.SAFCO posts higher net profit at SAR 2395 mln in I3 of 2014

.SAFCO posts higher net profit at SAR 2395 mln in I3 of 2014

30/09/2014 Argaam Exclusive

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Saudi Arabia Fertilizers Co., one of the largest Urea producers in the world, reported SAR 2395 mln net profit at the end of I3 of 2014, compared to SAR 2358.5 mln in the same period last year.



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 3,232.52 3,362.74 4.0 %
Gross Income 2,200.15 2,312.39 5.1 %
Operating Income 2,139.15 2,241.56 4.8 %
Net Income 2,358.48 2,394.86 1.5 %
Average Shares 416.67 416.67 -
EPS (Riyals) 5.66 5.75 1.5 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 1,071.88 1,248.62 16.5 %
Gross Income 695.40 890.35 28.0 %
Operating Income 675.82 865.60 28.1 %
Net Income 734.01 913.37 24.4 %
Average Shares 416.67 416.67 -
EPS (Riyals) 1.76 2.19 24.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 456.67 50.9 % 241.48 89.4 % 221.82 99.9 %
Q2 2005 425.27 47.7 % 247.40 137.9 % 221.95 159.4 %
Q3 2005 484.67 29.0 % 321.06 52.1 % 298.58 55.5 %
Q4 2005 457.38 17.2 % 264.72 16.4 % 239.21 14.4 %
Q1 2006 440.41 (3.6 %) 246.93 2.3 % 226.68 2.2 %
Q2 2006 463.65 9.0 % 282.86 14.3 % 260.17 17.2 %
Q3 2006 417.13 (13.9 %) 242.49 (24.5 %) 221.42 (25.8 %)
Q4 2006 510.06 11.5 % 317.97 20.1 % 280.18 17.1 %
Q1 2007 521.50 18.4 % 311.18 26.0 % 285.02 25.7 %
Q2 2007 815.13 75.8 % 569.75 101.4 % 535.41 105.8 %
Q3 2007 1,013.15 142.9 % 648.51 167.4 % 594.76 168.6 %
Q4 2007 1,046.02 105.1 % 783.30 146.3 % 730.49 160.7 %
Q1 2008 825.44 58.3 % 643.92 106.9 % 621.72 118.1 %
Q2 2008 1,347.23 65.3 % 1,101.60 93.3 % 1,068.52 99.6 %
Q3 2008 2,202.95 117.4 % 1,920.32 196.1 % 1,872.54 214.8 %
Q4 2008 976.32 (6.7 %) 659.83 (15.8 %) 648.19 (11.3 %)
Q1 2009 739.47 (10.4 %) 452.74 (29.7 %) 436.84 (29.7 %)
Q2 2009 685.74 (49.1 %) 456.16 (58.6 %) 437.90 (59.0 %)
Q3 2009 714.39 (67.6 %) 450.72 (76.5 %) 432.43 (76.9 %)
Q4 2009 601.11 (38.4 %) 358.75 (45.6 %) 350.45 (45.9 %)
Q1 2010 863.79 16.8 % 642.97 42.0 % 618.12 41.5 %
Q2 2010 732.66 6.8 % 578.93 26.9 % 565.63 29.2 %
Q3 2010 890.73 24.7 % 549.99 22.0 % 536.27 24.0 %
Q4 2010 1,302.29 116.6 % 918.08 155.9 % 901.91 157.4 %
Q1 2011 1,037.85 20.1 % 775.20 20.6 % 757.37 22.5 %
Q2 2011 1,129.51 54.2 % 778.07 34.4 % 757.22 33.9 %
Q3 2011 1,378.89 54.8 % 1,083.97 97.1 % 1,061.82 98.0 %
Q4 2011 1,504.99 15.6 % 1,128.01 22.9 % 1,097.70 21.7 %
Q1 2012 1,061.50 2.3 % 753.60 (2.8 %) 735.02 (3.0 %)
Q2 2012 1,115.96 (1.2 %) 743.75 (4.4 %) 725.94 (4.1 %)
Q3 2012 1,398.10 1.4 % 1,063.56 (1.9 %) 1,039.69 (2.1 %)
Q4 2012 1,404.84 (6.7 %) 1,047.40 (7.1 %) 1,020.92 (7.0 %)
Q1 2013 1,177.76 11.0 % 852.82 13.2 % 830.20 12.9 %
Q2 2013 982.88 (11.9 %) 651.93 (12.3 %) 633.13 (12.8 %)
Q3 2013 1,071.88 (23.3 %) 695.40 (34.6 %) 675.82 (35.0 %)
Q4 2013 1,007.88 (28.3 %) 678.47 (35.2 %) 658.33 (35.5 %)
Q1 2014 1,178.36 0.1 % 819.80 (3.9 %) 797.22 (4.0 %)
Q2 2014 935.77 (4.8 %) 602.24 (7.6 %) 578.75 (8.6 %)
Q3 2014 1,248.62 16.5 % 890.35 28.0 % 865.60 28.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 236.37 102.3 % 0.57 - 236.37 0.57
Q2 2005 237.85 183.0 % 0.57 - 237.85 0.57
Q3 2005 344.57 65.9 % 0.83 - 344.57 0.83
Q4 2005 281.36 11.9 % 0.68 - 281.36 0.68
Q1 2006 275.44 16.5 % 0.66 - 275.44 0.66
Q2 2006 290.01 21.9 % 0.70 - 290.01 0.70
Q3 2006 271.36 (21.2 %) 0.65 - 271.36 0.65
Q4 2006 314.52 11.8 % 0.75 - 314.52 0.75
Q1 2007 319.79 16.1 % 0.77 - 319.79 0.77
Q2 2007 530.32 82.9 % 1.27 - 530.32 1.27
Q3 2007 616.17 127.1 % 1.48 - 616.17 1.48
Q4 2007 741.58 135.8 % 1.78 (10.17) 751.72 1.80
Q1 2008 723.38 126.2 % 1.74 25.15 698.24 1.68
Q2 2008 1,190.94 124.6 % 2.86 (17.41) 1,208.35 2.90
Q3 2008 1,821.92 195.7 % 4.37 - 1,821.92 4.37
Q4 2008 535.86 (27.7 %) 1.29 (258.30) 763.26 1.83
Q1 2009 524.53 (27.5 %) 1.26 26.17 498.36 1.20
Q2 2009 480.35 (59.7 %) 1.15 1.68 478.67 1.15
Q3 2009 464.15 (74.5 %) 1.11 22.05 442.10 1.06
Q4 2009 335.26 (37.4 %) 0.80 21.15 314.10 0.75
Q1 2010 698.26 33.1 % 1.68 - 698.26 1.68
Q2 2010 907.20 88.9 % 2.18 302.53 604.68 1.45
Q3 2010 603.82 30.1 % 1.45 - 603.82 1.45
Q4 2010 1,025.34 205.8 % 2.46 - 1,025.83 2.46
Q1 2011 832.63 19.2 % 2.00 - 832.63 2.00
Q2 2011 789.93 (12.9 %) 1.90 - 789.93 1.90
Q3 2011 1,210.58 100.5 % 2.91 - 1,210.58 2.91
Q4 2011 1,276.63 24.5 % 3.06 - 1,276.63 3.06
Q1 2012 786.91 (5.5 %) 1.89 - 786.91 1.89
Q2 2012 783.93 (0.8 %) 1.88 - 783.93 1.88
Q3 2012 1,149.00 (5.1 %) 2.76 - 1,149.00 2.76
Q4 2012 1,146.38 (10.2 %) 2.75 - 1,146.38 2.75
Q1 2013 931.59 18.4 % 2.24 - 931.59 2.24
Q2 2013 692.88 (11.6 %) 1.66 - 692.88 1.66
Q3 2013 734.01 (36.1 %) 1.76 - 734.01 1.76
Q4 2013 802.00 (30.0 %) 1.92 44.00 798.57 1.92
Q1 2014 842.50 (9.6 %) 2.02 - 842.50 2.02
Q2 2014 638.99 (7.8 %) 1.53 - 638.99 1.53
Q3 2014 913.37 24.4 % 2.19 - 913.37 2.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 51.91 % 60.37 % 51.62 %
Q2 2005 56.28 % 63.23 % 56.65 %
Q3 2005 59.05 % 65.47 % 60.92 %
Q4 2005 58.92 % 64.57 % 60.32 %
Q1 2006 59.75 % 65.39 % 63.02 %
Q2 2006 60.43 % 66.15 % 64.53 %
Q3 2006 58.31 % 64.32 % 62.87 %
Q4 2006 59.54 % 64.58 % 62.87 %
Q1 2007 60.37 % 65.00 % 62.52 %
Q2 2007 63.67 % 68.40 % 63.43 %
Q3 2007 64.60 % 68.25 % 62.27 %
Q4 2007 68.11 % 72.37 % 65.32 %
Q1 2008 71.50 % 76.41 % 70.18 %
Q2 2008 75.08 % 79.21 % 77.38 %
Q3 2008 82.06 % 85.15 % 82.64 %
Q4 2008 80.82 % 84.78 % 83.93 %
Q1 2009 78.51 % 82.40 % 81.50 %
Q2 2009 75.78 % 80.50 % 77.36 %
Q3 2009 64.81 % 72.13 % 70.04 %
Q4 2009 62.70 % 68.93 % 63.24 %
Q1 2010 66.62 % 72.45 % 67.47 %
Q2 2010 69.76 % 75.51 % 70.71 %
Q3 2010 68.99 % 74.50 % 71.91 %
Q4 2010 70.99 % 77.07 % 77.39 %
Q1 2011 71.20 % 77.27 % 77.38 %
Q2 2011 69.29 % 74.95 % 74.59 %
Q3 2011 73.33 % 78.93 % 79.59 %
Q4 2011 74.54 % 78.96 % 81.36 %
Q1 2012 73.77 % 78.19 % 80.08 %
Q2 2012 73.29 % 77.86 % 80.18 %
Q3 2012 72.61 % 77.33 % 78.66 %
Q4 2012 72.45 % 77.69 % 77.63 %
Q1 2013 72.74 % 77.97 % 78.70 %
Q2 2013 72.84 % 78.17 % 78.97 %
Q3 2013 70.03 % 76.05 % 75.58 %
Q4 2013 67.89 % 74.79 % 74.45 %
Q1 2014 67.10 % 73.89 % 72.34 %
Q2 2014 66.67 % 73.41 % 71.87 %
Q3 2014 68.43 % 74.29 % 73.07 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 416.67 1.87 1.87 9.42
Q2 2005 416.67 2.24 2.24 9.99
Q3 2005 416.67 2.57 2.57 10.82
Q4 2005 416.67 2.64 2.64 11.49
Q1 2006 416.67 2.73 2.73 12.15
Q2 2006 416.67 2.86 2.86 9.63
Q3 2006 416.67 2.68 2.68 10.28
Q4 2006 416.67 2.76 2.76 11.37
Q1 2007 416.67 2.87 2.87 12.22
Q2 2007 416.67 3.45 3.45 11.99
Q3 2007 416.67 4.27 4.27 12.22
Q4 2007 416.67 5.30 5.32 14.43
Q1 2008 416.67 6.27 6.23 16.25
Q2 2008 416.67 7.85 7.86 18.16
Q3 2008 416.67 10.75 10.75 18.43
Q4 2008 416.67 10.25 10.78 19.28
Q1 2009 416.67 9.78 10.30 16.44
Q2 2009 416.67 8.07 8.55 17.76
Q3 2009 416.67 4.81 5.24 16.02
Q4 2009 416.67 4.33 4.16 16.84
Q1 2010 416.67 4.75 4.64 14.44
Q2 2010 416.67 5.77 4.94 13.00
Q3 2010 416.67 6.11 5.33 14.46
Q4 2010 416.67 7.76 7.04 17.12
Q1 2011 416.67 8.09 7.36 19.13
Q2 2011 416.67 7.80 7.81 17.41
Q3 2011 416.67 9.26 9.26 16.67
Q4 2011 416.67 9.86 9.86 19.70
Q1 2012 416.67 9.75 9.75 21.77
Q2 2012 416.67 9.74 9.74 19.27
Q3 2012 416.67 9.59 9.59 18.45
Q4 2012 416.67 9.28 9.28 21.26
Q1 2013 416.67 9.63 9.63 23.62
Q2 2013 416.67 9.41 9.41 20.54
Q3 2013 416.67 8.41 8.41 17.66
Q4 2013 416.67 7.59 7.58 19.85
Q1 2014 416.67 7.37 7.36 17.00
Q2 2014 416.67 7.24 7.23 15.34
Q3 2014 416.67 7.67 7.66 17.55

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 36.45 36.45 7.24
Q2 2005 45.53 45.53 10.21
Q3 2005 43.21 43.21 10.26
Q4 2005 55.46 55.46 12.74
Q1 2006 37.55 37.55 8.45
Q2 2006 34.33 34.33 10.19
Q3 2006 29.94 29.94 7.81
Q4 2006 22.63 22.63 5.50
Q1 2007 26.18 26.18 6.15
Q2 2007 21.24 21.24 6.11
Q3 2007 16.78 16.78 5.87
Q4 2007 20.54 20.45 7.54
Q1 2008 20.37 20.48 7.85
Q2 2008 22.48 22.46 9.72
Q3 2008 12.34 12.34 7.20
Q4 2008 6.00 5.71 3.19
Q1 2009 6.43 6.11 3.83
Q2 2009 9.64 9.10 4.38
Q3 2009 17.81 16.36 5.35
Q4 2009 19.15 19.94 4.93
Q1 2010 21.19 21.69 6.97
Q2 2010 15.26 17.82 6.78
Q3 2010 16.16 18.52 6.83
Q4 2010 14.11 15.56 6.40
Q1 2011 15.90 17.46 6.72
Q2 2011 16.60 16.60 7.44
Q3 2011 13.47 13.47 7.49
Q4 2011 12.23 12.23 6.12
Q1 2012 13.39 13.39 6.00
Q2 2012 11.97 11.97 6.05
Q3 2012 13.33 13.33 6.93
Q4 2012 15.00 15.00 6.55
Q1 2013 15.07 15.07 6.14
Q2 2013 13.99 13.99 6.41
Q3 2013 16.05 16.05 7.65
Q4 2013 18.86 18.88 7.21
Q1 2014 19.84 19.86 8.60
Q2 2014 20.27 20.29 9.57
Q3 2014 19.51 19.53 8.53

Analysts Estimates (Million)

Item Q3 2014 (e) Q3 2014 (a) Change‬
Average 788.63 913.37 15.82 %

Estimates vs Actual (Million)

Item Q3 2014 (e) Q3 2014 (a) Change
OSOOL AND BAKHEET 868.00 913.37 5.2 %
Value Capital 847.00 913.37 7.8 %
Alistithmar Capital 794.00 913.37 15.0 %
Riyad Capital 774.00 913.37 18.0 %
Al Rajhi Capital 773.00 913.37 18.2 %
Albilad Capital 771.00 913.37 18.5 %
SNB Capital 755.00 913.37 21.0 %
AlJazira Capital 727.00 913.37 25.6 %

Current
Market Cap (M Riyal) 53,316.48
Enterprise Value (EV) (M) 43,645.36
Shares Outstanding ((M)) 476.04
EPS ( Riyal) (TTM) 7.04
Book Value (BV) ( Riyal) 39.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.31
P/E (TTM) 15.91
Price/book 2.86
Return on Average Assets (%) (TTM) 13.7
Return on Average Equity (%) (TTM) 18.5

Share Price

112.00
1.20 1.08 %

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)


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