Yansab Q1 2022 net profit falls 33% to SAR 283 mln

17/04/2022 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab), which is 51% owned by Saudi Basic Industries Corp. (SABIC), reported a 33% slump in net profit after Zakat and tax to SAR 283 million in the first quarter of 2022, compared to SAR 420.3 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Revenues	1,723.01	1,979.41	14.9 %
Gross Income	595.01	437.30	(26.5 %)
Operating Income	476.99	304.60	(36.1 %)
Net Income	420.29	283.03	(32.7 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.75	0.50	(32.7 %)

Item	Q4 2021	Q1 2022	Change‬
Revenues	1,922.11	1,979.41	3.0 %
Gross Income	507.13	437.30	(13.8 %)
Operating Income	382.16	304.60	(20.3 %)
Net Income	334.86	283.03	(15.5 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.60	0.50	(15.5 %)

The profit drop was attributed to a rise in the average cost of some production inputs, coupled with a decline in sales volumes, Yansab said in a statement to Tadawul.

Compared to Q4 2021, net profit after Zakat and tax dropped 15.5% from SAR 335 million.

Shareholders’ equity, excluding minority interest, declined to SAR 14.582 billion, from SAR 14.792 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2020	1,440.73	1.3 %	277.21	(6.4 %)	195.63	(7.7 %)	0.35
Q4 2020	1,378.58	(7.0 %)	475.13	59.4 %	332.65	94.6 %	0.59
2020	5,034.94	(17.0 %)	1,088.72	(27.3 %)	677.57	(37.8 %)	1.20
Q1 2021	1,723.01	44.2 %	595.01	198.6 %	420.29	302.3 %	0.75
Q2 2021	1,983.00	94.3 %	772.06	463.0 %	596.37	1230.4 %	1.06
Q3 2021	1,779.61	23.5 %	343.61	24.0 %	179.78	(8.1 %)	0.32
Q4 2021	1,922.11	39.4 %	507.13	6.7 %	334.86	0.7 %	0.60
2021	7,499.27	48.9 %	2,309.37	112.1 %	1,531.30	126.0 %	2.72
Q1 2022	1,979.41	14.9 %	437.30	(26.5 %)	283.03	(32.7 %)	0.50

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2020	5,034.94	(17.0 %)	1,088.72	(27.3 %)	677.57	(37.8 %)	1.20
2021	7,499.27	48.9 %	2,309.37	112.1 %	1,531.30	126.0 %	2.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2020	17.74 %	31.59 %	10.04 %
Q4 2020	21.62 %	37.76 %	13.50 %
2020	21.62 %	37.76 %	13.50 %
Q1 2021	26.68 %	41.11 %	19.04 %
Q2 2021	32.48 %	45.21 %	24.68 %
Q3 2021	31.84 %	43.79 %	23.62 %
Q4 2021	29.94 %	40.31 %	22.18 %
2021	30.79 %	41.04 %	21.91 %
Q1 2022	26.88 %	36.54 %	18.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2020	21.62 %	37.76 %	13.50 %
2021	30.79 %	41.04 %	21.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2020	19.24 %	33.78 %	13.58 %
Q4 2020	34.47 %	49.20 %	24.29 %
Q1 2021	34.53 %	45.06 %	28.08 %
Q2 2021	38.93 %	50.87 %	30.07 %
Q3 2021	19.31 %	30.47 %	11.60 %
Q4 2021	26.38 %	34.27 %	18.56 %
Q1 2022	22.09 %	29.85 %	13.74 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2020	562.50	0.92	0.92	26.23
Q4 2020	562.50	1.20	1.21	26.64
Q1 2021	562.50	1.77	1.88	26.30
Q2 2021	562.50	2.75	2.86	25.75
Q3 2021	562.50	2.72	2.88	26.05
Q4 2021	562.50	2.72	2.92	26.74
Q1 2022	562.50	2.48	2.54	25.92

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2020	562.50	1.20	1.21	26.64
2021	562.50	2.72	2.92	26.74

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2020	64.01	64.01	2.24
Q4 2020	53.05	52.88	2.40
Q1 2021	39.18	36.75	2.63
Q2 2021	26.43	25.36	2.82
Q3 2021	26.19	24.70	2.73
Q4 2021	25.24	23.52	2.57
Q1 2022	26.99	26.29	2.58

Period	P/E	Adjusted P/E	Price/book
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
2020	53.05	52.88	2.40
2021	25.24	23.52	2.57

Analysts Estimates (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change‬
Average	338.21	283.03	(16.3 %)

Estimates vs Actual (Million)

Item	Q1 2022 (e)	Q1 2022 (a)	Change
Al Rajhi Capital	291.00	283.03	(2.7) %
Riyad Capital	312.00	283.03	(9.3) %
SNB Capital	342.00	283.03	(17.2) %
Hermes	236.00	283.03	19.9 %
AlJazira Capital	355.90	283.03	(20.5) %
Bank of America	364.08	283.03	(22.3) %
OSOOL AND BAKHEET	366.00	283.03	(22.7) %
U-Capital	438.70	283.03	(35.5) %

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 Q1 2022 net profit falls 33% to SAR 283 mln

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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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