Sipchem profit drops 61% to SAR 181.5M in Q1

Sipchem profit drops 61% to SAR 181.5M in Q1

28/04/2024 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a fall of 61% in Q1 2024 net profit to SAR 181.5 million from SAR 470.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,087.31 1,924.63 (7.8 %)
Gross Income 754.92 480.13 (36.4 %)
Operating Income 561.05 294.33 (47.5 %)
Net Income 470.33 181.51 (61.4 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 0.64 0.25 (61.4 %)

The profit decline is attributed to lower sales amid a decline in the company’s product selling prices, as well as a decrease in sales volumes due to the periodic turnaround maintenance activities of Al Waha Petrochemical Co.

 

In addition, feedstock prices (natural gas and ethane) increased, which was partially offset by the decline in the prices of other raw materials.

 

Meanwhile, the share of profits from Sipchem’s investment in a joint venture and associates decreased.

 

The first-quarter net profit rose by 14.4% from SAR 158.66 million in Q4 2023, on lower general and administrative costs, along with a decrease in the cost of production in Al Waha Petrochemical Co.

 

Shareholders’ equity, excluding minority interest, fell to SAR 15.75 billion as of March 31, 2024, compared to SAR 16.25 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 802.03 (13.5 %) 234.08 0.3 % 80.62 17.4 % 0.22
Q2 2015 1,006.95 (14.5 %) 287.40 (45.0 %) 110.07 (55.0 %) 0.30
Q3 2015 809.93 (20.5 %) 209.37 (34.1 %) 71.58 (55.4 %) 0.20
Q4 2015 871.77 (12.8 %) 102.15 (68.4 %) 25.98 (80.4 %) 0.07
Q1 2016 923.99 15.2 % 268.86 14.9 % 49.23 (38.9 %) 0.13
Q2 2016 923.62 (8.3 %) 215.25 (25.1 %) 11.37 (89.7 %) 0.03
Q3 2016 717.85 (11.4 %) 128.24 (38.8 %) (49.38) (169.0 %) (0.13)
Q4 2016 949.59 8.9 % 249.11 143.9 % 31.87 22.7 % 0.09
Q1 2017 1,199.01 29.8 % 352.28 31.0 % 91.65 86.2 % 0.25
Q2 2017 918.28 (0.6 %) 281.06 30.6 % 59.79 425.9 % 0.16
Q3 2017 1,063.57 48.2 % 367.04 186.2 % 121.55 346.1 % 0.33
Q4 2017 1,278.63 34.6 % 425.67 70.9 % 164.40 415.9 % 0.45
Q1 2018 1,170.94 (2.3 %) 414.77 17.7 % 151.39 65.2 % 0.41
Q2 2018 1,474.46 60.6 % 545.06 93.9 % 211.37 253.5 % 0.58
Q3 2018 1,337.75 25.8 % 470.38 28.2 % 180.27 48.3 % 0.49
Q4 2018 1,052.66 (17.7 %) 204.57 (51.9 %) 39.92 (75.7 %) 0.11
Q1 2019 1,121.61 (4.2 %) 405.07 (2.3 %) 114.72 (24.2 %) 0.18
Q2 2019 1,409.42 (4.4 %) 488.57 (10.4 %) 210.85 (0.2 %) 0.33
Q3 2019 1,402.02 4.8 % 361.57 (23.1 %) 111.05 (38.4 %) 0.17
Q4 2019 1,506.69 43.1 % 380.04 85.8 % (137.10) (443.4 %) (0.21)
Q1 2020 1,404.09 25.2 % 272.39 (32.8 %) (52.83) (146.0 %) (0.07)
Q2 2020 950.24 (32.6 %) 161.65 (66.9 %) (98.96) (146.9 %) (0.13)
Q3 2020 1,361.94 (2.9 %) 220.28 (39.1 %) 10.01 (91.0 %) 0.01
Q4 2020 1,606.75 6.6 % 518.62 36.5 % 317.64 331.7 % 0.43
Q1 2021 2,030.98 44.6 % 956.06 251.0 % 411.47 878.9 % 0.56
Q2 2021 2,362.65 148.6 % 1,477.57 814.1 % 829.88 938.6 % 1.13
Q3 2021 2,505.60 84.0 % 1,369.30 521.6 % 1,029.51 10180.7 % 1.40
Q4 2021 2,787.47 73.5 % 1,539.43 196.8 % 1,321.00 315.9 % 1.80
Q1 2022 2,348.11 15.6 % 1,321.34 38.2 % 1,078.82 162.2 % 1.47
Q2 2022 3,097.40 31.1 % 1,583.91 7.2 % 1,263.10 52.2 % 1.72
Q3 2022 2,853.42 13.9 % 1,123.18 (18.0 %) 774.41 (24.8 %) 1.06
Q4 2022 1,954.69 (29.9 %) 810.24 (47.4 %) 478.96 (63.7 %) 0.65
Q1 2023 2,087.31 (11.1 %) 754.92 (42.9 %) 470.33 (56.4 %) 0.64
Q2 2023 1,701.55 (45.1 %) 527.62 (66.7 %) 312.92 (75.2 %) 0.43
Q3 2023 1,789.37 (37.3 %) 457.83 (59.2 %) 233.09 (69.9 %) 0.32
Q4 2023 1,981.40 1.4 % 455.00 (43.8 %) 158.66 (66.9 %) 0.22
Q1 2024 1,924.63 (7.8 %) 480.13 (36.4 %) 181.51 (61.4 %) 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2020 22.04 % 24.54 % 5.51 %
Q1 2021 31.20 % 32.90 % 12.25 %
Q2 2021 43.09 % 42.55 % 23.49 %
Q3 2021 50.81 % 49.65 % 32.32 %
Q4 2021 55.15 % 56.32 % 39.38 %
Q1 2022 57.05 % 58.67 % 43.20 %
Q2 2022 54.14 % 56.66 % 43.61 %
Q3 2022 50.22 % 52.99 % 39.94 %
Q4 2022 47.19 % 48.47 % 35.42 %
Q1 2023 42.75 % 43.94 % 30.25 %
Q2 2023 37.41 % 39.25 % 24.11 %
Q3 2023 33.86 % 36.34 % 20.33 %
Q4 2023 29.04 % 31.22 % 13.59 %
Q1 2024 25.96 % 28.28 % 9.98 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 733.33 0.24 0.40 17.71
Q1 2021 733.33 0.87 0.99 17.77
Q2 2021 733.33 2.14 2.36 18.18
Q3 2021 733.33 3.53 3.75 19.56
Q4 2021 733.33 4.90 5.20 19.89
Q1 2022 733.33 5.81 5.89 21.37
Q2 2022 733.33 6.40 6.39 21.31
Q3 2022 733.33 6.05 6.04 22.36
Q4 2022 733.33 4.90 4.95 21.56
Q1 2023 733.33 4.07 4.12 22.17
Q2 2023 733.33 2.78 2.83 21.39
Q3 2023 733.33 2.04 2.09 21.69
Q4 2023 733.33 1.60 1.40 21.23
Q1 2024 733.33 1.21 1.01 21.49

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 72.22 43.29 0.98
Q1 2021 25.32 22.24 1.24
Q2 2021 14.33 12.99 1.69
Q3 2021 12.41 11.68 2.24
Q4 2021 8.57 8.07 2.11
Q1 2022 9.25 9.11 2.51
Q2 2022 7.77 7.78 2.36
Q3 2022 6.92 6.93 1.87
Q4 2022 6.85 6.78 1.58
Q1 2023 9.29 9.18 1.71
Q2 2023 13.12 12.89 1.72
Q3 2023 18.54 18.10 1.74
Q4 2023 21.01 24.04 1.60
Q1 2024 25.94 31.14 1.46

Business Segments (Million)

Compared With The
Period Marketing activities Intermediate chemicals Basic chemicals Polymers Corporate and others Petrochemical sector Eliminations
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)
Q4 2020 1,122.06 606.62 503.76 755.12 10.16 - (1390.98)
Q1 2021 1,456.57 762.03 648.12 828.79 7.40 - (1671.93)
Q2 2021 1,730.16 1,133.47 753.07 958.38 3.80 - (2216.22)
Q3 2021 1,964.72 1,096.97 841.12 810.62 0.08 - (2207.91)
Q4 2021 2,283.86 1,312.85 903.74 856.89 5.25 - (2575.13)
Q1 2022 1,935.17 1,181.01 873.20 652.58 3.04 - (2296.89)
Q2 2022 2,544.64 1,417.72 912.22 1,010.31 9.10 - (2796.58)
Q3 2022 2,140.18 1,208.16 747.00 1,021.86 10.02 - (2273.78)
Q4 2022 1,428.30 832.54 651.93 676.06 5.91 - (1640.05)
Q1 2023 1,476.57 818.13 654.38 746.82 32.19 - (1640.79)
Q2 2023 1,157.22 727.83 302.88 614.42 21.54 - (1122.33)
Q3 2023 1,329.18 464.48 484.70 733.30 20.54 - (1242.83)
Q1 2024 1,336.28 637.73 606.29 491.97 66.90 - (1214.55)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 170.15 181.51 6.68 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Bank of America 182.87 181.51 (0.7) %
GIB Capital 186.00 181.51 (2.4) %
Goldman Sachs 176.00 181.51 3.1 %
Hermes 189.00 181.51 (4.0) %
Riyad Capital 174.00 181.51 4.3 %
SNB Capital 169.00 181.51 7.4 %
AlJazira Capital 151.30 181.51 20.0 %
Al Rajhi Capital 137.00 181.51 32.5 %
U-Capital 284.50 181.51 (36.2) %
Value Capital 125.27 181.51 44.9 %
OSOOL AND BAKHEET 96.70 181.51 87.7 %


Financial Ratios
Current
Market Cap (M Riyal) 21,303.24
Enterprise Value (EV) (M) 22,798.78
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 1.21
Book Value (BV) ( Riyal) 21.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.86
P/E (TTM) 24.04
Price/book 1.35
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 5.5
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Share Price

Sahara International Petrochemical Co.
29.10
0.05 0.17 %

Sahara International Petrochemical Co. (SIPCHEM)

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