SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

SABIC Agri-Nutrients H1 2021 profit up 90% to SAR 1.258 bln

03/08/2021 Argaam Exclusive

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SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.258 billion in the first half of 2021, an increase of 90% from SAR 663.3 million in the same period a year ago.

 

The company attributed the profit rise to higher average selling prices of its products.

 

This was partially offset by increase in the provision for obsolete and dormant inventory, and Zakat and income tax provisions.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1,657.08 3,345.33 101.9 %
Gross Income 822.25 1,937.80 135.7 %
Operating Income 638.25 1,623.03 154.3 %
Net Income 663.30 1,258.71 89.8 %
Average Shares 416.67 476.04 14.2 %
EPS (Riyals) 1.59 2.64 66.1 %

In Q2 2021, SABIC Agri-Nutrients posted a more than twofold increase year-on-year (YoY) in net profit to SAR 836.13 million, backed by higher average selling prices of its products.

 

On a sequential basis, Q2 net profit surged 97.8% on lower Zakat and income tax provisions.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 928.71 1,838.98 98.0 %
Gross Income 454.31 1,122.98 147.2 %
Operating Income 359.95 951.22 164.3 %
Net Income 359.80 836.13 132.4 %
Average Shares 416.67 476.04 14.2 %
EPS (Riyals) 0.86 1.76 103.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2020 728.37 1.3 % 367.94 (2.7 %) 278.30 (5.9 %)
Q2 2020 928.71 14.1 % 454.31 8.2 % 359.95 10.8 %
Q3 2020 902.13 (0.8 %) 485.11 4.3 % 387.99 6.7 %
Q4 2020 768.33 (9.1 %) 357.83 (17.0 %) 281.73 (18.1 %)
Q1 2021 1,506.35 106.8 % 814.82 121.5 % 671.81 141.4 %
Q2 2021 1,838.98 98.0 % 1,122.98 147.2 % 951.22 164.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2020 303.50 (9.5 %) 0.73 - 303.50 0.73
Q2 2020 359.80 (5.4 %) 0.86 - 359.80 0.86
Q3 2020 397.53 (4.0 %) 0.95 - 397.53 0.95
Q4 2020 233.57 (32.1 %) 0.56 - 233.57 0.56
Q1 2021 422.58 39.2 % 0.89 (170.04) 592.62 1.24
Q2 2021 836.13 132.4 % 1.76 - 836.13 1.76

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2020 51.06 % 57.50 % 43.73 %
Q2 2020 50.35 % 56.87 % 41.65 %
Q3 2020 51.05 % 57.54 % 41.25 %
Q4 2020 50.04 % 56.61 % 38.90 %
Q1 2021 51.44 % 56.79 % 38.57 %
Q2 2021 55.44 % 59.68 % 41.07 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2020 416.67 3.46 3.46 18.09
Q2 2020 416.67 3.41 3.41 18.08
Q3 2020 416.67 3.37 3.37 19.16
Q4 2020 416.67 3.11 3.11 19.59
Q1 2021 476.04 2.97 3.33 24.76
Q2 2021 476.04 3.97 4.33 24.36

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2020 20.47 20.47 3.91
Q2 2020 24.95 24.95 4.71
Q3 2020 27.76 27.76 4.88
Q4 2020 29.64 29.64 4.70
Q1 2021 33.14 29.58 3.97
Q2 2021 30.08 27.59 4.90

Business Segments (Million)

Compared With The
Period Agri-nutrients Petrochemical sector
Q1 2021 1,284.64 221.71
Q2 2021 1,551.15 287.83

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 769.06 836.13 8.72 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
OSOOL AND BAKHEET 860.00 836.13 (2.8) %
AlJazira Capital 809.30 836.13 3.3 %
Al Rajhi Capital 760.00 836.13 10.0 %
SNB Capital 743.00 836.13 12.5 %
Riyad Capital 673.00 836.13 24.2 %


Financial Ratios
Current
Market Cap (M Riyal) 53,506.90
Enterprise Value (EV) (M) 43,835.77
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) 15.37
P/E (TTM) 15.97
Price/book 2.87
Return on Average Assets (%) (TTM) 13.7
Return on Average Equity (%) (TTM) 18.5
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Share Price

SABIC Agri-Nutrients Co.
112.20
0.20 0.18 %

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

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