Yansab incurs SAR 342.3 mln loss in H1 2023; Q2 at SAR 27.4 mln

Yansab incurs SAR 342.3 mln loss in H1 2023; Q2 at SAR 27.4 mln

20/07/2023 Argaam Exclusive

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Yansab National Petrochemical Co. incurred a net loss of SAR 342.3 million against a net profit of SAR 571.5 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 4,048.29 1,989.90 (50.8 %)
Gross Income 844.40 (147.45) (117.5 %)
Operating Income 588.84 (365.86) (162.1 %)
Net Income 571.53 (342.29) (159.9 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 1.02 (0.61) (159.9 %)

The net loss was attributed to lower production and sales volumes due to the scheduled turnaround of the company's complex for preventive maintenance as announced on Nov. 20, 2022. The company was also hurt by lower average selling prices for all products, compared to their level in H1 2022, despite lower production input average costs.

 

In Q2 2023, Yansab’s net profit plunged 91% to SAR 27.4 million from SAR 288.50 million in the year-earlier period, hurt by a fall in average selling prices for all products, as well as lower sales and production volumes.

 

Compared to a net loss of SAR 369.72 million in Q1 2023, the positive second-quarter results were driven by higher sales volumes and production, along with a decline in the average cost of some production inputs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 2,068.87 1,322.88 (36.1 %)
Gross Income 407.10 92.18 (77.4 %)
Operating Income 284.24 4.86 (98.3 %)
Net Income 288.50 27.44 (90.5 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 0.51 0.05 (90.5 %)

Shareholders' equity, no minority interest, decreased to SAR 12.44 billion as of June 30, 2023, compared to SAR 14.05 billion in a year earlier.

 

Attached Documents

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2022 1,385.22 (27.9 %) 56.44 (88.9 %) (95.48) (125.0 %)
Q1 2023 667.01 (66.3 %) (239.63) (154.8 %) (370.72) (221.7 %)
Q2 2023 1,322.88 (36.1 %) 92.18 (77.4 %) 4.86 (98.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 (96.43) (128.8 %) (0.17) (7.36) (89.07) (0.16)
Q1 2023 (369.72) (230.6 %) (0.66) - (369.72) (0.66)
Q2 2023 27.44 (90.5 %) 0.05 - 27.44 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2022 13.82 % 22.83 % 5.89 %
Q1 2023 5.14 % 16.37 % (3.99 %)
Q2 2023 (0.43 %) 13.49 % (9.91 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 562.50 0.74 0.74 24.98
Q1 2023 562.50 (0.42) (0.40) 23.04
Q2 2023 562.50 (0.89) (0.88) 22.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 56.50 56.51 1.67
Q1 2023 NEG NEG 1.83
Q2 2023 NEG NEG 2.14

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 77.83 27.44 (64.7 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Hermes 34.00 27.44 (19.3) %
U-Capital 61.80 27.44 (55.6) %
AlJazira Capital 70.30 27.44 (61.0) %
Riyad Capital 79.00 27.44 (65.3) %
Al Rajhi Capital 82.00 27.44 (66.5) %
SNB Capital 87.90 27.44 (68.8) %
HSBC 91.00 27.44 (69.8) %
JP Morgan 92.00 27.44 (70.2) %
Bank of America 138.51 27.44 (80.2) %
Value Capital 142.14 27.44 (80.7) %
Goldman Sachs (22.50) 27.44 222.0 %

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

Share Price

Yanbu National Petrochemical Co. (YANSAB)


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