q3 2009 196.78 (58.5 %) 48.91 (82.1 %) 31.56 (87.8 %)
Q4 2009 298.13 26.1 % 138.91 28.2 % 122.82 48.5 %
Q1 2010 305.61 91.3 % 148.84 552.9 % 134.61 2285.4 %
Q2 2010 371.88 111.6 % 189.10 652.7 % 172.25 1970.8 %
Q3 2010 508.59 158.5 % 201.19 311.4 % 175.82 457.1 %
Q4 2010 806.46 170.5 % 322.22 132.0 % 281.48 129.2 %
Q1 2011 693.04 126.8 % 267.26 79.6 % 240.23 78.5 %
Q2 2011 831.65 123.6 % 316.49 67.4 % 288.02 67.2 %
Q3 2011 865.04 70.1 % 417.16 107.3 % 392.64 123.3 %
Q4 2011 934.65 15.9 % 425.86 32.2 % 381.09 35.4 %
Q1 2012 1,058.04 52.7 % 334.73 25.2 % 303.92 26.5 %
Q2 2012 904.47 8.8 % 314.22 (0.7 %) 283.45 (1.6 %)
Q3 2012 914.39 5.7 % 314.84 (24.5 %) 288.01 (26.6 %)
Q4 2012 1,044.97 11.8 % 303.75 (28.7 %) 260.50 (31.6 %)
Q1 2013 857.39 (19.0 %) 180.54 (46.1 %) 149.73 (50.7 %)
Q2 2013 912.42 0.9 % 368.77 17.4 % 339.43 19.7 %
Q3 2013 998.84 9.2 % 345.65 9.8 % 318.84 10.7 %
Q4 2013 1,302.97 24.7 % 469.59 54.6 % 354.05 35.9 %
2013 4,071.61 3.8 % 1,364.56 7.7 % 1,162.05 2.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 88.39 - 0.66 - 88.39 0.66
Q2 2005 86.16 - 0.64 - 86.16 0.64
Q3 2005 78.21 - 0.58 - 78.21 0.58
Q4 2005 72.21 - 0.54 - 72.21 0.54
Q1 2006 97.05 9.8 % 0.31 - 97.05 0.31
Q2 2006 122.53 42.2 % 0.40 - 122.53 0.40
Q3 2006 98.47 25.9 % 0.32 - 98.47 0.32
Q4 2006 175.64 143.3 % 0.57 - 175.64 0.57
Q1 2007 150.18 54.7 % 0.49 - 150.18 0.49
Q2 2007 100.08 (18.3 %) 0.32 - 100.08 0.32
Q3 2007 87.03 (11.6 %) 0.28 - 87.03 0.28
Q4 2007 254.08 44.7 % 0.82 - 254.08 0.82
Q1 2008 231.59 54.2 % 0.63 - 231.59 0.63
Q2 2008 133.74 33.6 % 0.36 - 133.74 0.36
Q3 2008 136.72 57.1 % 0.37 (45.00) 181.72 0.50
Q4 2008 34.72 (86.3 %) 0.09 (22.60) 57.32 0.16
Q1 2009 29.17 (87.4 %) 0.08 25.00 4.17 0.01
Q2 2009 0.50 (99.6 %) 0.00 - 0.50 0.00
Q3 2009 54.67 (60.0 %) 0.15 50.00 4.67 0.01
Q4 2009 56.54 62.8 % 0.15 - 56.54 0.15
Q1 2010 81.20 178.3 % 0.22 - 81.20 0.22
Q2 2010 87.66 17326.6 % 0.24 - 87.66 0.24
Q3 2010 84.11 53.8 % 0.23 - 84.11 0.23
Q4 2010 125.12 121.3 % 0.34 - 125.12 0.34
Q1 2011 120.90 48.9 % 0.33 - 120.90 0.33
Q2 2011 165.38 88.7 % 0.45 - 165.38 0.45
Q3 2011 208.45 147.8 % 0.57 - 208.45 0.57
Q4 2011 211.18 68.8 % 0.58 - 211.18 0.58
Q1 2012 151.61 25.4 % 0.41 - 151.61 0.41
Q2 2012 136.07 (17.7 %) 0.37 - 136.07 0.37
Q3 2012 155.84 (25.2 %) 0.43 - 155.84 0.43
Q4 2012 157.65 (25.3 %) 0.43 - 157.65 0.43
Q1 2013 64.45 (57.5 %) 0.18 - 64.45 0.18
Q2 2013 174.02 27.9 % 0.47 - 174.02 0.47
Q3 2013 185.19 18.8 % 0.51 - 185.19 0.51
Q4 2013 196.79 24.8 % 0.54 - 196.79 0.54
2013 620.45 3.2 % 1.69 - 620.45 1.69

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 65.56 % 76.60 % 44.76 %
Q1 2006 65.68 % 77.54 % 46.49 %
Q2 2006 60.89 % 72.79 % 42.32 %
Q3 2006 59.44 % 71.06 % 38.68 %
Q4 2006 61.60 % 71.57 % 37.01 %
Q1 2007 62.26 % 72.40 % 36.42 %
Q2 2007 62.37 % 73.27 % 35.44 %
Q3 2007 60.36 % 69.97 % 34.06 %
Q4 2007 62.36 % 71.18 % 38.71 %
Q1 2008 62.53 % 69.73 % 38.62 %
Q2 2008 62.93 % 69.42 % 38.72 %
Q3 2008 64.04 % 70.68 % 40.58 %
Q4 2008 59.39 % 67.28 % 35.37 %
Q1 2009 50.33 % 60.37 % 29.36 %
Q2 2009 41.01 % 53.17 % 23.29 %
Q3 2009 26.69 % 38.77 % 8.67 %
Q4 2009 28.39 % 40.42 % 7.93 %
Q1 2010 37.06 % 46.47 % 14.64 %
Q2 2010 44.85 % 52.51 % 19.62 %
Q3 2010 45.68 % 58.87 % 20.85 %
Q4 2010 43.23 % 53.67 % 18.97 %
Q1 2011 41.17 % 52.62 % 17.55 %
Q2 2011 38.99 % 50.44 % 17.45 %
Q3 2011 41.40 % 50.97 % 19.39 %
Q4 2011 42.92 % 53.18 % 21.23 %
Q1 2012 40.50 % 49.59 % 19.97 %
Q2 2012 39.66 % 48.73 % 18.80 %
Q3 2012 36.46 % 45.19 % 17.18 %
Q4 2012 32.32 % 42.08 % 15.33 %
Q1 2013 29.92 % 40.69 % 13.81 %
Q2 2013 31.32 % 42.52 % 14.80 %
Q3 2013 31.43 % 42.98 % 15.24 %
Q4 2013 33.51 % 42.25 % 15.24 %
2013 33.51 % 42.25 % 15.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 134.16 - - 6.15
Q2 2005 134.16 - - 13.13
Q3 2005 134.16 - - 13.71
Q4 2005 134.16 2.42 2.42 14.25
Q1 2006 309.60 1.08 1.08 6.49
Q2 2006 309.60 1.20 1.20 6.88
Q3 2006 309.60 1.26 1.26 7.20
Q4 2006 309.60 1.59 1.59 7.77
Q1 2007 309.60 1.77 1.77 8.25
Q2 2007 309.60 1.69 1.69 8.58
Q3 2007 309.60 1.66 1.66 8.86
Q4 2007 309.60 1.91 1.91 9.68
Q1 2008 366.67 1.83 1.83 14.17
Q2 2008 366.67 1.93 1.93 14.53
Q3 2008 366.67 2.06 2.18 13.99
Q4 2008 366.67 1.46 1.65 13.54
Q1 2009 366.67 0.91 1.03 13.67
Q2 2009 366.67 0.55 0.66 13.09
Q3 2009 366.67 0.32 0.18 13.21
Q4 2009 366.67 0.38 0.18 13.42
Q1 2010 366.67 0.53 0.39 12.71
Q2 2010 366.67 0.76 0.63 12.82
Q3 2010 366.67 0.84 0.84 12.98
Q4 2010 366.67 1.03 1.03 13.42
Q1 2011 366.67 1.14 1.14 13.79
Q2 2011 366.67 1.35 1.35 14.21
Q3 2011 366.67 1.69 1.69 14.74
Q4 2011 366.67 1.93 1.93 15.36
Q1 2012 366.67 2.01 2.01 14.56
Q2 2012 366.67 1.93 1.93 14.93
Q3 2012 366.67 1.79 1.79 14.87
Q4 2012 366.67 1.64 1.64 15.34
Q1 2013 366.67 1.40 1.40 14.80
Q2 2013 366.67 1.51 1.51 15.31
Q3 2013 366.67 1.59 1.59 15.23
Q4 2013 366.67 1.69 1.69 15.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 31.76 31.76 6.52
Q1 2007 36.81 36.81 7.88
Q2 2007 33.66 33.66 6.65
Q3 2007 35.11 35.11 6.57
Q4 2007 49.69 49.69 9.81
Q1 2008 36.42 36.42 4.72
Q2 2008 39.87 39.87 5.29
Q3 2008 24.42 23.05 3.60
Q4 2008 19.25 17.10 2.08
Q1 2009 34.10 30.25 2.27
Q2 2009 62.31 51.42 2.61
Q3 2009 More than 100 More than 100 2.95
Q4 2009 More than 100 More than 100 3.23
Q1 2010 81.20 More than 100 3.36
Q2 2010 49.52 60.28 2.95
Q3 2010 52.89 52.89 3.44
Q4 2010 49.01 49.01 3.77
Q1 2011 39.06 39.06 3.23
Q2 2011 31.89 31.89 3.03
Q3 2011 21.36 21.36 2.45
Q4 2011 20.47 20.47 2.57
Q1 2012 23.10 23.10 3.19
Q2 2012 18.77 18.77 2.42
Q3 2012 21.39 21.39 2.57
Q4 2012 23.30 23.30 2.49
Q1 2013 27.25 27.25 2.58
Q2 2013 30.16 30.16 2.97
Q3 2013 31.47 31.47 3.28
Q4 2013 37.59 37.59 4.03

Business Segments (Million)

Compared With The
Period Marketing Petrochemical sector
Q1 2011 - 693.04
Q2 2011 - 831.65
Q3 2011 - 865.04
Q4 2011 - 934.65
Q1 2012 220.26 837.79
Q2 2012 182.65 721.82
Q3 2012 151.79 762.60
Q4 2012 192.98 851.98
Q1 2013 214.24 643.15
Q2 2013 176.39 736.03
Q3 2013 208.84 790.00
Q4 2013 196.75 1,106.22

Current
Market Cap (M Riyal) 17,805.25
Enterprise Value (EV) (M) 19,321.18
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 0.77
Book Value (BV) ( Riyal) 21.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 31.52
Price/book 1.14
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6

Share Price

Sahara International Petrochemical Co. (SIPCHEM)


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