SAFCO net profit drops 15% in FY2019

SAFCO net profit drops 15% in FY2019

23/01/2020 Argaam Exclusive

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Saudi Arabian Fertilizer Co. (SAFCO) reported a net profit after zakat and tax of SAR 1.47 billion for the fiscal year of 2019, a 15.2% year-on-year (YoY) decrease, the company said in a bourse statement on Sunday.

 

The drop was attributed to lower sales volumes and product prices, according to the statement.



Financials (M)

Item 2018 2019 Change‬
Revenues 3,859.84 3,287.58 (14.8 %)
Gross Income 2,131.25 1,694.03 (20.5 %)
Operating Income 1,696.20 1,328.27 (21.7 %)
Net Income 1,738.44 1,473.92 (15.2 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 4.17 3.54 (15.2 %)

The company’s net profit for Q4 2019 fell 40.5% YoY to SAR 338.26 million on lower average selling prices for its products and lower profit share from Ibn Ibn Al-Baytar Co.

 

On a sequential basis, Q4 2019 net profit slid by 18.3% compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 1,090.10 845.58 (22.4 %)
Gross Income 689.15 430.94 (37.5 %)
Operating Income 578.11 344.08 (40.5 %)
Net Income 568.53 343.79 (39.5 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 1.36 0.83 (39.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2014 1,093.39 8.5 % 754.48 11.2 % 727.87 10.6 %
Q1 2015 962.42 (18.3 %) 603.11 (26.4 %) 582.85 (26.9 %)
Q2 2015 883.75 (5.6 %) 553.99 (8.0 %) 537.33 (7.2 %)
Q3 2015 887.43 (28.9 %) 567.64 (36.2 %) 551.33 (36.3 %)
Q4 2015 813.67 (25.6 %) 360.31 (52.2 %) 342.31 (53.0 %)
Q1 2016 691.23 (28.2 %) 354.12 (41.3 %) 258.19 (55.7 %)
Q2 2016 709.85 (19.7 %) 329.53 (40.5 %) 261.31 (51.4 %)
Q3 2016 689.53 (22.3 %) 293.49 (48.3 %) 202.67 (63.2 %)
Q4 2016 765.32 (5.9 %) 372.09 3.3 % 264.52 (22.7 %)
Q1 2017 846.65 22.5 % 479.52 35.4 % 394.56 52.8 %
Q2 2017 679.48 (4.3 %) 288.65 (12.4 %) 204.41 (21.8 %)
Q3 2017 617.28 (10.5 %) 268.55 (8.5 %) 175.03 (13.6 %)
Q4 2017 616.05 (19.5 %) 148.65 (60.1 %) 50.80 (80.8 %)
Q1 2018 810.76 (4.2 %) 358.32 (25.3 %) 241.58 (38.8 %)
Q2 2018 950.31 39.9 % 499.24 73.0 % 395.28 93.4 %
Q3 2018 1,008.66 63.4 % 584.54 117.7 % 481.23 174.9 %
Q4 2018 1,090.10 77.0 % 689.15 363.6 % 578.11 1038.0 %
Q1 2019 718.68 (11.4 %) 378.29 5.6 % 295.62 22.4 %
Q2 2019 813.61 (14.4 %) 419.71 (15.9 %) 324.91 (17.8 %)
Q3 2019 909.71 (9.8 %) 465.08 (20.4 %) 363.66 (24.4 %)
Q4 2019 845.58 (22.4 %) 430.94 (37.5 %) 344.08 (40.5 %)
2019 3,287.58 (14.8 %) 1,694.03 (20.5 %) 1,328.27 (21.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2014 779.18 (2.8 %) 1.87 37.73 735.90 1.77
Q1 2015 589.98 (30.0 %) 1.42 - 589.98 1.42
Q2 2015 595.76 (6.8 %) 1.43 - 595.76 1.43
Q3 2015 566.15 (38.0 %) 1.36 - 566.15 1.36
Q4 2015 378.55 (51.4 %) 0.91 - 378.55 0.91
Q1 2016 279.01 (52.7 %) 0.67 - 279.01 0.67
Q2 2016 302.32 (49.3 %) 0.73 - 302.32 0.73
Q3 2016 186.22 (67.1 %) 0.45 - 186.22 0.45
Q4 2016 268.40 (29.1 %) 0.64 - 268.40 0.64
Q1 2017 423.36 51.7 % 1.02 - 423.36 1.02
Q2 2017 204.34 (32.4 %) 0.49 - 204.34 0.49
Q3 2017 188.42 1.2 % 0.45 - 188.42 0.45
Q4 2017 62.51 (76.7 %) 0.15 - 62.51 0.15
Q1 2018 237.20 (44.0 %) 0.57 - 237.20 0.57
Q2 2018 410.46 100.9 % 0.99 - 410.46 0.99
Q3 2018 522.24 177.2 % 1.25 - 522.24 1.25
Q4 2018 568.53 809.5 % 1.36 - 568.53 1.36
Q1 2019 335.47 41.4 % 0.81 - 335.47 0.81
Q2 2019 380.44 (7.3 %) 0.91 - 380.44 0.91
Q3 2019 414.21 (20.7 %) 0.99 - 414.21 0.99
Q4 2019 343.79 (39.5 %) 0.83 - 343.79 0.83
2019 1,473.92 (15.2 %) 3.54 - 1,473.92 3.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2014 68.82 % 74.90 % 70.26 %
Q1 2015 67.22 % 73.44 % 67.88 %
Q2 2015 66.90 % 73.61 % 67.69 %
Q3 2015 64.78 % 72.83 % 65.01 %
Q4 2015 58.78 % 68.07 % 60.06 %
Q1 2016 56.04 % 64.77 % 55.54 %
Q2 2016 51.95 % 63.60 % 49.19 %
Q3 2016 46.05 % 52.74 % 39.46 %
Q4 2016 47.24 % 50.45 % 36.27 %
Q1 2017 48.97 % 51.41 % 39.20 %
Q2 2017 48.10 % 46.97 % 36.31 %
Q3 2017 48.43 % 50.96 % 37.29 %
Q4 2017 42.96 % 47.55 % 31.84 %
Q1 2018 39.07 % 44.19 % 25.42 %
Q2 2018 42.57 % 46.45 % 30.01 %
Q3 2018 46.98 % 50.76 % 36.40 %
Q4 2018 55.22 % 57.41 % 45.04 %
Q1 2019 57.10 % 60.57 % 48.75 %
Q2 2019 57.05 % 61.21 % 49.76 %
Q3 2019 55.27 % 60.02 % 48.09 %
Q4 2019 51.53 % 57.89 % 44.83 %
2019 51.53 % 57.89 % 44.83 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2014 416.67 7.62 7.51 18.87
Q1 2015 416.67 7.01 6.91 20.16
Q2 2015 416.67 6.91 6.80 19.46
Q3 2015 416.67 6.07 5.97 17.57
Q4 2015 416.67 5.11 5.11 18.23
Q1 2016 416.67 4.37 4.37 16.07
Q2 2016 416.67 3.66 3.66 15.35
Q3 2016 416.67 2.75 2.75 15.81
Q4 2016 416.67 2.49 2.49 16.00
Q1 2017 416.67 2.83 2.83 16.09
Q2 2017 416.67 2.60 2.60 16.55
Q3 2017 416.67 2.60 2.60 16.31
Q4 2017 416.67 2.11 2.11 16.47
Q1 2018 416.67 1.66 1.66 16.40
Q2 2018 416.67 2.16 2.16 16.42
Q3 2018 416.67 2.96 2.96 17.59
Q4 2018 416.67 4.17 4.17 18.97
Q1 2019 416.67 4.41 4.41 19.97
Q2 2019 416.67 4.34 4.34 17.61
Q3 2019 416.67 4.08 4.08 18.21
Q4 2019 416.67 3.54 3.54 19.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2014 16.90 17.13 6.82
Q1 2015 19.54 19.83 6.79
Q2 2015 19.52 19.82 6.93
Q3 2015 17.94 18.25 6.21
Q4 2015 18.36 18.36 5.15
Q1 2016 17.34 17.34 4.71
Q2 2016 18.51 18.51 4.42
Q3 2016 27.52 27.52 4.79
Q4 2016 34.30 34.30 5.33
Q1 2017 27.66 27.66 4.87
Q2 2017 27.66 27.66 4.34
Q3 2017 26.89 26.89 4.29
Q4 2017 35.27 35.27 4.52
Q1 2018 48.81 48.81 4.95
Q2 2018 32.69 32.69 4.29
Q3 2018 30.94 30.94 5.20
Q4 2018 21.11 21.11 4.64
Q1 2019 20.97 20.97 4.63
Q2 2019 22.79 22.79 5.61
Q3 2019 22.50 22.50 5.04
Q4 2019 25.03 25.03 4.61

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 345.50 343.79 (0.5 %)

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
Al Rajhi Capital 346.00 343.79 (0.6) %
AlJazira Capital 340.20 343.79 1.1 %
OSOOL AND BAKHEET 338.30 343.79 1.6 %
SNB Capital 329.00 343.79 4.5 %
Riyad Capital 374.00 343.79 (8.1) %


Financial Ratios
Current
Market Cap (M Riyal) 52,078.78
Enterprise Value (EV) (M) 42,407.65
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) 14.96
P/E (TTM) 15.54
Price/book 2.80
Return on Average Assets (%) (TTM) 13.7
Return on Average Equity (%) (TTM) 18.5
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Share Price

SABIC Agri-Nutrients Co.
109.40
(2.60) (2.32 %)

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

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