SABIC incurs SAR 2.18 bln net loss in 9M 2020 on lower selling prices, volumes

SABIC incurs SAR 2.18 bln net loss in 9M 2020 on lower selling prices, volumes

25/10/2020 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC) reported a net loss after Zakat and tax of SAR 2.18 billion for the first nine months of 2020, compared to a net profit of SAR 6.09 billion in year-earlier period.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 103,719.17 84,107.65 (18.9 %)
Gross Income 25,927.37 15,413.99 (40.5 %)
Operating Income 11,428.35 994.14 (91.3 %)
Net Income 6,089.60 (2181.40) (135.8 %)
Average Shares 3,000.00 3,000.00 -
Earnings Per Share before unusual items 2.53 (0.21) (108.1 %)
EPS (Riyals) 2.03 (0.73) (135.8 %)

The petrochemicals giant attributed the losses to lower average selling prices and sales volumes. It also allocated an impairment provision for certain capital and financial assets, net of SAR 1.55 billion.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 32,809.63 29,295.07 (10.7 %)
Gross Income 7,978.34 6,519.82 (18.3 %)
Operating Income 3,282.45 1,840.41 (43.9 %)
Net Income 737.04 1,088.53 47.7 %
Average Shares 3,000.00 3,000.00 -
Earnings Per Share before unusual items 0.75 0.14 (82.0 %)
EPS (Riyals) 0.25 0.36 47.7 %

In Q3 2020, SABIC reported a rise of 47% in net profit after Zakat and tax to SAR 1.09 billion, compared to a net profit of SAR 0.74 billion a year earlier, driven by higher production and sales volumes, in addition to reversal of impairment provisions in certain financial assets, net of SAR 0.69 billion.

 

The company turned to profitability from a net loss of SAR 2.22 billion in Q2 2020. SABIC’s quarterly results were backed by a rise in average selling prices, as well as higher production and sales volume. The giant petrochemical producer also reversed impairment provisions in certain financial assets, net of SAR 0.69 billion.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 44,873.39 31.5 % 15,425.16 26.3 % 12,507.69 28.8 %
Q2 2011 49,085.83 26.3 % 16,494.46 39.3 % 13,276.32 45.4 %
Q3 2011 48,929.99 29.2 % 16,812.63 43.4 % 13,500.42 50.4 %
Q4 2011 47,009.05 14.4 % 13,398.12 4.9 % 9,553.95 (5.1 %)
Q1 2012 48,345.54 7.7 % 14,321.77 (7.2 %) 11,472.86 (8.3 %)
Q2 2012 46,528.08 (5.2 %) 12,516.82 (24.1 %) 9,450.05 (28.8 %)
Q3 2012 44,806.32 (8.4 %) 12,881.14 (23.4 %) 9,863.62 (26.9 %)
Q4 2012 49,345.60 5.0 % 13,673.60 2.1 % 10,239.02 7.2 %
Q1 2013 46,738.92 (3.3 %) 14,015.38 (2.1 %) 11,051.99 (3.7 %)
Q2 2013 44,993.01 (3.3 %) 13,049.15 4.3 % 9,971.24 5.5 %
Q3 2013 48,820.23 9.0 % 14,429.15 12.0 % 11,266.96 14.2 %
Q4 2013 48,433.88 (1.8 %) 13,805.23 1.0 % 10,249.04 0.1 %
Q1 2014 49,220.59 5.3 % 14,112.50 0.7 % 10,853.57 (1.8 %)
Q2 2014 48,171.67 7.1 % 13,432.88 2.9 % 10,068.03 1.0 %
Q3 2014 48,070.62 (1.5 %) 13,740.65 (4.8 %) 10,410.26 (7.6 %)
Q4 2014 43,741.90 (9.7 %) 11,099.25 (19.6 %) 7,404.87 (27.8 %)
Q1 2015 34,563.66 (29.8 %) 9,415.16 (33.3 %) 6,123.56 (43.6 %)
Q2 2015 42,094.99 (12.6 %) 12,721.92 (5.3 %) 9,381.47 (6.8 %)
Q3 2015 37,351.85 (22.3 %) 11,830.42 (13.9 %) 8,576.92 (17.6 %)
Q4 2015 34,156.59 (21.9 %) 9,074.93 (18.2 %) 5,135.92 (30.6 %)
Q1 2016 33,467.91 (3.2 %) 10,107.66 7.4 % 4,665.26 (23.8 %)
Q2 2016 36,258.34 (13.9 %) 12,895.61 1.4 % 7,411.32 (21.0 %)
Q3 2016 35,797.36 (4.2 %) 13,221.21 11.8 % 7,855.53 (8.4 %)
Q4 2016 37,475.21 9.7 % 11,089.73 22.2 % 6,163.93 20.0 %
Q1 2017 36,320.80 8.5 % 13,534.02 33.9 % 8,336.38 78.7 %
Q2 2017 34,438.19 (5.0 %) 10,345.55 (19.8 %) 5,584.92 (24.6 %)
Q3 2017 38,678.75 8.0 % 13,587.03 2.8 % 8,502.77 8.2 %
Q4 2017 40,328.24 7.6 % 12,472.69 12.5 % 6,574.32 6.7 %
Q1 2018 41,861.60 15.3 % 14,531.51 7.4 % 10,325.83 23.9 %
Q2 2018 43,284.60 25.7 % 16,100.12 55.6 % 10,829.83 93.9 %
Q3 2018 43,711.93 13.0 % 15,126.31 11.3 % 9,955.59 17.1 %
Q4 2018 40,270.21 (0.1 %) 12,195.24 (2.2 %) 5,169.11 (21.4 %)
Q1 2019 36,010.40 (14.0 %) 9,406.12 (35.3 %) 4,528.64 (56.1 %)
Q2 2019 34,899.15 (19.4 %) 8,542.92 (46.9 %) 3,617.27 (66.6 %)
Q3 2019 32,809.63 (24.9 %) 7,978.34 (47.3 %) 3,282.45 (67.0 %)
Q4 2019 31,676.83 (21.3 %) 3,477.34 (71.5 %) (1639.25) (131.7 %)
Q1 2020 30,193.15 (16.2 %) 5,420.00 (42.4 %) 445.65 (90.2 %)
Q2 2020 24,619.43 (29.5 %) 3,587.99 (58.0 %) (1291.91) (135.7 %)
Q3 2020 29,295.07 (10.7 %) 6,519.82 (18.3 %) 1,840.41 (43.9 %)


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 7,689.30 41.6 % 2.56 - 7,689.30 2.56
Q2 2011 8,100.75 61.5 % 2.70 - 8,100.75 2.70
Q3 2011 8,185.29 53.7 % 2.73 - 8,185.29 2.73
Q4 2011 5,266.42 (8.5 %) 1.76 - 5,266.42 1.76
Q1 2012 7,271.01 (5.4 %) 2.42 - 7,271.01 2.42
Q2 2012 5,303.28 (34.5 %) 1.77 - 5,303.28 1.77
Q3 2012 6,312.41 (22.9 %) 2.10 - 6,312.41 2.10
Q4 2012 5,893.56 11.9 % 1.96 - 5,893.56 1.96
Q1 2013 6,563.44 (9.7 %) 2.19 - 6,563.44 2.19
Q2 2013 6,042.14 13.9 % 2.01 - 6,042.14 2.01
Q3 2013 6,465.14 2.4 % 2.16 - 6,465.14 2.16
Q4 2013 6,207.65 5.3 % 2.07 - 6,207.65 2.07
Q1 2014 6,441.74 (1.9 %) 2.15 - 6,441.74 2.15
Q2 2014 6,456.47 6.9 % 2.15 - 6,456.47 2.15
Q3 2014 6,178.79 (4.4 %) 2.06 - 6,178.79 2.06
Q4 2014 4,356.31 (29.8 %) 1.45 - 4,356.31 1.45
Q1 2015 3,934.65 (38.9 %) 1.31 - 3,934.65 1.31
Q2 2015 6,170.75 (4.4 %) 2.06 - 6,170.75 2.06
Q3 2015 5,603.55 (9.3 %) 1.87 - 5,603.55 1.87
Q4 2015 3,075.27 (29.4 %) 1.03 (375.21) 3,450.48 1.15
Q1 2016 2,909.90 (26.0 %) 0.97 - 2,909.90 0.97
Q2 2016 4,958.84 (19.6 %) 1.65 (365.81) 5,324.64 1.77
Q3 2016 5,230.26 (6.7 %) 1.74 - 5,230.26 1.74
Q4 2016 4,514.62 46.8 % 1.50 (339.56) 4,854.17 1.62
Q1 2017 5,234.52 79.9 % 1.74 - 5,234.52 1.74
Q2 2017 3,705.70 (25.3 %) 1.24 (278.00) 3,983.70 1.33
Q3 2017 5,787.55 10.7 % 1.93 - 5,787.55 1.93
Q4 2017 3,704.09 (18.0 %) 1.23 (486.00) 4,188.47 1.40
Q1 2018 5,508.08 5.2 % 1.84 (1380.00) 6,888.08 2.30
Q2 2018 6,695.32 80.7 % 2.23 - 6,695.32 2.23
Q3 2018 6,097.89 5.4 % 2.03 - 6,097.89 2.03
Q4 2018 3,219.39 (13.1 %) 1.07 - 3,219.39 1.07
Q1 2019 3,322.59 (39.7 %) 1.11 - 3,322.59 1.11
Q2 2019 2,029.98 (69.7 %) 0.68 - 2,029.98 0.68
Q3 2019 737.04 (87.9 %) 0.25 (1510.00) 2,247.04 0.75
Q4 2019 (891.49) (127.7 %) (0.30) (1300.00) 408.51 0.14
Q1 2020 (1045.94) (131.5 %) (0.35) (1069.00) 23.06 0.01
Q2 2020 (2223.98) (209.6 %) (0.74) (1180.00) (1043.98) (0.35)
Q3 2020 1,088.53 47.7 % 0.36 683.00 405.53 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 31.81 % 31.88 % 14.62 %
Q2 2011 32.62 % 32.45 % 15.54 %
Q3 2011 33.43 % 33.06 % 16.16 %
Q4 2011 32.72 % 31.94 % 15.40 %
Q1 2012 31.56 % 31.01 % 14.91 %
Q2 2012 29.90 % 29.78 % 13.64 %
Q3 2012 28.45 % 28.71 % 12.94 %
Q4 2012 28.25 % 28.97 % 13.11 %
Q1 2013 28.33 % 29.12 % 12.84 %
Q2 2013 28.85 % 29.58 % 13.35 %
Q3 2013 29.05 % 29.86 % 13.15 %
Q4 2013 29.26 % 30.07 % 13.38 %
Q1 2014 28.93 % 29.68 % 13.14 %
Q2 2014 28.66 % 29.37 % 13.14 %
Q3 2014 28.41 % 29.14 % 13.04 %
Q4 2014 27.69 % 28.28 % 12.39 %
Q1 2015 27.32 % 27.97 % 11.99 %
Q2 2015 27.88 % 28.53 % 12.25 %
Q3 2015 28.57 % 29.23 % 12.72 %
Q4 2015 29.05 % 30.32 % 12.93 %
Q1 2016 29.74 % 29.60 % 12.33 %
Q2 2016 31.09 % 29.52 % 12.24 %
Q3 2016 32.43 % 29.34 % 12.11 %
Q4 2016 33.09 % 28.53 % 12.81 %
Q1 2017 34.79 % 30.33 % 14.15 %
Q2 2017 33.46 % 29.82 % 13.40 %
Q3 2017 33.05 % 29.93 % 13.52 %
Q4 2017 33.34 % 29.28 % 12.82 %
Q1 2018 32.80 % 29.66 % 13.42 %
Q2 2018 34.54 % 30.95 % 14.35 %
Q3 2018 34.42 % 31.02 % 14.11 %
Q4 2018 34.27 % 30.40 % 13.54 %
Q1 2019 32.35 % 28.15 % 11.84 %
Q2 2019 29.23 % 24.59 % 9.47 %
Q3 2019 26.48 % 21.57 % 7.51 %
Q4 2019 21.72 % 17.97 % 5.91 %
Q1 2020 19.62 % 15.94 % 3.63 %
Q2 2020 17.15 % 14.65 % 1.37 %
Q3 2020 16.41 % 13.61 % (0.18 %)


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 3,000.00 7.93 7.93 42.82
Q2 2011 3,000.00 8.96 8.96 43.52
Q3 2011 3,000.00 9.91 9.91 44.25
Q4 2011 3,000.00 9.75 9.75 46.01
Q1 2012 3,000.00 9.61 9.61 47.89
Q2 2012 3,000.00 8.68 8.68 46.57
Q3 2012 3,000.00 8.05 8.05 46.59
Q4 2012 3,000.00 8.26 8.26 48.47
Q1 2013 3,000.00 8.02 8.02 50.66
Q2 2013 3,000.00 8.27 8.27 49.81
Q3 2013 3,000.00 8.32 8.32 49.94
Q4 2013 3,000.00 8.43 8.43 52.09
Q1 2014 3,000.00 8.39 8.39 54.16
Q2 2014 3,000.00 8.52 8.52 53.42
Q3 2014 3,000.00 8.43 8.43 52.72
Q4 2014 3,000.00 7.81 7.81 53.78
Q1 2015 3,000.00 6.98 6.98 54.49
Q2 2015 3,000.00 6.88 6.88 53.81
Q3 2015 3,000.00 6.69 6.69 52.93
Q4 2015 3,000.00 6.26 6.39 53.97
Q1 2016 3,000.00 5.92 6.04 55.32
Q2 2016 3,000.00 5.52 5.76 53.63
Q3 2016 3,000.00 5.39 5.64 53.13
Q4 2016 3,000.00 5.87 6.11 52.51
Q1 2017 3,000.00 6.65 6.88 54.32
Q2 2017 3,000.00 6.23 6.43 52.20
Q3 2017 3,000.00 6.41 6.62 53.93
Q4 2017 3,000.00 6.14 6.40 54.64
Q1 2018 3,000.00 6.24 6.95 57.11
Q2 2018 3,000.00 7.23 7.85 54.44
Q3 2018 3,000.00 7.34 7.96 56.39
Q4 2018 3,000.00 7.17 7.63 57.69
Q1 2019 3,000.00 6.45 6.45 58.35
Q2 2019 3,000.00 4.89 4.89 56.51
Q3 2019 3,000.00 3.10 3.61 55.88
Q4 2019 3,000.00 1.73 2.67 59.57
Q1 2020 3,000.00 0.28 1.57 55.65
Q2 2020 3,000.00 (1.14) 0.54 54.50
Q3 2020 3,000.00 (1.02) (0.07) 55.01

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 13.27 13.27 2.46
Q2 2011 11.61 11.61 2.39
Q3 2011 9.33 9.33 2.09
Q4 2011 9.87 9.87 2.09
Q1 2012 11.24 11.24 2.26
Q2 2012 10.69 10.69 1.99
Q3 2012 11.30 11.30 1.95
Q4 2012 10.87 10.87 1.85
Q1 2013 11.96 11.96 1.90
Q2 2013 11.06 11.06 1.84
Q3 2013 11.57 11.57 1.93
Q4 2013 13.23 13.23 2.14
Q1 2014 14.01 14.01 2.17
Q2 2014 13.46 13.46 2.15
Q3 2014 15.57 15.57 2.49
Q4 2014 10.69 10.69 1.55
Q1 2015 11.46 11.46 1.47
Q2 2015 13.82 13.82 1.77
Q3 2015 11.76 11.76 1.49
Q4 2015 12.22 11.98 1.42
Q1 2016 12.64 12.38 1.35
Q2 2016 14.71 14.08 1.51
Q3 2016 14.97 14.32 1.52
Q4 2016 15.58 14.98 1.74
Q1 2017 14.57 14.07 1.78
Q2 2017 16.43 15.90 1.96
Q3 2017 16.03 15.53 1.91
Q4 2017 16.59 15.93 1.87
Q1 2018 18.67 16.75 2.04
Q2 2018 17.45 16.07 2.32
Q3 2018 17.10 15.76 2.22
Q4 2018 16.20 15.22 2.01
Q1 2019 19.39 19.39 2.14
Q2 2019 23.44 23.44 2.03
Q3 2019 29.65 25.51 1.65
Q4 2019 54.19 35.18 1.58
Q1 2020 More than 100 44.60 1.26
Q2 2020 NEG More than 100 1.62
Q3 2020 NEG NEG 1.61

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
Q1 2011 51,918.16 1,842.35 4,008.72 3,578.36 (16474.20)
Q2 2011 55,736.42 1,786.56 4,176.68 5,083.80 (17697.62)
Q3 2011 57,089.31 2,498.04 3,755.39 4,712.41 (19125.16)
Q4 2011 53,981.35 2,527.24 3,591.54 4,502.15 (17593.23)
Q1 2012 55,098.17 1,908.48 4,182.36 3,656.39 (16499.86)
Q2 2012 53,726.78 1,872.52 3,698.15 4,531.69 (17301.06)
Q3 2012 51,562.45 2,325.68 3,433.73 3,511.68 (16027.22)
Q4 2012 57,518.09 2,393.37 3,530.93 4,002.42 (18099.20)
Q1 2013 53,485.63 2,102.58 3,993.24 2,395.35 (15237.88)
Q2 2013 51,386.20 1,614.73 3,837.76 2,646.29 (14491.96)
Q3 2013 58,011.68 1,745.25 3,197.53 2,815.69 (16949.92)
Q4 2013 57,409.57 1,822.33 3,249.14 3,436.61 (17483.77)
Q1 2014 56,362.00 1,809.27 3,729.90 3,382.36 (16062.94)
Q2 2014 55,657.69 1,653.50 3,763.80 2,988.81 (15892.13)
Q3 2014 55,728.15 2,001.26 2,891.70 3,109.06 (15659.54)
Q4 2014 49,169.09 1,783.59 3,121.59 2,605.94 (13154.46)
Q1 2015 38,571.99 1,536.62 3,071.69 2,034.46 (10651.10)
Q2 2015 48,753.89 1,498.62 3,168.16 2,381.16 (12706.56)
Q3 2015 44,576.63 1,516.72 2,276.49 2,207.92 (13225.90)
Q4 2015 38,815.62 1,413.55 2,152.13 1,985.75 (11292.09)
Q1 2016 36,009.96 1,151.04 2,407.64 16,590.12 (22690.85)
Q2 2016 40,144.35 1,196.11 2,612.40 18,495.91 (26190.44)
Q3 2016 41,183.30 1,136.61 1,549.86 18,131.31 (26203.71)
Q4 2016 43,213.13 1,217.55 2,439.43 21,307.70 (30702.59)
Q1 2017 43,365.86 1,342.01 2,062.61 21,132.68 (31582.36)
Q2 2017 40,597.88 1,207.35 1,874.58 19,335.71 (28577.34)
Q3 2017 48,770.97 1,150.65 2,376.33 22,248.45 (35867.65)
Q1 2018 36,868.48 1,724.61 3,268.50 - -
Q2 2018 38,307.47 2,118.96 2,858.17 - -
Q3 2018 39,050.58 2,135.48 2,525.87 - -
Q4 2018 36,195.52 1,959.00 2,115.69 - -
Q1 2019 30,944.66 1,810.55 3,255.19 - -
Q2 2019 30,536.22 1,801.59 2,561.34 - -
Q3 2019 28,825.18 1,679.27 2,305.18 - -
Q4 2019 27,181.32 1,826.98 2,668.54 - -
Q1 2020 25,957.94 1,470.01 2,765.19 - -
Q2 2020 20,917.56 1,870.70 1,831.17 - -
Q3 2020 25,154.78 1,742.85 2,397.45 - -

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (net income) Change‬ Q3 2020 (before unusual items) Change‬
Average 718.98 1,088.53 51.40 % 405.53 (43.6 %)

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (net income) Change Q3 2020 (before unusual items) Change‬
OSOOL AND BAKHEET 1,000.00 1,088.53 8.9 % 405.53 (59.4) %
Al Rajhi Capital 925.00 1,088.53 17.7 % 405.53 (56.2) %
SNB Capital 818.00 1,088.53 33.1 % 405.53 (50.4) %
AlJazira Capital 605.90 1,088.53 79.7 % 405.53 (33.1) %
Riyad Capital 246.00 1,088.53 342.5 % 405.53 64.9 %


Financial Ratios
Current
Market Cap (M Riyal) 183,600.00
Enterprise Value (EV) (M) 202,745.56
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 0.51
Book Value (BV) ( Riyal) 52.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.17
Return on Average Assets (%) (TTM) 0.5
Return on Average Equity (%) (TTM) 0.9
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Share Price

Saudi Basic Industries Corp.
61.20
0.60 0.99 %

Saudi Basic Industries Corp. (SABIC)

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