Petrochem’s Q1 2020 net profit declines 73% to SAR 50 mln

Petrochem’s Q1 2020 net profit declines 73% to SAR 50 mln

30/04/2020 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a 73% slump year-on-year (YoY) in net profit after Zakat and tax to SAR 50 million for Q1 2020 as compared to SAR 187 million for the same period last year.

 

The profit drop was driven by lower sales value, decline in sold quantities, and decreased other income.

When compared to Q4 2020, net profit fell 62.4% on lower selling prices and decline in quantities sold despite decreased sales and distribution costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 2,020.11 1,572.92 (22.1 %)
Gross Income 525.76 249.89 (52.5 %)
Operating Income 375.71 124.84 (66.8 %)
Net Income 187.24 50.22 (73.2 %)
Average Shares 480.00 480.00 -
Earnings Per Share before unusual items 0.39 0.10 (73.2 %)
EPS (Riyals) 0.39 0.10 (73.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2019 2,020.11 (8.6 %) 525.76 (31.1 %) 375.71 (38.0 %)
Q2 2019 1,650.76 (26.3 %) 452.25 (38.8 %) 321.42 (43.9 %)
Q3 2019 1,957.97 (14.8 %) 495.12 (32.7 %) 334.85 (41.2 %)
Q4 2019 1,869.64 (14.4 %) 410.15 (8.3 %) 253.90 (2.6 %)
Q1 2020 1,572.92 (22.1 %) 249.89 (52.5 %) 124.84 (66.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q1 2019 187.24 (43.9 %) 0.39 - 187.24 0.39
Q2 2019 183.45 (36.3 %) 0.38 - 183.45 0.38
Q3 2019 171.05 (44.4 %) 0.36 - 171.05 0.36
Q4 2019 132.73 (43.8 %) 0.28 - 132.73 0.28
Q1 2020 50.22 (73.2 %) 0.10 - 50.22 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2019 28.01 % 33.04 % 9.52 %
Q2 2019 26.51 % 32.32 % 8.92 %
Q3 2019 24.58 % 30.68 % 7.56 %
Q4 2019 25.12 % 28.97 % 8.99 %
Q1 2020 22.80 % 27.32 % 7.62 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2019 480.00 2.12 1.73 16.52
Q2 2019 480.00 1.90 1.52 16.40
Q3 2019 480.00 1.62 1.23 16.75
Q4 2019 480.00 1.41 1.41 16.97
Q1 2020 480.00 1.12 1.12 17.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2019 12.79 15.67 1.64
Q2 2019 13.09 16.45 1.52
Q3 2019 14.69 19.33 1.42
Q4 2019 16.90 16.90 1.40
Q1 2020 16.67 16.67 1.09

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (net income) Change‬
Average 77.00 50.22 (34.8 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (net income) Change
SNB Capital 71.00 50.22 (29.3) %
AlJazira Capital 78.00 50.22 (35.6) %
Riyad Capital 82.00 50.22 (38.8) %


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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