Yansab incurs SAR 503.6 mln loss in 9M 2023; Q3 at SAR 161.3 mln

23/10/2023 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net loss of SAR 503.6 million in the first nine months of 2023, against net earnings of SAR 510.6 million in the year-ago period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	5,638.83	3,087.76	(45.2 %)
Gross Income	913.99	(191.47)	(120.9 %)
Operating Income	537.93	(518.49)	(196.4 %)
Net Income	510.57	(503.61)	(198.6 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.91	(0.90)	(198.6 %)

The loss was due to lower production and sales quantity on the scheduled turnaround of the company's complex for preventive maintenance as announced on the Tadawul website on Nov. 20, 2022, as well as the temporary shutdown of the company's plants to perform emergency repairs as announced on the Tadawul website on Aug. 21, 2023.

This is in addition to lower average selling prices for all of the products compared to the same period a year ago, despite the lower costs of some production inputs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	1,590.54	1,097.87	(31.0 %)
Gross Income	69.59	(44.02)	(163.3 %)
Operating Income	(50.91)	(152.62)	(199.8 %)
Net Income	(60.96)	(161.32)	(164.7 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	(0.11)	(0.29)	(164.7 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	1,322.88	1,097.87	(17.0 %)
Gross Income	92.18	(44.02)	(147.8 %)
Operating Income	4.86	(152.62)	(3243.0 %)
Net Income	27.44	(161.32)	(687.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.05	(0.29)	(687.9 %)

In Q3 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before, mainly due to lower production and sales quantities.

On a sequential basis, the company turned to a net loss from a net profit of SAR 27.44 million.

Shareholders’ equity, after minority interest, fell to SAR 12.34 billion as of Sept. 30, 2023, from SAR 14.05 billion a year before.

Attached Documents

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q2 2022	2,068.87	4.3 %	407.10	(47.3 %)	288.50	(51.6 %)	0.51
Q3 2022	1,590.54	(10.6 %)	69.59	(79.7 %)	(60.96)	(133.9 %)	(0.11)
Q4 2022	1,385.22	(27.9 %)	56.44	(88.9 %)	(96.43)	(128.8 %)	(0.17)
2022	7,024.05	(6.3 %)	970.42	(58.0 %)	414.15	(73.0 %)	0.74
Q1 2023	667.01	(66.3 %)	(239.63)	(154.8 %)	(369.72)	(230.6 %)	(0.66)
Q2 2023	1,322.88	(36.1 %)	92.18	(77.4 %)	27.44	(90.5 %)	0.05
Q3 2023	1,097.87	(31.0 %)	(44.02)	(163.3 %)	(161.32)	(164.7 %)	(0.29)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2022	7,024.05	(6.3 %)	970.42	(58.0 %)	414.15	(73.0 %)	0.74

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 %
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 %
Q2 2022	21.87 %	30.50 %	14.54 %
Q3 2022	18.80 %	27.31 %	11.37 %
Q4 2022	13.82 %	22.83 %	5.89 %
2022	13.82 %	22.83 %	5.89 %
Q1 2023	5.14 %	16.37 %	(3.99 %)
Q2 2023	(0.43 %)	13.49 %	(9.91 %)
Q3 2023	(3.02 %)	12.86 %	(13.25 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	13.82 %	22.83 %	5.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2022	19.68 %	27.66 %	14.12 %
Q3 2022	4.37 %	15.26 %	(3.83 %)
Q4 2022	4.07 %	14.30 %	(6.43 %)
Q1 2023	(35.93 %)	(11.69 %)	(55.43 %)
Q2 2023	6.97 %	23.19 %	2.07 %
Q3 2023	(4.01 %)	13.52 %	(14.69 %)

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
Q3 2023	562.50	(1.07)	(1.05)	21.95

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	562.50	0.74	0.74	24.98

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
Q3 2023	NEG	NEG	1.89

Period	P/E	Adjusted P/E	Price/book
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
2022	56.50	56.51	1.67

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	(32.05)	(161.32)	(403.3 %)

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Hermes	(144.00)	(161.32)	(12.0) %
Riyad Capital	(126.00)	(161.32)	(28.0) %
Value Capital	(123.06)	(161.32)	(31.1) %
SNB Capital	(104.00)	(161.32)	(55.1) %
Al Rajhi Capital	(97.00)	(161.32)	(66.3) %
AlJazira Capital	(70.90)	(161.32)	(127.5) %
JP Morgan	143.00	(161.32)	(212.8) %
Bank of America	102.11	(161.32)	(258.0) %
Sico	58.00	(161.32)	(378.1) %
U-Capital	(17.00)	(161.32)	(849.0) %
Arqaam Capital	(17.00)	(161.32)	(849.0) %
Goldman Sachs	11.25	(161.32)	(1534.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	21,234.38
Enterprise Value (EV) (M)	18,895.85
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	1.76
Return on Average Assets (%) (TTM)	(0.11 )
Return on Average Equity (%) (TTM)	(0.13 )

Yanbu National Petrochemical Co. (YANSAB)

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Yansab incurs SAR 503.6 mln loss in 9M 2023; Q3 at SAR 161.3 mln

View other reports

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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