Sipchem reports SAR 141.8 mln loss in 9M 2020

Sipchem reports SAR 141.8 mln loss in 9M 2020

26/10/2020 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) posted net loss after Zakat and tax of SAR 141.8 million for the first nine months of 2020, versus net profit after Zakat and tax of SAR 436.6 million in year-earlier period, driven by lower netbacks of the company’s products, lower sales volumes of polymers and unplanned shutdown of Al-Waha facility.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 3,933.04 3,716.27 (5.5 %)
Gross Income 1,255.20 654.32 (47.9 %)
Operating Income 764.82 60.63 (92.1 %)
Net Income 436.63 (141.77) (132.5 %)
Average Shares 641.67 733.33 14.3 %
EPS (Riyals) 0.68 (0.19) (128.4 %)

The third-quarter net profit after Zakat and tax plunged 91% year-on-year (YoY) to SAR 10 million, due to significantly lower netbacks and lower sales volumes.

 

On a sequential basis, Sipchem turned to profit in Q3 2020, versus net loss of SAR 99 million in Q2 2020.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 1,402.02 1,361.94 (2.9 %)
Gross Income 361.57 220.28 (39.1 %)
Operating Income 176.96 17.70 (90.0 %)
Net Income 111.05 10.01 (91.0 %)
Average Shares 641.67 733.33 14.3 %
EPS (Riyals) 0.17 0.01 (92.1 %)


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 %)
Q2 2020 950.24 (32.6 %) 161.65 (66.9 %) (23.42) (107.3 %)
Q3 2020 1,361.94 (2.9 %) 220.28 (39.1 %) 17.70 (90.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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
Q2 2020 (98.96) (146.9 %) (0.13) - (98.96) (0.13)
Q3 2020 10.01 (91.0 %) 0.01 - 10.01 0.01

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 %
Q2 2020 22.34 % 23.24 % 0.71 %
Q3 2020 19.80 % 21.11 % (1.27 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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
Q2 2020 733.33 (0.24) 0.05 17.97
Q3 2020 733.33 (0.38) (0.09) 17.94

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
Q2 2020 NEG More than 100 0.80
Q3 2020 NEG NEG 0.92

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)
Q2 2020 646.72 445.67 370.55 419.67 13.86 - (946.23)
Q3 2020 867.35 588.25 351.95 652.64 18.36 - (1116.61)

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (a) Change‬
Average 18.13 10.01 (44.8 %)

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (a) Change
Al Rajhi Capital 16.00 10.01 (37.4) %
Riyad Capital 7.00 10.01 43.1 %
AlJazira Capital 64.50 10.01 (84.5) %
SNB Capital (15.00) 10.01 166.8 %


Financial Ratios
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
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Share Price

Sahara International Petrochemical Co.
24.28
0.00 0.00 %

Sahara International Petrochemical Co. (SIPCHEM)

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