Petrochem’s net profit rises 31% in FY18

Petrochem’s net profit rises 31% in FY18

23/01/2019 Argaam Exclusive

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National Petrochemical Co.’s (Petrochem) net profit after zakat and tax jumped 31.2 percent year-on-year (YoY) to SAR 1.16 billion for fiscal year 2018, driven by higher sales value, improved production rates and lower general and administrative (G&A) expenses.

 

The full-year results were also bolstered by higher other income and a decline in zakat expenses.



Financials (M)

Item 2017 2018 Change‬
Revenues 7,363.81 8,930.41 21.3 %
Gross Income 2,263.52 2,685.46 18.6 %
Operating Income 1,626.20 2,008.84 23.5 %
Net Income 888.30 1,165.38 31.2 %
Average Shares 480.00 480.00 -
EPS (Riyals) 1.85 2.43 31.2 %

The fourth-quarter net profit after zakat and tax came in at SAR 236 million, a fall of 39.6 percent YoY, due to a decline in the company’s product prices and accelerated depreciation of some assets related to the Polystyrene unit for SAR 236 million during the current quarter.

 

When compared to the previous quarter, net profit dropped 23 percent on an increase in G&A expenses and financial charges.



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 2,169.13 2,183.25 0.7 %
Gross Income 788.19 447.12 (43.3 %)
Operating Income 605.04 260.74 (56.9 %)
Net Income 391.19 236.02 (39.7 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 0.81 0.49 (39.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - (0.66) -
Q2 2009 - - - - (1.10) (28.1 %)
Q3 2009 - - - - (2.13) (736.9 %)
Q4 2009 - - - - (7.12) (877.3 %)
Q1 2010 - - - - (3.35) (403.8 %)
Q2 2010 - - - - (2.33) (111.0 %)
Q3 2010 - - - - (1.93) 9.4 %
Q4 2010 - - - - (6.60) 7.2 %
Q1 2011 - - - - (4.21) (25.7 %)
Q2 2011 - - - - (6.79) (191.8 %)
Q3 2011 - - - - (5.39) (178.7 %)
Q4 2011 - - - - (30.75) (365.7 %)
Q1 2012 - - - - (22.64) (438.2 %)
Q2 2012 - - - - (41.82) (516.3 %)
Q3 2012 - - - - (32.71) (506.9 %)
Q4 2012 857.88 - (478.86) - (585.13) (1,803.0 %)
Q1 2013 689.10 - 172.39 - 61.30 370.8 %
Q2 2013 1,144.23 - 222.85 - 83.47 299.6 %
Q3 2013 1,117.37 - (38.76) - (170.86) (422.3 %)
Q4 2013 1,485.98 73.2 % 370.03 177.3 % 191.52 132.7 %
Q1 2014 1,709.95 148.1 % 456.16 164.6 % 280.85 358.1 %
Q2 2014 1,965.81 71.8 % 560.99 151.7 % 365.21 337.5 %
Q3 2014 1,952.47 74.7 % 668.53 1824.8 % 453.22 365.3 %
Q4 2014 2,230.28 50.1 % 613.39 65.8 % 406.50 112.3 %
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 233.11 (17.0 %)
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 565.00 54.7 %
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 591.93 30.6 %
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 372.54 (8.4 %)
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 279.83 20.0 %
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 423.76 (25.0 %)
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) 402.66 (32.0 %)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) (90.43) (124.3 %)
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 353.61 26.4 %
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 263.72 (37.8 %)
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 403.84 0.3 %
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 605.04 769.1 %
Q1 2018 2,210.53 31.2 % 763.14 51.9 % 605.84 71.3 %
Q2 2018 2,239.39 27.7 % 739.23 75.7 % 572.93 117.2 %
Q3 2018 2,297.25 30.9 % 735.97 33.3 % 569.32 41.0 %
Q4 2018 2,183.25 0.7 % 447.12 (43.3 %) 260.74 (56.9 %)
2018 8,930.41 21.3 % 2,685.46 18.6 % 2,008.84 23.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 (7.87) - (0.02) - (7.87) (0.02)
Q2 2009 (12.36) (399.3 %) (0.03) - (12.36) (0.03)
Q3 2009 (19.21) (455.5 %) (0.04) (5.55) (13.66) (0.03)
Q4 2009 (21.15) (355.9 %) (0.04) (8.61) (12.55) (0.03)
Q1 2010 (42.94) (445.6 %) (0.09) - (42.94) (0.09)
Q2 2010 (37.62) (204.3 %) (0.08) - (37.62) (0.08)
Q3 2010 (3.45) 82.0 % (0.01) - (3.45) (0.01)
Q4 2010 41.38 295.6 % 0.09 - 41.38 0.09
Q1 2011 (10.52) 75.5 % (0.02) - (10.52) (0.02)
Q2 2011 (12.37) 67.1 % (0.03) - (12.37) (0.03)
Q3 2011 (12.59) (264.5 %) (0.03) - (12.59) (0.03)
Q4 2011 (28.63) (169.2 %) (0.06) - (28.63) (0.06)
Q1 2012 (21.63) (105.6 %) (0.05) - (21.63) (0.05)
Q2 2012 (35.79) (189.4 %) (0.07) - (35.79) (0.07)
Q3 2012 (0.13) 99.0 % 0.00 - (0.13) 0.00
Q4 2012 (405.99) (1,318.2 %) (0.85) - (405.99) (0.85)
Q1 2013 (1.33) 93.8 % 0.00 - (1.33) 0.00
Q2 2013 10.84 130.3 % 0.02 - 10.84 0.02
Q3 2013 (150.21) (120,064.0 %) (0.31) - (150.21) (0.31)
Q4 2013 74.57 118.4 % 0.16 - 74.57 0.16
Q1 2014 141.02 10678.9 % 0.29 - 141.02 0.29
Q2 2014 197.03 1717.8 % 0.41 - 197.03 0.41
Q3 2014 244.19 262.6 % 0.51 - 244.19 0.51
Q4 2014 192.53 158.2 % 0.40 - 192.53 0.40
Q1 2015 101.84 (27.8 %) 0.21 - 101.84 0.21
Q2 2015 305.39 55.0 % 0.64 - 305.39 0.64
Q3 2015 321.10 31.5 % 0.67 - 321.10 0.67
Q4 2015 178.30 (7.4 %) 0.37 - 178.30 0.37
Q1 2016 121.43 19.2 % 0.25 - 121.43 0.25
Q2 2016 208.01 (31.9 %) 0.43 - 208.01 0.43
Q3 2016 191.61 (40.3 %) 0.40 - 191.61 0.40
Q4 2016 (123.68) (169.4 %) (0.26) - (123.68) (0.26)
Q1 2017 167.90 38.3 % 0.35 - 167.90 0.35
Q2 2017 132.28 (36.4 %) 0.28 - 132.28 0.28
Q3 2017 196.94 2.8 % 0.41 - 196.94 0.41
Q4 2017 391.19 416.3 % 0.81 65.00 326.19 0.68
Q1 2018 333.94 98.9 % 0.70 - 333.94 0.70
Q2 2018 288.02 117.7 % 0.60 - 288.02 0.60
Q3 2018 307.41 56.1 % 0.64 - 307.41 0.64
Q4 2018 236.02 (39.7 %) 0.49 186.79 49.23 0.10
2018 1,165.38 31.2 % 2.43 186.79 978.60 2.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 (55.82 %) (56.03 %) (54.03 %)
Q1 2013 (19.81 %) (12.88 %) (28.65 %)
Q2 2013 (3.11 %) 5.55 % (14.74 %)
Q3 2013 (3.21 %) 5.64 % (14.35 %)
Q4 2013 16.38 % 22.19 % (1.49 %)
Q1 2014 18.51 % 22.23 % 1.40 %
Q2 2014 21.47 % 23.54 % 4.18 %
Q3 2014 28.90 % 29.39 % 9.23 %
Q4 2014 29.26 % 29.67 % 9.86 %
Q1 2015 28.82 % 28.79 % 9.29 %
Q2 2015 31.05 % 31.20 % 10.66 %
Q3 2015 32.35 % 33.43 % 11.69 %
Q4 2015 33.98 % 35.38 % 12.41 %
Q1 2016 34.30 % 36.58 % 12.88 %
Q2 2016 33.53 % 36.34 % 12.07 %
Q3 2016 32.07 % 35.00 % 10.66 %
Q4 2016 26.52 % 30.44 % 6.55 %
Q1 2017 27.68 % 31.99 % 7.29 %
Q2 2017 24.72 % 29.22 % 5.93 %
Q3 2017 24.02 % 28.93 % 5.87 %
Q4 2017 30.74 % 34.49 % 11.18 %
Q1 2018 32.00 % 35.27 % 12.54 %
Q2 2018 33.94 % 36.82 % 13.67 %
Q3 2018 33.94 % 36.32 % 14.08 %
Q4 2018 30.07 % 34.98 % 10.96 %
2018 30.07 % 34.98 % 10.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 480.00 0.02 0.07 4.60
Q2 2009 480.00 (0.01) 0.00 4.58
Q3 2009 480.00 (0.06) (0.05) 9.95
Q4 2009 480.00 (0.13) (0.10) 9.91
Q1 2010 480.00 (0.20) (0.17) 9.82
Q2 2010 480.00 (0.25) (0.22) 9.74
Q3 2010 480.00 (0.22) (0.20) 9.74
Q4 2010 480.00 (0.09) (0.09) 9.82
Q1 2011 480.00 (0.02) (0.02) 9.80
Q2 2011 480.00 0.03 0.03 9.77
Q3 2011 480.00 0.01 0.01 9.75
Q4 2011 480.00 (0.13) (0.13) 9.69
Q1 2012 480.00 (0.16) (0.16) 9.64
Q2 2012 480.00 (0.21) (0.21) 9.57
Q3 2012 480.00 (0.18) (0.18) 9.57
Q4 2012 480.00 (0.97) (0.97) 8.72
Q1 2013 480.00 (0.92) (0.92) 8.72
Q2 2013 480.00 (0.83) (0.83) 8.74
Q3 2013 480.00 (1.14) (1.14) 8.43
Q4 2013 480.00 (0.14) (0.14) 8.59
Q1 2014 480.00 0.16 0.16 8.88
Q2 2014 480.00 0.55 0.55 9.29
Q3 2014 480.00 1.37 1.37 9.80
Q4 2014 480.00 1.61 1.61 10.20
Q1 2015 480.00 1.53 1.53 10.41
Q2 2015 480.00 1.76 1.76 11.05
Q3 2015 480.00 1.92 1.92 11.72
Q4 2015 480.00 1.89 1.89 12.09
Q1 2016 480.00 1.93 1.93 12.27
Q2 2016 480.00 1.73 1.73 12.70
Q3 2016 480.00 1.46 1.46 13.10
Q4 2016 480.00 0.83 0.83 12.83
Q1 2017 480.00 0.92 0.92 13.18
Q2 2017 480.00 0.77 0.77 12.95
Q3 2017 480.00 0.78 0.78 13.36
Q4 2017 480.00 1.85 1.72 14.16
Q1 2018 480.00 2.20 2.06 14.86
Q2 2018 480.00 2.52 2.39 14.96
Q3 2018 480.00 2.75 2.62 15.60
Q4 2018 480.00 2.43 2.04 16.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 NEG NEG 1.53
Q4 2009 NEG NEG 1.57
Q1 2010 NEG NEG 1.55
Q2 2010 NEG NEG 1.53
Q3 2010 NEG NEG 1.82
Q4 2010 NEG NEG 2.29
Q1 2011 NEG NEG 2.46
Q2 2011 More than 100 More than 100 2.27
Q3 2011 More than 100 More than 100 2.30
Q4 2011 NEG NEG 2.12
Q1 2012 NEG NEG 2.70
Q2 2012 NEG NEG 2.08
Q3 2012 NEG NEG 2.29
Q4 2012 NEG NEG 2.29
Q1 2013 NEG NEG 2.33
Q2 2013 NEG NEG 2.60
Q3 2013 NEG NEG 2.49
Q4 2013 NEG NEG 2.98
Q1 2014 More than 100 More than 100 3.18
Q2 2014 59.70 59.70 3.51
Q3 2014 26.09 26.09 3.64
Q4 2014 13.57 13.57 2.15
Q1 2015 14.36 14.36 2.11
Q2 2015 14.21 14.21 2.26
Q3 2015 9.67 9.67 1.58
Q4 2015 8.84 8.84 1.38
Q1 2016 8.60 8.60 1.35
Q2 2016 9.82 9.82 1.33
Q3 2016 10.00 10.00 1.11
Q4 2016 25.66 25.66 1.66
Q1 2017 22.05 22.05 1.55
Q2 2017 23.58 23.58 1.40
Q3 2017 23.39 23.39 1.36
Q4 2017 10.01 10.80 1.31
Q1 2018 11.25 11.99 1.66
Q2 2018 11.82 12.49 1.99
Q3 2018 10.12 10.65 1.79
Q4 2018 10.01 11.92 1.51

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 235.16 236.02 0.36 %

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
OSOOL AND BAKHEET 247.00 236.02 (4.4) %
SNB Capital 250.00 236.02 (5.6) %
AlJazira Capital 250.80 236.02 (5.9) %
Riyad Capital 259.00 236.02 (8.9) %
Sico 169.00 236.02 39.7 %


Financial Ratios
Current
Market Cap (M Riyal) 21,816.00
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 480.00
EPS ( Riyal) (TTM) 2.85
Book Value (BV) ( Riyal) 19.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.96
P/E (TTM) 15.96
Price/book 2.39
Return on Average Assets (%) (TTM) 15.3
Return on Average Equity (%) (TTM) 15.9
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Share Price

National Petrochemical Co.
45.45
(0.60) (1.30 %)

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