Yansab earns SAR 324M in H1 2024, SAR 224.8M in Q2

Yansab earns SAR 324M in H1 2024, SAR 224.8M in Q2

28/07/2024 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) swung to a net profit of SAR 324 million in H1 2024, versus a net loss of SAR 342 million in the year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,989.90 3,047.23 53.1 %
Gross Income (147.45) 560.72 480.3 %
Operating Income (365.86) 310.09 184.8 %
Net Income (342.29) 324.31 194.7 %
Average Shares 562.50 562.50 -
EPS (Riyals) (0.61) 0.58 194.7 %

The first-half net profit was buoyed by a rise in revenue on increased production and sales volumes, in addition to the improved average selling prices of some products.

 

In the first half of 2023, the petrochemical producer’s plants halted operations for preventive maintenance from Jan. 10 to March 2, as announced on Tadawul's website on Nov. 20, 2022, and March 2, 2023.

 

The second-quarter bottom line skyrocketed to SAR 224.8 million from SAR 27.4 million in Q2 2023, thanks to higher revenue on increased production and sales volumes, in addition to the improved average selling prices of some products.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,322.88 1,656.72 25.2 %
Gross Income 92.18 332.09 260.3 %
Operating Income 4.86 204.88 4119.1 %
Net Income 27.44 224.78 719.2 %
Average Shares 562.50 562.50 -
EPS (Riyals) 0.05 0.40 719.2 %

Sequentially, Yansab’s net earnings more than doubled from SAR 99.5 million in Q1 2024, driven by improved revenue and average selling prices.

 

Total shareholders’ equity, no minority interest, dropped to SAR 11.71 billion as of June 30, 2024, from SAR 12.44 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2023 1,097.87 (31.0 %) (44.02) (163.3 %) (152.62) (199.8 %)
Q4 2023 1,444.97 4.3 % 138.11 144.7 % 23.62 124.7 %
Q1 2024 1,390.51 108.5 % 228.63 195.4 % 105.21 128.4 %
Q2 2024 1,656.72 25.2 % 332.09 260.3 % 204.88 4119.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2023 (161.32) (164.7 %) (0.29) - (161.32) (0.29)
Q4 2023 18.46 119.1 % 0.03 - 18.46 0.03
Q1 2024 99.52 126.9 % 0.18 - 99.52 0.18
Q2 2024 224.78 719.2 % 0.40 - 224.78 0.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2023 (3.02 %) 12.86 % (13.25 %)
Q4 2023 (1.18 %) 15.45 % (10.70 %)
Q1 2024 7.89 % 22.41 % (0.30 %)
Q2 2024 11.71 % 24.29 % 3.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 562.50 (0.86) (0.86) 21.16
Q1 2024 562.50 (0.03) (0.03) 21.39
Q2 2024 562.50 0.32 0.32 20.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 1.80
Q1 2024 NEG NEG 1.76
Q2 2024 More than 100 More than 100 1.80

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 96.28 224.78 133.46 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Riyad Capital 122.00 224.78 84.2 %
Value Capital 115.04 224.78 95.4 %
AlJazira Capital 115.00 224.78 95.5 %
JP Morgan 115.00 224.78 95.5 %
YAQEEN 107.00 224.78 110.1 %
SNB Capital 107.00 224.78 110.1 %
Sico 99.40 224.78 126.1 %
Hermes 92.00 224.78 144.3 %
U-Capital 88.80 224.78 153.1 %
Bank of America 83.72 224.78 168.5 %
Al Rajhi Capital 82.00 224.78 174.1 %
Citi Bank Group 28.44 224.78 690.4 %

Current
Market Cap (M Riyal) 21,290.63
Enterprise Value (EV) (M) 18,581.05
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) 44.98
P/E (TTM) 44.98
Price/book 1.81
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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