Sipchem’s H1 net profit down 39% to SAR 190.7 mln

Sipchem’s H1 net profit down 39% to SAR 190.7 mln

27/07/2015 Argaam Exclusive

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Saudi International Petrochemical Co. (Sipchem) posted a H1-2015 net profit of SAR 190.7 million, 39.13 percent lower compared to the same period year ago, due to lower sales prices.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 2,105.08 1,833.13 (12.9 %)
Gross Income 755.81 521.48 (31.0 %)
Operating Income 646.94 404.09 (37.5 %)
Net Income 313.26 190.68 (39.1 %)
Average Shares 366.67 366.67 -
Earnings Per Share before unusual items 0.85 0.52 (39.1 %)
EPS (Riyals) 0.85 0.52 (39.1 %)

 

For the second quarter, the net profit was SAR 110.1 million, down 54.99 percent compared to SAR 244.6 million for the same quarter 2014. Lower production and sales as a result of plant closure, and lower sales prices contributed to the drop.

 

Compared to the previous quarter, profit for the period was up 36.6 percent due to the start of commercial production at the International Polymers Co.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 1,177.63 1,006.95 (14.5 %)
Gross Income 522.46 287.40 (45.0 %)
Operating Income 479.24 227.47 (52.5 %)
Net Income 244.60 110.07 (55.0 %)
Average Shares 366.67 366.67 -
Earnings Per Share before unusual items 0.67 0.30 (55.0 %)
EPS (Riyals) 0.67 0.30 (55.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2014 927.45 8.2 % 233.36 29.3 % 167.70 12.0 %
Q2 2014 1,177.63 29.1 % 522.46 41.7 % 479.24 41.2 %
Q3 2014 1,019.33 2.1 % 317.91 (8.0 %) 270.04 (15.3 %)
Q4 2014 999.99 (23.3 %) 322.92 (31.2 %) 260.87 (26.3 %)
Q1 2015 802.03 (13.5 %) 234.08 0.3 % 176.62 5.3 %
Q2 2015 1,006.95 (14.5 %) 287.40 (45.0 %) 227.47 (52.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q1 2014 68.66 6.5 % 0.19 - 68.66 0.19
Q2 2014 244.60 40.6 % 0.67 - 244.60 0.67
Q3 2014 160.57 (13.3 %) 0.44 - 160.57 0.44
Q4 2014 132.40 (32.7 %) 0.36 (37.50) 169.90 0.46
Q1 2015 80.62 17.4 % 0.22 - 80.62 0.22
Q2 2015 110.07 (55.0 %) 0.30 - 110.07 0.30

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2014 34.22 % 42.01 % 15.08 %
Q2 2014 35.65 % 42.65 % 15.78 %
Q3 2014 34.86 % 41.78 % 15.15 %
Q4 2014 33.86 % 42.36 % 15.61 %
Q1 2015 34.94 % 44.44 % 16.40 %
Q2 2015 30.36 % 40.88 % 13.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2014 366.67 1.70 1.70 15.35
Q2 2014 366.67 1.90 1.90 15.45
Q3 2014 366.67 1.83 1.83 15.90
Q4 2014 366.67 1.65 1.76 16.28
Q1 2015 366.67 1.69 1.79 15.85
Q2 2015 366.67 1.32 1.42 15.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2014 38.15 38.15 4.23
Q2 2014 33.35 33.35 4.09
Q3 2014 46.97 46.97 5.40
Q4 2014 32.10 30.23 3.26
Q1 2015 33.93 31.99 3.61
Q2 2015 47.97 44.52 4.06

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
Q1 2014 225.80 701.65
Q2 2014 143.30 1,034.33
Q3 2014 128.72 890.61
Q4 2014 226.62 773.37
Q1 2015 59.50 742.53
Q2 2015 99.40 907.55

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (net income) Change‬
Average 131.76 110.07 (16.5 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (net income) Change
SFC 124.00 110.07 (11.2) %
Riyad Capital 125.00 110.07 (11.9) %
AlJazira Capital 125.80 110.07 (12.5) %
SNB Capital 131.00 110.07 (16.0) %
Al Rajhi Capital 153.00 110.07 (28.1) %


Financial Ratios
Current
Market Cap (M Riyal) 14,285.27
Enterprise Value (EV) (M) 16,000.77
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 0.58
Book Value (BV) ( Riyal) 20.78
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 33.52
Price/book 0.94
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 2.8
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Share Price

Sahara International Petrochemical Co.
19.48
0.56 2.96 %

Sahara International Petrochemical Co. (SIPCHEM)

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