Saudi Chemical’s net profit declines 22% to SAR 75.9 mln in 9M 2021

Saudi Chemical’s net profit declines 22% to SAR 75.9 mln in 9M 2021

04/11/2021 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 75.9 million for the first nine months of 2021, a decline of 22%, from SAR 97 million in a prior-year period.

 

This profit slump was driven by higher cost of revenues, increased higher general and administrative expenses (G&As), in addition to credit loss provisions.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 2,469.65 2,654.63 7.5 %
Gross Income 362.61 348.63 (3.9 %)
Operating Income 151.03 139.61 (7.6 %)
Net Income 96.99 75.85 (21.8 %)
Average Shares 843.20 843.20 -
Earnings Per Share before unusual items 0.12 0.09 (21.8 %)
EPS (Riyals) 0.12 0.09 (21.8 %)

Q3 2021 net profit after Zakat and tax declined 59% year-on-year (YoY) to SAR 7.8 million, on lower sales, higher G&As, in addition to the allocation of credit loss as well as Zakat provisions.

 

On a sequential basis, net profit dropped 71.6%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 811.35 785.26 (3.2 %)
Gross Income 104.92 92.03 (12.3 %)
Operating Income 38.55 31.64 (17.9 %)
Net Income 18.85 7.75 (58.9 %)
Average Shares 843.20 843.20 -
Earnings Per Share before unusual items 0.02 0.01 (58.9 %)
EPS (Riyals) 0.02 0.01 (58.9 %)

Total shareholders’ equity (after deducting minority equity) inched up 0.79% YoY to SAR 1.66 billion for the nine-month period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 543.96 16.0 % 125.43 (1.5 %) 93.90 2.6 %
Q2 2012 464.55 27.3 % 132.00 15.7 % 94.96 12.3 %
Q3 2012 339.73 (17.7 %) 96.82 12.4 % 61.57 13.5 %
Q4 2012 653.09 5.2 % 120.26 13.6 % 72.51 4.9 %
Q1 2013 608.71 11.9 % 118.07 (5.9 %) 79.70 (15.1 %)
Q2 2013 561.58 20.9 % 131.45 (0.4 %) 89.00 (6.3 %)
Q3 2013 412.44 21.4 % 103.64 7.0 % 66.11 7.4 %
Q4 2013 692.39 6.0 % 130.62 8.6 % 80.86 11.5 %
Q1 2014 693.05 13.9 % 145.19 23.0 % 100.13 25.6 %
Q2 2014 651.85 16.1 % 138.73 5.5 % 93.65 5.2 %
Q3 2014 529.03 28.3 % 99.05 (4.4 %) 48.67 (26.4 %)
Q4 2014 610.38 (11.8 %) 119.82 (8.3 %) 72.06 (10.9 %)
Q1 2015 678.47 (2.1 %) 139.29 (4.1 %) 93.21 (6.9 %)
Q2 2015 636.15 (2.4 %) 141.08 1.7 % 87.33 (6.7 %)
Q3 2015 489.68 (7.4 %) 85.74 (13.4 %) 41.49 (14.8 %)
Q4 2015 607.57 (0.5 %) 128.97 7.6 % 63.13 (12.4 %)
Q1 2016 588.45 (13.3 %) 111.67 (19.8 %) 62.63 (32.8 %)
Q2 2016 617.59 (2.9 %) 114.15 (19.1 %) 60.50 (30.7 %)
Q3 2016 444.82 (9.2 %) 75.31 (12.2 %) 29.12 (29.8 %)
Q4 2016 492.21 (19.0 %) 86.44 (33.0 %) 41.73 (33.9 %)
Q1 2017 724.68 23.2 % 118.40 6.0 % 66.40 6.0 %
Q2 2017 544.28 (11.9 %) 93.09 (18.5 %) 40.00 (33.9 %)
Q3 2017 513.16 15.4 % 83.60 11.0 % 37.06 27.3 %
Q4 2017 692.22 40.6 % 101.23 17.1 % 44.10 5.7 %
Q1 2018 791.18 9.2 % 121.48 2.6 % 71.27 7.3 %
Q2 2018 653.78 20.1 % 93.63 0.6 % 38.79 (3.0 %)
Q3 2018 630.81 22.9 % 84.18 0.7 % 28.04 (24.3 %)
Q4 2018 872.77 26.1 % 111.15 9.8 % 45.84 4.0 %
Q1 2019 840.16 6.2 % 125.36 3.2 % 57.43 (19.4 %)
Q2 2019 775.99 18.7 % 120.75 29.0 % 49.31 27.1 %
Q3 2019 737.05 16.8 % 113.62 35.0 % 35.53 26.7 %
Q4 2019 595.97 (31.7 %) 98.23 (11.6 %) (17.78) (138.8 %)
Q1 2020 799.58 (4.8 %) 130.14 3.8 % 54.30 (5.4 %)
Q2 2020 858.72 10.7 % 125.24 3.7 % 58.17 18.0 %
Q3 2020 811.35 10.1 % 104.92 (7.7 %) 38.55 8.5 %
Q4 2020 836.51 40.4 % 73.80 (24.9 %) (1.40) 92.1 %
Q1 2021 969.46 21.2 % 128.94 (0.9 %) 60.82 12.0 %
Q2 2021 899.91 4.8 % 127.66 1.9 % 47.14 (19.0 %)
Q3 2021 785.26 (3.2 %) 92.03 (12.3 %) 31.64 (17.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2012 87.87 2.0 % 0.10 - 87.87 0.10
Q2 2012 86.89 14.3 % 0.10 - 86.89 0.10
Q3 2012 50.74 8.6 % 0.06 - 50.74 0.06
Q4 2012 65.77 12.5 % 0.08 - 65.77 0.08
Q1 2013 88.29 0.5 % 0.10 15.43 72.86 0.09
Q2 2013 77.19 (11.2 %) 0.09 0.08 77.12 0.09
Q3 2013 60.38 19.0 % 0.07 - 60.38 0.07
Q4 2013 74.75 13.6 % 0.09 - 74.75 0.09
Q1 2014 90.95 3.0 % 0.11 - 90.95 0.11
Q2 2014 86.64 12.2 % 0.10 2.06 84.58 0.10
Q3 2014 39.51 (34.6 %) 0.05 - 39.51 0.05
Q4 2014 66.46 (11.1 %) 0.08 - 66.46 0.08
Q1 2015 86.22 (5.2 %) 0.10 - 86.22 0.10
Q2 2015 78.06 (9.9 %) 0.09 - 78.06 0.09
Q3 2015 35.75 (9.5 %) 0.04 - 35.75 0.04
Q4 2015 50.66 (23.8 %) 0.06 - 50.66 0.06
Q1 2016 51.52 (40.2 %) 0.06 - 51.52 0.06
Q2 2016 47.40 (39.3 %) 0.06 - 47.40 0.06
Q3 2016 18.42 (48.5 %) 0.02 - 18.42 0.02
Q4 2016 17.09 (66.3 %) 0.02 (10.34) 27.43 0.03
Q1 2017 55.20 7.1 % 0.07 - 55.20 0.07
Q2 2017 28.54 (39.8 %) 0.03 - 28.54 0.03
Q3 2017 27.85 51.2 % 0.03 - 27.85 0.03
Q4 2017 30.57 78.9 % 0.04 - 30.57 0.04
Q1 2018 56.42 2.2 % 0.07 - 56.42 0.07
Q2 2018 27.82 (2.5 %) 0.03 - 27.82 0.03
Q3 2018 13.51 (51.5 %) 0.02 - 13.51 0.02
Q4 2018 17.08 (44.1 %) 0.02 - 17.08 0.02
Q1 2019 39.30 (30.3 %) 0.05 - 39.30 0.05
Q2 2019 30.89 11.0 % 0.04 - 30.89 0.04
Q3 2019 13.40 (0.8 %) 0.02 - 13.40 0.02
Q4 2019 (50.72) (397.0 %) (0.06) - (50.72) (0.06)
Q1 2020 37.97 (3.4 %) 0.05 - 37.97 0.05
Q2 2020 40.17 30.0 % 0.05 - 40.17 0.05
Q3 2020 18.85 40.7 % 0.02 - 18.85 0.02
Q4 2020 (22.96) 54.7 % (0.03) - (22.96) (0.03)
Q1 2021 40.83 7.5 % 0.05 - 40.83 0.05
Q2 2021 27.27 (32.1 %) 0.03 - 27.27 0.03
Q3 2021 7.75 (58.9 %) 0.01 - 7.75 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 22.21 % 16.52 % 13.85 %
Q2 2012 22.01 % 16.23 % 13.71 %
Q3 2012 23.36 % 17.22 % 14.42 %
Q4 2012 23.71 % 17.12 % 14.55 %
Q1 2013 22.61 % 15.90 % 13.37 %
Q2 2013 21.57 % 14.90 % 12.32 %
Q3 2013 21.17 % 14.59 % 12.35 %
Q4 2013 21.26 % 14.70 % 12.53 %
Q1 2014 21.65 % 14.94 % 12.85 %
Q2 2014 21.15 % 14.60 % 12.68 %
Q3 2014 20.01 % 13.27 % 11.29 %
Q4 2014 20.24 % 13.37 % 11.33 %
Q1 2015 20.12 % 13.27 % 11.21 %
Q2 2015 20.34 % 13.11 % 11.01 %
Q3 2015 20.12 % 13.05 % 11.04 %
Q4 2015 20.53 % 12.70 % 10.39 %
Q1 2016 20.13 % 11.88 % 9.30 %
Q2 2016 19.13 % 10.76 % 8.05 %
Q3 2016 19.04 % 10.39 % 7.44 %
Q4 2016 18.08 % 10.13 % 6.76 %
Q1 2017 17.30 % 9.71 % 6.51 %
Q2 2017 16.92 % 9.17 % 5.87 %
Q3 2017 16.78 % 9.17 % 6.11 %
Q4 2017 16.02 % 8.52 % 5.74 %
Q1 2018 15.72 % 8.50 % 5.64 %
Q2 2018 15.09 % 8.20 % 5.38 %
Q3 2018 14.47 % 7.69 % 4.64 %
Q4 2018 13.92 % 7.35 % 3.89 %
Q1 2019 13.82 % 6.89 % 3.26 %
Q2 2019 14.15 % 7.00 % 3.23 %
Q3 2019 14.60 % 7.11 % 3.12 %
Q4 2019 15.53 % 5.59 % 1.11 %
Q1 2020 15.91 % 5.60 % 1.08 %
Q2 2020 15.62 % 5.81 % 1.36 %
Q3 2020 14.96 % 5.78 % 1.51 %
Q4 2020 13.13 % 5.93 % 2.24 %
Q1 2021 12.45 % 5.84 % 2.21 %
Q2 2021 12.38 % 5.46 % 1.82 %
Q3 2021 12.10 % 5.31 % 1.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2012 843.20 0.32 0.32 1.73
Q2 2012 843.20 0.33 0.33 1.72
Q3 2012 843.20 0.34 0.34 1.78
Q4 2012 843.20 0.35 0.35 1.69
Q1 2013 843.20 0.35 0.33 1.79
Q2 2013 843.20 0.33 0.32 1.77
Q3 2013 843.20 0.35 0.33 1.84
Q4 2013 843.20 0.36 0.34 1.78
Q1 2014 843.20 0.36 0.36 1.89
Q2 2014 843.20 0.37 0.37 1.86
Q3 2014 843.20 0.35 0.34 1.90
Q4 2014 843.20 0.34 0.33 1.83
Q1 2015 843.20 0.33 0.33 1.93
Q2 2015 843.20 0.32 0.32 1.80
Q3 2015 843.20 0.32 0.32 1.84
Q4 2015 843.20 0.30 0.30 1.90
Q1 2016 843.20 0.26 0.26 1.75
Q2 2016 843.20 0.22 0.22 1.81
Q3 2016 843.20 0.20 0.20 1.83
Q4 2016 843.20 0.16 0.17 1.74
Q1 2017 843.20 0.16 0.18 1.81
Q2 2017 843.20 0.14 0.15 1.76
Q3 2017 843.20 0.15 0.16 1.80
Q4 2017 843.20 0.17 0.17 1.76
Q1 2018 843.20 0.17 0.17 1.83
Q2 2018 843.20 0.17 0.17 1.86
Q3 2018 843.20 0.15 0.15 1.78
Q4 2018 843.20 0.14 0.14 1.81
Q1 2019 843.20 0.12 0.12 1.85
Q2 2019 843.20 0.12 0.12 1.89
Q3 2019 843.20 0.12 0.12 1.90
Q4 2019 843.20 0.04 0.04 1.84
Q1 2020 843.20 0.04 0.04 1.89
Q2 2020 843.20 0.05 0.05 1.94
Q3 2020 843.20 0.05 0.05 1.96
Q4 2020 843.20 0.09 0.09 1.93
Q1 2021 843.20 0.09 0.09 1.98
Q2 2021 843.20 0.08 0.08 1.96
Q3 2021 843.20 0.06 0.06 1.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 9.71 9.71 1.79
Q2 2012 8.67 8.67 1.68
Q3 2012 8.69 8.69 1.65
Q4 2012 9.71 9.71 1.99
Q1 2013 9.19 9.71 1.78
Q2 2013 10.32 10.92 1.95
Q3 2013 10.32 10.90 1.94
Q4 2013 11.57 12.20 2.32
Q1 2014 12.72 12.72 2.42
Q2 2014 14.29 14.38 2.85
Q3 2014 16.47 16.59 2.99
Q4 2014 12.77 12.86 2.35
Q1 2015 15.68 15.79 2.68
Q2 2015 17.04 17.04 3.03
Q3 2015 14.78 14.78 2.53
Q4 2015 14.46 14.46 2.27
Q1 2016 13.72 13.72 2.00
Q2 2016 14.53 14.53 1.76
Q3 2016 11.77 11.77 1.28
Q4 2016 18.32 17.01 1.68
Q1 2017 15.42 14.35 1.40
Q2 2017 20.31 18.69 1.63
Q3 2017 17.20 15.92 1.46
Q4 2017 14.29 14.29 1.37
Q1 2018 14.60 14.60 1.36
Q2 2018 15.80 15.80 1.44
Q3 2018 16.17 16.17 1.38
Q4 2018 17.10 17.10 1.29
Q1 2019 20.97 20.97 1.31
Q2 2019 19.42 19.42 1.23
Q3 2019 21.78 21.78 1.36
Q4 2019 61.50 61.50 1.30
Q1 2020 54.91 54.91 1.09
Q2 2020 47.51 47.51 1.19
Q3 2020 60.87 60.87 1.71
Q4 2020 39.81 39.81 1.81
Q1 2021 38.99 38.99 1.79
Q2 2021 53.96 53.96 2.08
Q3 2021 65.37 65.37 2.08

Business Segments (Million)

Compared With The
Period Medicines and medical supplies Explosives sector Production of ammonium nitrate Eliminations
Q1 2012 441.68 102.29 - -
Q2 2012 347.97 115.14 1.43 -
Q3 2012 249.03 90.71 - -
Q4 2012 560.94 90.71 1.44 -
Q1 2013 504.23 99.55 4.94 -
Q2 2013 454.26 110.50 (3.18) -
Q3 2013 305.21 107.23 - -
Q4 2013 595.40 97.00 - -
Q1 2014 577.21 115.84 - -
Q2 2014 513.14 138.71 - -
Q3 2014 434.89 91.56 2.58 -
Q4 2014 500.81 108.14 1.44 -
Q1 2015 560.46 115.12 2.89 -
Q2 2015 519.48 113.30 3.37 -
Q3 2015 407.09 77.87 2.63 -
Q4 2015 495.40 108.75 3.42 -
Q1 2016 486.51 100.15 1.79 -
Q2 2016 523.71 92.30 1.58 -
Q3 2016 380.20 67.99 - -
Q4 2016 401.59 84.23 6.39 -
Q1 2017 642.39 81.80 0.49 -
Q2 2017 461.84 80.81 1.63 -
Q3 2017 439.71 69.84 3.61 -
Q4 2017 601.78 86.92 3.52 -
Q1 2018 709.39 79.68 2.11 -
Q2 2018 593.51 58.30 1.97 -
Q3 2018 574.96 48.59 7.26 -
Q4 2018 802.01 64.80 5.96 -
Q1 2019 763.56 66.18 10.41 -
Q2 2019 710.38 61.38 4.22 -
Q3 2019 672.06 62.22 2.77 -
Q4 2019 517.16 77.92 0.89 -
Q1 2020 726.04 72.05 1.50 -
Q2 2020 795.97 59.60 3.15 -
Q3 2020 742.42 63.35 5.58 -
Q4 2020 792.06 80.38 50.75 (86.68)
Q1 2021 899.75 81.63 10.62 (22.54)
Q2 2021 832.20 67.33 19.25 (18.88)
Q3 2021 736.30 59.25 16.19 (26.48)


Financial Ratios
Current
Market Cap (M Riyal) 6,964.83
Enterprise Value (EV) (M) 8,386.56
Shares Outstanding ((M)) 843.20
EPS ( Riyal) (TTM) 0.35
Book Value (BV) ( Riyal) 2.48
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 23.91
P/E (TTM) 23.91
Price/book 3.33
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 15.0
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Share Price

Saudi Chemical Co.
8.26
0.75 9.99 %

Saudi Chemical Co. (CHEMICAL)

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