Yansab's H1 net profit soars 113% to SAR 1 bln

Yansab's H1 net profit soars 113% to SAR 1 bln

20/07/2016 Argaam Exclusive

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Yanbu National Petrochemical Co.'s (Yansab) net profit for the first half of 2016 surged 113 percent year-on-year (YoY) to SAR 1.1 billion. The rise was attributed to an increase in production and sales volumes, as well as lower feedstock prices.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 3,280.10 3,068.77 (6.4 %)
Gross Income 785.79 1,459.93 85.8 %
Operating Income 680.42 1,243.31 82.7 %
Net Income 512.54 1,169.09 128.1 %
Average Shares 562.50 562.50 -
Earnings Per Share before unusual items 0.91 2.08 128.1 %
EPS (Riyals) 0.91 2.08 128.1 %

The company’s net profit for the second quarter shot up 203 percent YoY to SAR 689.3 million. When compared to the previous quarter, Q2 profit jumped 71.5 percent, supported by higher sales prices.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 1,563.32 1,722.34 10.2 %
Gross Income 373.04 852.67 128.6 %
Operating Income 316.42 738.74 133.5 %
Net Income 227.40 747.34 228.6 %
Average Shares 562.50 562.50 -
Earnings Per Share before unusual items 0.40 1.33 228.6 %
EPS (Riyals) 0.40 1.33 228.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - (7.73) 21.4 %
Q2 2007 - - - - (8.24) (174.0 %)
Q3 2007 - - - - (7.18) 56.5 %
Q4 2007 - - - - (11.08) 67.2 %
Q1 2008 - - - - (6.88) 11.0 %
Q2 2008 - - - - (6.19) 25.0 %
Q3 2008 - - - - (4.94) 31.2 %
Q4 2008 - - - - (7.59) 31.5 %
Q1 2009 - - - - (8.24) (19.8 %)
Q2 2009 - - - - (6.65) (7.6 %)
Q3 2009 - - - - (7.00) (41.9 %)
Q4 2009 - - - - (7.32) 3.6 %
Q1 2010 688.59 - 325.43 - 310.39 3868.2 %
Q2 2010 1,638.22 - 632.13 - 596.04 9057.6 %
Q3 2010 1,602.88 - 501.85 - 468.66 6794.2 %
Q4 2010 1,891.84 - 710.15 - 671.41 9271.0 %
Q1 2011 2,077.28 201.7 % 891.46 173.9 % 838.06 170.0 %
Q2 2011 2,659.86 62.4 % 1,139.46 80.3 % 1,092.65 83.3 %
Q3 2011 2,497.80 55.8 % 975.77 94.4 % 952.77 103.3 %
Q4 2011 2,424.41 28.2 % 786.41 10.7 % 734.20 9.4 %
Q1 2012 2,445.86 17.7 % 906.99 1.7 % 845.49 0.9 %
Q2 2012 2,332.26 (12.3 %) 824.89 (27.6 %) 764.86 (30.0 %)
Q3 2012 2,017.60 (19.2 %) 588.27 (39.7 %) 537.12 (43.6 %)
Q4 2012 2,503.31 3.3 % 788.85 0.3 % 727.90 (0.9 %)
Q1 2013 2,168.52 (11.3 %) 800.29 (11.8 %) 744.45 (12.0 %)
Q2 2013 2,212.84 (5.1 %) 807.15 (2.2 %) 756.19 (1.1 %)
Q3 2013 2,888.72 43.2 % 1,027.75 74.7 % 957.12 78.2 %
Q4 2013 2,083.57 (16.8 %) 589.60 (25.3 %) 535.19 (26.5 %)
Q1 2014 2,317.89 6.9 % 708.29 (11.5 %) 645.24 (13.3 %)
Q2 2014 2,409.31 8.9 % 760.78 (5.7 %) 700.71 (7.3 %)
Q3 2014 2,493.73 (13.7 %) 844.76 (17.8 %) 784.45 (18.0 %)
Q4 2014 2,290.10 9.9 % 773.20 31.1 % 712.30 33.1 %
Q1 2015 1,716.78 (25.9 %) 412.75 (41.7 %) 363.99 (43.6 %)
Q2 2015 1,563.32 (35.1 %) 373.04 (51.0 %) 316.42 (54.8 %)
Q3 2015 1,800.27 (27.8 %) 434.61 (48.6 %) 381.43 (51.4 %)
Q4 2015 1,831.05 (20.0 %) 537.20 (30.5 %) 478.22 (32.9 %)
Q1 2016 1,346.43 (21.6 %) 607.27 47.1 % 504.57 38.6 %
Q2 2016 1,722.34 10.2 % 852.67 128.6 % 738.74 133.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2007 (4.88) (106.0 %) (0.01) - (4.88) (0.01)
Q2 2007 (9.25) 92.6 % (0.02) - (9.25) (0.02)
Q3 2007 (8.19) (147.7 %) (0.01) - (8.19) (0.01)
Q4 2007 (8.11) (104.8 %) (0.01) - (8.11) (0.01)
Q1 2008 (6.88) (41.0 %) (0.01) - (6.88) (0.01)
Q2 2008 (6.19) 33.2 % (0.01) - (6.19) (0.01)
Q3 2008 (4.94) 39.7 % (0.01) - (4.94) (0.01)
Q4 2008 (7.59) 6.4 % (0.01) - (7.59) (0.01)
Q1 2009 (8.24) (19.8 %) (0.01) - (8.24) (0.01)
Q2 2009 (6.65) (7.6 %) (0.01) - (6.65) (0.01)
Q3 2009 (7.00) (41.9 %) (0.01) - (7.00) (0.01)
Q4 2009 (7.32) 3.6 % (0.01) - (7.32) (0.01)
Q1 2010 259.43 3249.6 % 0.46 - 259.43 0.46
Q2 2010 502.38 7650.1 % 0.89 - 502.38 0.89
Q3 2010 356.20 5187.8 % 0.63 - 356.20 0.63
Q4 2010 554.76 7677.7 % 0.99 - 554.76 0.99
Q1 2011 717.85 176.7 % 1.28 - 717.85 1.28
Q2 2011 963.67 91.8 % 1.71 - 963.67 1.71
Q3 2011 827.94 132.4 % 1.47 - 827.94 1.47
Q4 2011 664.88 19.8 % 1.18 - 664.88 1.18
Q1 2012 720.27 0.3 % 1.28 - 720.27 1.28
Q2 2012 649.61 (32.6 %) 1.15 - 649.61 1.15
Q3 2012 435.73 (47.4 %) 0.77 - 435.73 0.77
Q4 2012 640.77 (3.6 %) 1.14 - 640.77 1.14
Q1 2013 667.07 (7.4 %) 1.19 - 667.07 1.19
Q2 2013 670.52 3.2 % 1.19 - 670.52 1.19
Q3 2013 864.83 98.5 % 1.54 - 864.83 1.54
Q4 2013 442.23 (31.0 %) 0.79 - 442.23 0.79
Q1 2014 555.68 (16.7 %) 0.99 - 555.68 0.99
Q2 2014 613.03 (8.6 %) 1.09 - 613.03 1.09
Q3 2014 691.28 (20.1 %) 1.23 - 691.28 1.23
Q4 2014 617.75 39.7 % 1.10 - 617.75 1.10
Q1 2015 285.14 (48.7 %) 0.51 - 285.14 0.51
Q2 2015 227.40 (62.9 %) 0.40 - 227.40 0.40
Q3 2015 301.72 (56.4 %) 0.54 (0.82) 302.54 0.54
Q4 2015 393.06 (36.4 %) 0.70 (4.14) 397.20 0.71
Q1 2016 421.74 47.9 % 0.75 - 421.74 0.75
Q2 2016 747.34 228.6 % 1.33 - 747.34 1.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 47.26 % 53.80 % 34.63 %
Q2 2010 41.15 % 52.45 % 32.13 %
Q3 2010 37.14 % 49.57 % 28.26 %
Q4 2010 37.27 % 49.49 % 28.73 %
Q1 2011 37.94 % 49.61 % 29.56 %
Q2 2011 39.39 % 49.60 % 31.49 %
Q3 2011 40.72 % 50.12 % 33.57 %
Q4 2011 39.27 % 47.99 % 32.86 %
Q1 2012 37.98 % 46.34 % 31.68 %
Q2 2012 36.02 % 47.12 % 29.51 %
Q3 2012 33.69 % 50.53 % 26.79 %
Q4 2012 33.43 % 58.26 % 26.31 %
Q1 2013 33.28 % 59.12 % 26.53 %
Q2 2013 33.53 % 57.16 % 27.12 %
Q3 2013 35.03 % 51.30 % 29.09 %
Q4 2013 34.48 % 43.54 % 28.27 %
Q1 2014 32.97 % 42.38 % 26.66 %
Q2 2014 31.82 % 41.45 % 25.52 %
Q3 2014 31.20 % 41.94 % 24.74 %
Q4 2014 32.46 % 43.45 % 26.05 %
Q1 2015 31.33 % 42.95 % 24.77 %
Q2 2015 29.81 % 42.15 % 22.59 %
Q3 2015 27.05 % 39.84 % 19.44 %
Q4 2015 25.43 % 38.49 % 17.54 %
Q1 2016 29.84 % 42.19 % 20.62 %
Q2 2016 36.29 % 47.23 % 27.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 562.50 0.10 0.10 10.22
Q2 2007 562.50 0.30 0.30 10.20
Q3 2007 562.50 0.26 0.26 10.19
Q4 2007 562.50 (0.05) (0.05) 10.17
Q1 2008 562.50 (0.06) (0.06) 10.16
Q2 2008 562.50 (0.05) (0.05) 10.15
Q3 2008 562.50 (0.05) (0.05) 10.14
Q4 2008 562.50 (0.05) (0.05) 10.13
Q1 2009 562.50 (0.05) (0.05) 10.11
Q2 2009 562.50 (0.05) (0.05) 10.10
Q3 2009 562.50 (0.05) (0.05) 10.09
Q4 2009 562.50 (0.05) (0.05) 10.08
Q1 2010 562.50 0.42 0.42 10.54
Q2 2010 562.50 1.33 1.33 11.43
Q3 2010 562.50 1.97 1.97 12.06
Q4 2010 562.50 2.97 2.97 13.05
Q1 2011 562.50 3.79 3.79 14.33
Q2 2011 562.50 4.61 4.61 16.04
Q3 2011 562.50 5.45 5.45 17.51
Q4 2011 562.50 5.64 5.64 18.69
Q1 2012 562.50 5.65 5.65 19.97
Q2 2012 562.50 5.09 5.09 21.13
Q3 2012 562.50 4.39 4.39 21.90
Q4 2012 562.50 4.35 4.35 23.04
Q1 2013 562.50 4.25 4.25 24.23
Q2 2013 562.50 4.29 4.29 24.42
Q3 2013 562.50 5.05 5.05 25.96
Q4 2013 562.50 4.70 4.70 26.74
Q1 2014 562.50 4.50 4.50 25.73
Q2 2014 562.50 4.40 4.40 25.32
Q3 2014 562.50 4.09 4.09 26.55
Q4 2014 562.50 4.40 4.40 27.65
Q1 2015 562.50 3.92 3.92 26.65
Q2 2015 562.50 3.24 3.24 26.06
Q3 2015 562.50 2.55 2.55 26.59
Q4 2015 562.50 2.15 2.16 27.29
Q1 2016 562.50 2.39 2.40 27.00
Q2 2016 562.50 3.31 3.32 26.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 More than 100 More than 100 2.74
Q2 2007 83.32 83.32 2.47
Q3 2007 More than 100 More than 100 3.31
Q4 2007 NEG NEG 5.19
Q1 2008 NEG NEG 5.54
Q2 2008 NEG NEG 5.59
Q3 2008 NEG NEG 3.34
Q4 2008 NEG NEG 1.46
Q1 2009 NEG NEG 1.89
Q2 2009 NEG NEG 2.64
Q3 2009 NEG NEG 3.27
Q4 2009 NEG NEG 3.31
Q1 2010 91.76 91.76 3.69
Q2 2010 28.67 28.67 3.33
Q3 2010 19.55 19.55 3.20
Q4 2010 16.01 16.01 3.65
Q1 2011 12.72 12.72 3.36
Q2 2011 10.26 10.26 2.95
Q3 2011 8.30 8.30 2.58
Q4 2011 7.80 7.80 2.35
Q1 2012 9.21 9.21 2.60
Q2 2012 8.65 8.65 2.08
Q3 2012 10.18 10.18 2.04
Q4 2012 10.88 10.88 2.05
Q1 2013 12.40 12.40 2.18
Q2 2013 12.93 12.93 2.27
Q3 2013 12.32 12.32 2.40
Q4 2013 15.69 15.69 2.76
Q1 2014 15.71 15.71 2.75
Q2 2014 16.11 16.11 2.80
Q3 2014 17.59 17.59 2.71
Q4 2014 10.82 10.82 1.72
Q1 2015 10.76 10.76 1.58
Q2 2015 16.75 16.75 2.08
Q3 2015 16.92 16.91 1.62
Q4 2015 15.10 15.04 1.19
Q1 2016 16.32 16.26 1.44
Q2 2016 12.65 12.61 1.57

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 432.36 747.34 72.85 %

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
Alistithmar Capital 552.80 747.34 35.2 %
SNB Capital 455.00 747.34 64.3 %
Sico 441.00 747.34 69.5 %
Albilad Capital 434.00 747.34 72.2 %
Riyad Capital 409.00 747.34 82.7 %
Value Capital 404.00 747.34 85.0 %
Al Rajhi Capital 388.00 747.34 92.6 %
AlJazira Capital 375.10 747.34 99.2 %


Financial Ratios
Current
Market Cap (M Riyal) 17,353.13
Enterprise Value (EV) (M) 14,214.04
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) 0.75
Book Value (BV) ( Riyal) 19.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 43.26
P/E (TTM) 41.28
Price/book 1.54
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 3.6
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Share Price

Yanbu National Petrochemical Co.
30.85
(2.90) (8.59 %)

Yanbu National Petrochemical Co. (YANSAB)

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