Sipchem incurs SAR 52.8 mln loss in Q1 2020

Sipchem incurs SAR 52.8 mln loss in Q1 2020

18/05/2020 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) sustained a net loss after Zakat and tax of SAR 52.8 million for Q1 2020, against a net profit of SAR 114.7 million in year-earlier period.

 

The losses came due to lower netbacks of Sipchem’s products, lower production volumes on the unplanned shutdown and turnaround maintenance at Al-Waha plant.

 

Sipchem also reported a SAR 100 million impairment loss on International Diol Co., in addition to an impairment loss of SAR 180 million resulting from classification of held-for-sale assets.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 1,121.61 1,404.09 25.2 %
Gross Income 405.07 272.39 (32.8 %)
Operating Income 267.43 66.35 (75.2 %)
Net Income 114.72 (52.83) (146.0 %)
Average Shares 641.67 733.33 14.3 %
Earnings Per Share before unusual items 0.20 0.19 (6.8 %)
EPS (Riyals) 0.18 (0.07) (140.3 %)

When compared to Q4 2019, the petrochemical producer narrowed net losses by 61.5% from SAR 137.1 million, thanks to improved selling prices of certain products, and lower impairment losses.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2015 809.93 (20.5 %) 209.37 (34.1 %) 156.89 (41.9 %)
Q4 2015 871.77 (12.8 %) 102.15 (68.4 %) 12.39 (95.2 %)
Q1 2016 923.99 15.2 % 268.86 14.9 % 164.80 (6.7 %)
Q2 2016 923.62 (8.3 %) 215.25 (25.1 %) 106.74 (53.1 %)
Q3 2016 717.85 (11.4 %) 128.24 (38.8 %) 31.56 (79.9 %)
Q4 2016 949.59 8.9 % 249.11 143.9 % 134.24 983.3 %
Q1 2017 1,199.01 29.8 % 352.28 31.0 % 230.72 40.0 %
Q2 2017 918.28 (0.6 %) 281.06 30.6 % 175.49 64.4 %
Q3 2017 1,063.57 48.2 % 367.04 186.2 % 253.50 703.2 %
Q4 2017 1,278.63 34.6 % 425.67 70.9 % 274.99 104.8 %
Q1 2018 1,170.94 (2.3 %) 414.77 17.7 % 283.58 22.9 %
Q2 2018 1,474.46 60.6 % 545.06 93.9 % 410.23 133.8 %
Q3 2018 1,337.75 25.8 % 470.38 28.2 % 327.98 29.4 %
Q4 2018 1,052.66 (17.7 %) 204.57 (51.9 %) 73.99 (73.1 %)
Q1 2019 1,121.61 (4.2 %) 405.07 (2.3 %) 267.43 (5.7 %)
Q2 2019 1,409.42 (4.4 %) 488.57 (10.4 %) 320.44 (21.9 %)
Q3 2019 1,402.02 4.8 % 361.57 (23.1 %) 176.96 (46.0 %)
Q4 2019 1,506.69 43.1 % 380.04 85.8 % 141.44 91.2 %
Q1 2020 1,404.09 25.2 % 272.39 (32.8 %) 66.35 (75.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q3 2015 71.58 (55.4 %) 0.20 - 71.58 0.20
Q4 2015 25.98 (80.4 %) 0.07 - 25.98 0.07
Q1 2016 49.23 (38.9 %) 0.13 (21.50) 70.73 0.19
Q2 2016 11.37 (89.7 %) 0.03 - 11.37 0.03
Q3 2016 (49.38) (169.0 %) (0.13) - (49.38) (0.13)
Q4 2016 31.87 22.7 % 0.09 - 31.87 0.09
Q1 2017 91.65 86.2 % 0.25 - 91.65 0.25
Q2 2017 59.79 425.9 % 0.16 - 59.79 0.16
Q3 2017 121.55 346.1 % 0.33 - 121.55 0.33
Q4 2017 164.40 415.9 % 0.45 - 164.40 0.45
Q1 2018 151.39 65.2 % 0.41 2.86 148.53 0.41
Q2 2018 211.37 253.5 % 0.58 (14.20) 225.57 0.62
Q3 2018 180.27 48.3 % 0.49 (13.96) 194.23 0.53
Q4 2018 39.92 (75.7 %) 0.11 24.83 15.09 0.04
Q1 2019 114.72 (24.2 %) 0.18 (13.00) 127.72 0.20
Q2 2019 210.85 (0.2 %) 0.33 (4.50) 215.35 0.34
Q3 2019 111.05 (38.4 %) 0.17 (2.80) 113.85 0.18
Q4 2019 (137.10) (443.4 %) (0.21) (23.51) (113.60) (0.18)
Q1 2020 (52.83) (146.0 %) (0.07) (188.91) 136.09 0.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2015 29.12 % 40.95 % 11.94 %
Q4 2015 23.86 % 36.22 % 8.26 %
Q1 2016 24.02 % 36.37 % 7.70 %
Q2 2016 22.54 % 33.34 % 5.09 %
Q3 2016 20.79 % 27.62 % 1.71 %
Q4 2016 24.51 % 33.63 % 1.84 %
Q1 2017 24.93 % 31.95 % 2.26 %
Q2 2017 26.70 % 34.06 % 3.54 %
Q3 2017 30.25 % 38.89 % 7.38 %
Q4 2017 31.98 % 37.10 % 9.81 %
Q1 2018 33.59 % 39.50 % 11.15 %
Q2 2018 35.14 % 40.29 % 13.23 %
Q3 2018 35.27 % 39.61 % 13.93 %
Q4 2018 32.46 % 36.75 % 11.59 %
Q1 2019 32.59 % 36.33 % 11.28 %
Q2 2019 31.87 % 35.20 % 11.22 %
Q3 2019 29.28 % 32.93 % 9.47 %
Q4 2019 30.06 % 31.54 % 6.31 %
Q1 2020 26.26 % 27.08 % 6.15 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q3 2015 366.67 1.08 1.18 15.78
Q4 2015 366.67 0.79 0.79 15.85
Q1 2016 366.67 0.70 0.76 14.36
Q2 2016 366.67 0.43 0.49 14.38
Q3 2016 366.67 0.10 0.16 14.25
Q4 2016 366.67 0.12 0.18 14.36
Q1 2017 366.67 0.23 0.23 14.61
Q2 2017 366.67 0.37 0.37 14.77
Q3 2017 366.67 0.83 0.83 15.10
Q4 2017 366.67 1.19 1.19 15.55
Q1 2018 366.67 1.36 1.35 15.97
Q2 2018 366.67 1.77 1.80 16.05
Q3 2018 366.67 1.93 2.00 16.04
Q4 2018 366.67 1.59 1.59 16.14
Q1 2019 641.67 0.85 0.88 15.81
Q2 2019 641.67 0.85 0.86 18.89
Q3 2019 641.67 0.74 0.74 18.44
Q4 2019 641.67 0.47 0.54 18.19
Q1 2020 733.33 0.18 0.48 18.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 35.01 31.97 2.39
Q4 2015 35.64 35.64 1.77
Q1 2016 37.63 34.72 1.84
Q2 2016 60.60 53.35 1.82
Q3 2016 More than 100 More than 100 1.86
Q4 2016 More than 100 More than 100 2.63
Q1 2017 More than 100 More than 100 2.43
Q2 2017 77.10 77.10 1.91
Q3 2017 37.93 37.93 2.09
Q4 2017 29.26 29.26 2.24
Q1 2018 31.26 31.44 2.65
Q2 2018 25.34 24.91 2.79
Q3 2018 23.41 22.60 2.82
Q4 2018 25.11 25.09 2.47
Q1 2019 27.06 26.28 2.55
Q2 2019 28.03 27.69 1.10
Q3 2019 27.73 28.00 0.98
Q4 2019 43.97 38.36 0.99
Q1 2020 68.23 25.61 0.68

Business Segments (Million)

Compared With The
Period Marketing Intermediate chemicals Basic chemicals Polymers Corporate and others Petrochemical sector Eliminations
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 -
Q3 2015 64.73 - - - - 745.20 -
Q4 2015 279.26 - - - - 592.51 -
Q1 2016 - 565.13 341.67 271.08 51.78 - (305.68)
Q2 2016 928.40 603.96 337.22 260.71 - - (1156.44)
Q3 2016 391.59 385.17 276.06 251.18 - - (584.60)
Q4 2016 569.76 416.92 372.05 290.91 1.55 - (701.59)
Q1 2017 899.09 606.65 508.76 318.09 2.55 - (1136.12)
Q2 2017 616.75 513.05 359.97 228.20 74.44 - (874.13)
Q3 2017 599.04 435.32 498.62 285.49 33.22 - (788.11)
Q4 2017 774.81 747.67 494.99 266.44 14.89 - (1020.16)
Q1 2018 731.01 565.18 540.95 296.35 41.82 - (1004.36)
Q2 2018 825.69 693.27 536.49 298.43 40.58 - (920.00)
Q3 2018 781.59 810.39 384.43 407.53 44.84 - (1091.03)
Q4 2018 629.36 746.38 320.81 352.07 17.51 - (1013.48)
Q1 2019 720.42 690.39 414.52 295.77 76.68 - (1076.18)
Q2 2019 791.99 577.35 392.95 590.67 134.60 - (1078.15)
Q3 2019 802.75 360.16 590.10 701.89 (86.24) - (966.65)
Q4 2019 589.67 697.60 442.78 997.51 19.14 - (1240.01)
Q1 2020 1,022.46 591.42 465.32 506.80 12.04 - (1193.95)

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 64.48 (52.83) (181.9 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
Al Rajhi Capital 93.00 (52.83) (156.8) %
SNB Capital 88.00 (52.83) (160.0) %
AlJazira Capital 75.90 (52.83) (169.6) %
Riyad Capital 1.00 (52.83) (5382.5) %


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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