Yansab's net profit declines 79% to SAR 149.3 mln in H1 2020

19/07/2020 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net profit after Zakat and tax of SAR 149.3 million for the first half of 2020, a 79% year-on-year (YoY) slump, driven by lower sales volumes, despite decreased cost of some materials.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	3,160.01	2,215.63	(29.9 %)
Gross Income	904.10	336.38	(62.8 %)
Operating Income	708.46	155.27	(78.1 %)
Net Income	706.77	149.29	(78.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	1.26	0.27	(78.9 %)

The company’s net profit after Zakat and tax for the second quarter declined 86% YoY to SAR 44.8 million due to lower average selling prices and lower sales volumes.

On a quarter-on-quarter basis, the profit for the current quarter dropped by 57.13%, which was attributed to decreased average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	1,637.96	1,020.66	(37.7 %)
Gross Income	431.61	137.12	(68.2 %)
Operating Income	329.47	52.91	(83.9 %)
Net Income	316.13	44.83	(85.8 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.56	0.08	(85.8 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	1,194.98	1,020.66	(14.6 %)
Gross Income	199.26	137.12	(31.2 %)
Operating Income	102.37	52.91	(48.3 %)
Net Income	104.46	44.83	(57.1 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.19	0.08	(57.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	2,077.28	201.7 %	891.46	173.9 %	717.85	176.7 %	1.28
Q2 2011	2,659.86	62.4 %	1,139.46	80.3 %	963.67	91.8 %	1.71
Q3 2011	2,497.80	55.8 %	975.77	94.4 %	827.94	132.4 %	1.47
Q4 2011	2,424.41	28.2 %	786.41	10.7 %	664.88	19.8 %	1.18
2011	9,659.34	65.9 %	3,793.09	74.8 %	3,174.33	89.8 %	5.64
Q1 2012	2,445.86	17.7 %	906.99	1.7 %	720.27	0.3 %	1.28
Q2 2012	2,332.26	(12.3 %)	824.89	(27.6 %)	649.61	(32.6 %)	1.15
Q3 2012	2,017.60	(19.2 %)	588.27	(39.7 %)	435.73	(47.4 %)	0.77
Q4 2012	2,503.31	3.3 %	788.85	0.3 %	640.77	(3.6 %)	1.14
2012	9,299.03	(3.7 %)	3,109.01	(18.0 %)	2,446.36	(22.9 %)	4.35
Q1 2013	2,168.52	(11.3 %)	800.29	(11.8 %)	667.07	(7.4 %)	1.19
Q2 2013	2,212.84	(5.1 %)	807.15	(2.2 %)	670.52	3.2 %	1.19
Q3 2013	2,888.72	43.2 %	1,027.75	74.7 %	864.83	98.5 %	1.54
Q4 2013	2,083.57	(16.8 %)	589.60	(25.3 %)	442.23	(31.0 %)	0.79
2013	9,353.65	0.6 %	3,224.79	3.7 %	2,644.65	8.1 %	4.70
Q1 2014	2,317.89	6.9 %	708.29	(11.5 %)	555.68	(16.7 %)	0.99
Q2 2014	2,409.31	8.9 %	760.78	(5.7 %)	613.03	(8.6 %)	1.09
Q3 2014	2,493.73	(13.7 %)	844.76	(17.8 %)	691.28	(20.1 %)	1.23
Q4 2014	2,290.10	9.9 %	773.20	31.1 %	617.75	39.7 %	1.10
2014	9,511.03	1.7 %	3,087.03	(4.3 %)	2,477.74	(6.3 %)	4.40
Q1 2015	1,716.78	(25.9 %)	412.75	(41.7 %)	285.14	(48.7 %)	0.51
Q2 2015	1,563.32	(35.1 %)	373.04	(51.0 %)	227.40	(62.9 %)	0.40
Q3 2015	1,800.27	(27.8 %)	434.61	(48.6 %)	301.72	(56.4 %)	0.54
Q4 2015	1,831.05	(20.0 %)	537.20	(30.5 %)	393.06	(36.4 %)	0.70
2015	6,911.42	(27.3 %)	1,757.60	(43.1 %)	1,207.32	(51.3 %)	2.15
Q1 2016	1,346.43	(21.6 %)	607.27	47.1 %	421.74	47.9 %	0.75
Q2 2016	1,722.34	10.2 %	852.67	128.6 %	747.34	228.6 %	1.33
Q3 2016	1,516.80	(15.7 %)	688.73	58.5 %	568.28	88.3 %	1.01
Q4 2016	1,645.07	(10.2 %)	732.63	36.4 %	607.00	54.4 %	1.08
2016	6,230.64	(9.8 %)	2,881.29	63.9 %	2,344.36	94.2 %	4.17
Q1 2017	1,758.51	30.6 %	728.26	19.9 %	608.16	44.2 %	1.08
Q2 2017	1,362.12	(20.9 %)	465.16	(45.4 %)	345.72	(53.7 %)	0.61
Q3 2017	1,933.44	27.5 %	780.33	13.3 %	644.59	13.4 %	1.15
Q4 2017	2,166.85	31.7 %	896.55	22.4 %	777.90	28.2 %	1.38
2017	7,220.91	15.9 %	2,870.30	(0.4 %)	2,376.37	1.4 %	4.22
Q1 2018	1,787.21	1.6 %	739.84	1.6 %	630.59	3.7 %	1.12
Q2 2018	2,111.47	55.0 %	937.57	101.6 %	820.89	137.4 %	1.46
Q3 2018	2,110.43	9.2 %	839.25	7.5 %	729.02	13.1 %	1.30
Q4 2018	1,619.36	(25.3 %)	348.78	(61.1 %)	233.48	(70.0 %)	0.42
2018	7,628.47	5.6 %	2,865.44	(0.2 %)	2,413.98	1.6 %	4.29
Q1 2019	1,522.05	(14.8 %)	472.49	(36.1 %)	390.64	(38.1 %)	0.69
Q2 2019	1,637.96	(22.4 %)	431.61	(54.0 %)	316.13	(61.5 %)	0.56
Q3 2019	1,422.74	(32.6 %)	296.05	(64.7 %)	212.06	(70.9 %)	0.38
Q4 2019	1,482.08	(8.5 %)	298.12	(14.5 %)	170.95	(26.8 %)	0.30
2019	6,064.83	(20.5 %)	1,498.27	(47.7 %)	1,089.77	(54.9 %)	1.94
Q1 2020	1,194.98	(21.5 %)	199.26	(57.8 %)	104.46	(73.3 %)	0.19
Q2 2020	1,020.66	(37.7 %)	137.12	(68.2 %)	44.83	(85.8 %)	0.08

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	5,821.53	-	2,169.57	-	1,672.78	5826.1 %	2.97
2011	9,659.34	65.9 %	3,793.09	74.8 %	3,174.33	89.8 %	5.64
2012	9,299.03	(3.7 %)	3,109.01	(18.0 %)	2,446.36	(22.9 %)	4.35
2013	9,353.65	0.6 %	3,224.79	3.7 %	2,644.65	8.1 %	4.70
2014	9,511.03	1.7 %	3,087.03	(4.3 %)	2,477.74	(6.3 %)	4.40
2015	6,911.42	(27.3 %)	1,757.60	(43.1 %)	1,207.32	(51.3 %)	2.15
2016	6,230.64	(9.8 %)	2,881.29	63.9 %	2,344.36	94.2 %	4.17
2017	7,220.91	15.9 %	2,870.30	(0.4 %)	2,376.37	1.4 %	4.22
2018	7,628.47	5.6 %	2,865.44	(0.2 %)	2,413.98	1.6 %	4.29
2019	6,064.83	(20.5 %)	1,498.27	(47.7 %)	1,089.77	(54.9 %)	1.94

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
2012	33.43 %	41.87 %	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 %
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 %
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 %
2015	25.43 %	38.49 %	17.54 %
Q1 2016	29.84 %	42.19 %	20.62 %
Q2 2016	36.29 %	47.23 %	27.89 %
Q3 2016	41.86 %	52.93 %	33.27 %
Q4 2016	46.24 %	56.31 %	37.63 %
2016	46.24 %	56.31 %	37.63 %
Q1 2017	45.20 %	54.64 %	38.10 %
Q2 2017	41.62 %	51.91 %	33.89 %
Q3 2017	40.40 %	49.45 %	32.92 %
Q4 2017	39.75 %	48.52 %	32.91 %
2017	39.75 %	48.52 %	32.91 %
Q1 2018	39.75 %	48.53 %	33.09 %
Q2 2018	41.93 %	49.73 %	35.93 %
Q3 2018	41.75 %	49.37 %	36.18 %
Q4 2018	37.56 %	45.25 %	31.64 %
2018	37.56 %	45.25 %	31.64 %
Q1 2019	35.28 %	43.52 %	29.53 %
Q2 2019	30.37 %	42.48 %	24.23 %
Q3 2019	24.97 %	38.92 %	18.58 %
Q4 2019	24.70 %	38.51 %	17.97 %
2019	24.70 %	38.51 %	17.97 %
Q1 2020	21.35 %	36.17 %	14.01 %
Q2 2020	18.17 %	31.43 %	10.40 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	37.27 %	49.49 %	28.73 %
2011	39.27 %	47.99 %	32.86 %
2012	33.43 %	41.87 %	26.31 %
2013	34.48 %	43.54 %	28.27 %
2014	32.46 %	43.45 %	26.05 %
2015	25.43 %	38.49 %	17.54 %
2016	46.24 %	56.31 %	37.63 %
2017	39.75 %	48.52 %	32.91 %
2018	37.56 %	45.25 %	31.64 %
2019	24.70 %	38.51 %	17.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	42.91 %	52.34 %	34.56 %
Q2 2011	42.84 %	50.73 %	36.23 %
Q3 2011	39.06 %	48.51 %	33.15 %
Q4 2011	32.44 %	40.72 %	27.42 %
Q1 2012	37.08 %	44.92 %	29.45 %
Q2 2012	35.37 %	54.58 %	27.85 %
Q3 2012	29.16 %	64.43 %	21.60 %
Q4 2012	31.51 %	69.76 %	25.60 %
Q1 2013	36.91 %	46.79 %	30.76 %
Q2 2013	36.48 %	46.43 %	30.30 %
Q3 2013	35.58 %	42.43 %	29.94 %
Q4 2013	28.30 %	38.65 %	21.22 %
Q1 2014	30.56 %	41.82 %	23.97 %
Q2 2014	31.58 %	42.36 %	25.44 %
Q3 2014	33.88 %	44.37 %	27.72 %
Q4 2014	33.76 %	45.23 %	26.97 %
Q1 2015	24.04 %	38.66 %	16.61 %
Q2 2015	23.86 %	37.92 %	14.55 %
Q3 2015	24.14 %	35.79 %	16.81 %
Q4 2015	29.34 %	41.48 %	21.69 %
Q1 2016	45.10 %	56.67 %	31.32 %
Q2 2016	49.51 %	57.92 %	43.39 %
Q3 2016	45.41 %	57.76 %	37.47 %
Q4 2016	44.53 %	52.99 %	36.90 %
Q1 2017	41.41 %	50.29 %	34.58 %
Q2 2017	34.15 %	46.19 %	25.38 %
Q3 2017	40.36 %	47.96 %	33.34 %
Q4 2017	41.38 %	49.05 %	35.90 %
Q1 2018	41.40 %	50.27 %	35.28 %
Q2 2018	44.40 %	51.57 %	38.88 %
Q3 2018	39.77 %	46.71 %	34.54 %
Q4 2018	21.54 %	29.56 %	14.42 %
Q1 2019	31.04 %	42.79 %	25.67 %
Q2 2019	26.35 %	49.53 %	19.30 %
Q3 2019	20.81 %	33.23 %	14.90 %
Q4 2019	20.11 %	27.02 %	11.53 %
Q1 2020	16.67 %	32.70 %	8.74 %
Q2 2020	13.43 %	33.86 %	4.39 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2016	562.50	3.79	3.79	27.81
Q4 2016	562.50	4.17	4.17	28.54
Q1 2017	562.50	4.50	4.50	28.12
Q2 2017	562.50	3.79	3.79	27.24
Q3 2017	562.50	3.92	3.92	28.37
Q4 2017	562.50	4.22	4.22	29.76
Q1 2018	562.50	4.26	4.26	30.91
Q2 2018	562.50	5.11	5.11	28.87
Q3 2018	562.50	5.26	5.26	30.17
Q4 2018	562.50	4.29	4.29	30.68
Q1 2019	562.50	3.86	3.86	31.34
Q2 2019	562.50	2.97	2.97	28.12
Q3 2019	562.50	2.05	2.05	28.38
Q4 2019	562.50	1.94	1.94	28.70
Q1 2020	562.50	1.43	1.43	27.13
Q2 2020	562.50	0.95	0.95	25.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	562.50	2.97	2.97	13.05
2011	562.50	5.64	5.64	18.69
2012	562.50	4.35	4.35	23.04
2013	562.50	4.70	4.70	26.74
2014	562.50	4.40	4.40	27.65
2015	562.50	2.15	2.16	27.29
2016	562.50	4.17	4.17	28.54
2017	562.50	4.22	4.22	29.76
2018	562.50	4.29	4.29	30.68
2019	562.50	1.94	1.94	28.70

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2016	11.41	11.39	1.55
Q4 2016	12.97	12.97	1.89
Q1 2017	12.72	12.72	2.04
Q2 2017	14.74	14.74	2.05
Q3 2017	15.13	15.13	2.09
Q4 2017	13.93	13.93	1.98
Q1 2018	17.13	17.13	2.36
Q2 2018	14.58	14.58	2.58
Q3 2018	13.48	13.48	2.35
Q4 2018	14.87	14.87	2.08
Q1 2019	19.22	19.22	2.37
Q2 2019	21.47	21.47	2.26
Q3 2019	26.12	26.12	1.88
Q4 2019	28.85	28.85	1.95
Q1 2020	29.12	29.12	1.53
Q2 2020	54.11	54.11	1.98

Period	P/E	Adjusted P/E	Price/book
2010	16.01	16.01	3.65
2011	7.80	7.80	2.35
2012	10.88	10.88	2.05
2013	15.69	15.69	2.76
2014	10.82	10.82	1.72
2015	15.10	15.04	1.19
2016	12.97	12.97	1.89
2017	13.93	13.93	1.98
2018	14.87	14.87	2.08
2019	28.85	28.85	1.95

Analysts Estimates (Million)

Item	Q2 2020 (e)	Q2 2020 (a)	Change‬
Average	79.84	44.83	(43.9 %)

Estimates vs Actual (Million)

Item	Q2 2020 (e)	Q2 2020 (a)	Change
SNB Capital	43.40	44.83	3.3 %
AlJazira Capital	124.50	44.83	(64.0) %
Al Rajhi Capital	134.00	44.83	(66.5) %
Riyad Capital	157.00	44.83	(71.4) %
OSOOL AND BAKHEET	(59.70)	44.83	175.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	21,290.63
Enterprise Value (EV) (M)	18,952.10
Shares Outstanding ((M))	562.50
EPS ( Riyal) (TTM)	(0.03)
Book Value (BV) ( Riyal)	21.39
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.77
Return on Average Assets (%) (TTM)	(0.11 )
Return on Average Equity (%) (TTM)	(0.13 )

Yanbu National Petrochemical Co. (YANSAB)

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Yansab's net profit declines 79% to SAR 149.3 mln in H1 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Yanbu National Petrochemical Co. (YANSAB)

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