Yansab 9M 2022 profit retreats 57% to SAR 510.6 mln, Q3 loss at SAR 61 mln

Yansab 9M 2022 profit retreats 57% to SAR 510.6 mln, Q3 loss at SAR 61 mln

26/10/2022 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net profit after Zakat and tax of SAR 510.6 million in the first nine months of 2022, a 57% decrease from SAR 1.196 billion in the year-ago period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 5,485.62 5,638.83 2.8 %
Gross Income 1,710.69 913.99 (46.6 %)
Operating Income 1,332.23 537.93 (59.6 %)
Net Income 1,196.44 510.57 (57.3 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 2.13 0.91 (57.3 %)

The profit decline was attributed to higher production inputs average cost and lower average preliminary selling prices for all of the products resulting from changes in the market price and higher shipment cost, despite higher production and sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 1,779.61 1,590.54 (10.6 %)
Gross Income 343.61 69.59 (79.7 %)
Operating Income 215.40 (50.91) (123.6 %)
Net Income 179.78 (60.96) (133.9 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 0.32 (0.11) (133.9 %)

In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 61 million, against a profit of SAR 179.78 million in the year before.

 

On a sequential basis, the company’s net profit fell from SAR 288.5 million in Q2 2022.

 

Shareholders’ equity, after minority interest, fell to SAR 14.207 billion as of Sept. 30, 2022, from SAR 14.652 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2016 1,516.80 (15.7 %) 688.73 58.5 % 591.89 55.2 %
Q4 2016 1,645.07 (10.2 %) 732.63 36.4 % 587.71 22.9 %
Q1 2017 1,758.51 30.6 % 728.26 19.9 % 623.21 23.5 %
Q2 2017 1,362.12 (20.9 %) 465.16 (45.4 %) 357.71 (51.6 %)
Q3 2017 1,933.44 27.5 % 780.33 13.3 % 653.62 10.4 %
Q4 2017 2,166.85 31.7 % 896.55 22.4 % 779.55 32.6 %
Q1 2018 1,787.21 1.6 % 739.84 1.6 % 634.81 1.9 %
Q2 2018 2,111.47 55.0 % 937.57 101.6 % 816.19 128.2 %
Q3 2018 2,110.43 9.2 % 839.25 7.5 % 710.81 8.7 %
Q4 2018 1,619.36 (25.3 %) 348.78 (61.1 %) 199.58 (74.4 %)
Q1 2019 1,522.05 (14.8 %) 472.49 (36.1 %) 378.99 (40.3 %)
Q2 2019 1,637.96 (22.4 %) 431.61 (54.0 %) 329.47 (59.6 %)
Q3 2019 1,422.74 (32.6 %) 296.05 (64.7 %) 205.38 (71.1 %)
Q4 2019 1,482.08 (8.5 %) 298.12 (14.5 %) 182.31 (8.7 %)
Q1 2020 1,194.98 (21.5 %) 199.26 (57.8 %) 102.37 (73.0 %)
Q2 2020 1,020.66 (37.7 %) 137.12 (68.2 %) 52.91 (83.9 %)
Q3 2020 1,440.73 1.3 % 277.21 (6.4 %) 201.04 (2.1 %)
Q4 2020 1,378.58 (7.0 %) 475.13 59.4 % 371.28 103.7 %
Q1 2021 1,723.01 44.2 % 595.01 198.6 % 476.99 366.0 %
Q2 2021 1,983.00 94.3 % 772.06 463.0 % 639.83 1109.4 %
Q3 2021 1,779.61 23.5 % 343.61 24.0 % 215.40 7.1 %
Q4 2021 1,922.11 39.4 % 507.13 6.7 % 382.16 2.9 %
Q1 2022 1,979.41 14.9 % 437.30 (26.5 %) 304.60 (36.1 %)
Q2 2022 2,068.87 4.3 % 407.10 (47.3 %) 284.24 (55.6 %)
Q3 2022 1,590.54 (10.6 %) 69.59 (79.7 %) (50.91) (123.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2016 568.28 88.3 % 1.01 - 568.28 1.01
Q4 2016 607.00 54.4 % 1.08 - 607.00 1.08
Q1 2017 608.16 44.2 % 1.08 - 608.16 1.08
Q2 2017 345.72 (53.7 %) 0.61 - 345.72 0.61
Q3 2017 644.59 13.4 % 1.15 - 644.59 1.15
Q4 2017 777.90 28.2 % 1.38 - 777.90 1.38
Q1 2018 630.59 3.7 % 1.12 - 630.59 1.12
Q2 2018 820.89 137.4 % 1.46 - 820.89 1.46
Q3 2018 729.02 13.1 % 1.30 - 729.02 1.30
Q4 2018 233.48 (70.0 %) 0.42 - 233.48 0.42
Q1 2019 390.64 (38.1 %) 0.69 - 390.64 0.69
Q2 2019 316.13 (61.5 %) 0.56 - 316.13 0.56
Q3 2019 212.06 (70.9 %) 0.38 - 212.06 0.38
Q4 2019 170.95 (26.8 %) 0.30 - 170.95 0.30
Q1 2020 104.46 (73.3 %) 0.19 - 104.46 0.19
Q2 2020 44.83 (85.8 %) 0.08 - 44.83 0.08
Q3 2020 195.63 (7.7 %) 0.35 - 195.63 0.35
Q4 2020 332.65 94.6 % 0.59 (2.18) 334.83 0.60
Q1 2021 420.29 302.3 % 0.75 (63.50) 483.79 0.86
Q2 2021 596.37 1230.4 % 1.06 - 596.37 1.06
Q3 2021 179.78 (8.1 %) 0.32 (26.60) 206.38 0.37
Q4 2021 334.86 0.7 % 0.60 (21.79) 356.65 0.63
Q1 2022 283.03 (32.7 %) 0.50 11.06 271.98 0.48
Q2 2022 288.50 (51.6 %) 0.51 (3.60) 292.10 0.52
Q3 2022 (60.96) (133.9 %) (0.11) - (60.96) (0.11)

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 %
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 %
Q3 2016 41.86 % 52.93 % 33.27 %
Q4 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 %
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 %
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 %
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 %
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 %
Q1 2022 26.88 % 36.54 % 18.68 %
Q2 2022 21.87 % 30.50 % 14.54 %
Q3 2022 18.80 % 27.31 % 11.37 %


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
Q2 2022 562.50 1.93 2.00 25.16
Q3 2022 562.50 1.50 1.53 25.26

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
Q2 2022 26.15 25.20 2.01
Q3 2022 30.81 30.29 1.83

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 185.31 (60.96) (132.9 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Goldman Sachs 258.75 (60.96) (123.6) %
U-Capital 248.00 (60.96) (124.6) %
Riyad Capital 213.00 (60.96) (128.6) %
Al Rajhi Capital 208.00 (60.96) (129.3) %
AlJazira Capital 185.10 (60.96) (132.9) %
Bank of America 163.60 (60.96) (137.3) %
SNB Capital 105.00 (60.96) (158.1) %
Hermes 101.00 (60.96) (160.4) %


Financial Ratios
Current
Market Cap (M Riyal) 21,121.88
Enterprise Value (EV) (M) 18,412.30
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) 0.84
Book Value (BV) ( Riyal) 20.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 44.62
P/E (TTM) 44.62
Price/book 1.79
Return on Average Assets (%) (TTM) 3.3
Return on Average Equity (%) (TTM) 3.9
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Share Price

Yanbu National Petrochemical Co.
37.55
(0.30) (0.79 %)

Yanbu National Petrochemical Co. (YANSAB)

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