Saudi Chemical posts lower net profit at SAR 217.1m in I3 of 2014

30/09/2014 Argaam Exclusive

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Saudi Chemical Co. (CHEMICAL)

Saudi Chemical Company, a manufacturer of civil explosives, reported SAR 217.1m net profit at the end of the first nine months of 2014, a 4% decrease compared to the same period last year, as shown in the following table:

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	1,582.73	1,873.94	18.4 %
Gross Income	348.86	382.98	9.8 %
Operating Income	234.61	242.45	3.3 %
Net Income	225.85	217.10	(3.9 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.27	0.26	(3.9 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	412.44	529.03	28.3 %
Gross Income	103.64	99.05	(4.4 %)
Operating Income	66.11	48.67	(26.4 %)
Net Income	60.38	39.51	(34.6 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.07	0.05	(34.6 %)

Item	Q2 2014	Q3 2014	Change‬
Revenues	651.85	529.03	(18.8 %)
Gross Income	138.73	99.05	(28.6 %)
Operating Income	93.65	48.67	(48.0 %)
Net Income	86.64	39.51	(54.4 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.10	0.05	(54.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	249.42	10.8 %	27.64	44.4 %	22.08	567.6 %	0.03
Q2 2005	207.04	6.4 %	33.99	76.8 %	27.27	269.5 %	0.03
Q3 2005	199.01	21.5 %	55.60	145.5 %	33.63	2064.0 %	0.04
Q4 2005	298.55	56.5 %	64.14	140.3 %	27.06	355.5 %	0.03
2005	954.02	23.2 %	181.37	106.8 %	110.03	6568.5 %	0.13
Q1 2006	268.46	7.6 %	53.36	93.1 %	30.94	40.1 %	0.04
Q2 2006	206.47	(0.3 %)	50.47	48.5 %	34.34	25.9 %	0.04
Q3 2006	213.23	7.1 %	54.65	(1.7 %)	42.18	25.4 %	0.05
Q4 2006	338.83	13.5 %	54.81	(14.5 %)	40.59	50.0 %	0.05
2006	1,026.99	7.6 %	213.29	17.6 %	148.05	34.6 %	0.18
Q1 2007	301.26	12.2 %	56.55	6.0 %	39.95	29.1 %	0.05
Q2 2007	293.66	42.2 %	58.28	15.5 %	37.92	10.4 %	0.04
Q3 2007	258.19	21.1 %	43.61	(20.2 %)	12.47	(70.4 %)	0.01
Q4 2007	377.02	11.3 %	47.89	(12.6 %)	21.43	(47.2 %)	0.03
2007	1,230.13	19.8 %	206.33	(3.3 %)	111.76	(24.5 %)	0.13
Q1 2008	407.29	35.2 %	70.72	25.1 %	33.72	(15.6 %)	0.04
Q2 2008	368.01	25.3 %	57.24	(1.8 %)	62.22	64.1 %	0.07
Q3 2008	283.04	9.6 %	60.52	38.8 %	44.89	260.0 %	0.05
Q4 2008	478.82	27.0 %	77.37	61.6 %	59.71	178.7 %	0.07
2008	1,537.16	25.0 %	265.85	28.8 %	200.53	79.4 %	0.24
Q1 2009	422.98	3.9 %	86.46	22.3 %	67.48	100.1 %	0.08
Q2 2009	396.24	7.7 %	86.27	50.7 %	63.76	2.5 %	0.08
Q3 2009	350.64	23.9 %	75.14	24.2 %	104.70	133.2 %	0.12
Q4 2009	473.48	(1.1 %)	98.42	27.2 %	65.10	9.0 %	0.08
2009	1,643.34	6.9 %	346.29	30.3 %	301.03	50.1 %	0.36
Q1 2010	404.20	(4.4 %)	98.12	13.5 %	74.73	10.7 %	0.09
Q2 2010	435.49	9.9 %	106.98	24.0 %	86.47	35.6 %	0.10
Q3 2010	279.73	(20.2 %)	84.51	12.5 %	54.21	(48.2 %)	0.06
Q4 2010	538.90	13.8 %	111.94	13.7 %	87.77	34.8 %	0.10
2010	1,658.32	0.9 %	425.26	22.8 %	303.17	0.7 %	0.36
Q1 2011	469.13	16.1 %	127.36	29.8 %	86.18	15.3 %	0.10
Q2 2011	364.79	(16.2 %)	114.09	6.6 %	76.03	(12.1 %)	0.09
Q3 2011	412.74	47.5 %	86.14	1.9 %	46.73	(13.8 %)	0.06
Q4 2011	620.91	15.2 %	105.82	(5.5 %)	58.46	(33.4 %)	0.07
2011	1,867.57	12.6 %	433.41	1.9 %	267.41	(11.8 %)	0.32
Q1 2012	543.96	16.0 %	125.43	(1.5 %)	87.87	2.0 %	0.10
Q2 2012	464.55	27.3 %	132.00	15.7 %	86.89	14.3 %	0.10
Q3 2012	339.73	(17.7 %)	96.82	12.4 %	50.74	8.6 %	0.06
Q4 2012	653.09	5.2 %	120.26	13.6 %	65.77	12.5 %	0.08
2012	2,001.33	7.2 %	474.51	9.5 %	291.27	8.9 %	0.35
Q1 2013	608.71	11.9 %	118.07	(5.9 %)	88.29	0.5 %	0.10
Q2 2013	561.58	20.9 %	131.45	(0.4 %)	77.19	(11.2 %)	0.09
Q3 2013	412.44	21.4 %	103.64	7.0 %	60.38	19.0 %	0.07
Q4 2013	692.39	6.0 %	130.62	8.6 %	74.75	13.6 %	0.09
2013	2,275.12	13.7 %	479.48	1.0 %	300.60	3.2 %	0.36
Q1 2014	693.05	13.9 %	145.19	23.0 %	90.95	3.0 %	0.11
Q2 2014	651.85	16.1 %	138.73	5.5 %	86.64	12.2 %	0.10
Q3 2014	529.03	28.3 %	99.05	(4.4 %)	39.51	(34.6 %)	0.05

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2004	774.09	12.3 %	87.70	(16.0 %)	1.65	(95.1 %)	0.00
2005	954.02	23.2 %	181.37	106.8 %	110.03	6568.5 %	0.13
2006	1,026.99	7.6 %	213.29	17.6 %	148.05	34.6 %	0.18
2007	1,230.13	19.8 %	206.33	(3.3 %)	111.76	(24.5 %)	0.13
2008	1,537.16	25.0 %	265.85	28.8 %	200.53	79.4 %	0.24
2009	1,643.34	6.9 %	346.29	30.3 %	301.03	50.1 %	0.36
2010	1,658.32	0.9 %	425.26	22.8 %	303.17	0.7 %	0.36
2011	1,867.57	12.6 %	433.41	1.9 %	267.41	(11.8 %)	0.32
2012	2,001.33	7.2 %	474.51	9.5 %	291.27	8.9 %	0.35
2013	2,275.12	13.7 %	479.48	1.0 %	300.60	3.2 %	0.36

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	12.05 %	14.09 %	2.56 %
Q2 2005	13.68 %	15.74 %	4.97 %
Q3 2005	17.01 %	18.97 %	8.55 %
Q4 2005	19.01 %	20.11 %	11.53 %
2005	19.01 %	20.11 %	11.53 %
Q1 2006	21.28 %	21.46 %	12.22 %
Q2 2006	22.99 %	21.74 %	12.95 %
Q3 2006	22.56 %	20.18 %	13.63 %
Q4 2006	20.77 %	17.19 %	14.42 %
2006	20.77 %	17.19 %	14.42 %
Q1 2007	20.43 %	16.53 %	14.82 %
Q2 2007	19.55 %	16.07 %	14.01 %
Q3 2007	17.89 %	14.49 %	10.98 %
Q4 2007	16.77 %	13.45 %	9.09 %
2007	16.77 %	13.45 %	9.09 %
Q1 2008	16.50 %	13.37 %	7.90 %
Q2 2008	15.56 %	12.46 %	9.20 %
Q3 2008	16.47 %	13.18 %	11.30 %
Q4 2008	17.29 %	14.64 %	13.05 %
2008	17.29 %	14.64 %	13.05 %
Q1 2009	18.13 %	15.06 %	15.09 %
Q2 2009	19.65 %	16.67 %	14.92 %
Q3 2009	19.73 %	16.99 %	17.93 %
Q4 2009	21.07 %	17.70 %	18.32 %
2009	21.07 %	17.70 %	18.32 %
Q1 2010	22.03 %	18.87 %	18.98 %
Q2 2010	22.76 %	19.69 %	19.89 %
Q3 2010	24.36 %	20.28 %	17.54 %
Q4 2010	24.21 %	19.99 %	18.22 %
2010	25.64 %	20.06 %	18.28 %
Q1 2011	25.00 %	19.85 %	18.19 %
Q2 2011	26.50 %	20.18 %	18.34 %
Q3 2011	24.62 %	18.50 %	16.62 %
Q4 2011	23.21 %	17.03 %	14.32 %
2011	23.21 %	17.03 %	14.32 %
Q1 2012	22.21 %	16.52 %	13.85 %
Q2 2012	22.01 %	16.23 %	13.71 %
Q3 2012	23.36 %	17.22 %	14.42 %
Q4 2012	23.71 %	17.12 %	14.55 %
2012	23.71 %	17.12 %	14.55 %
Q1 2013	22.61 %	15.90 %	13.37 %
Q2 2013	21.57 %	14.90 %	12.32 %
Q3 2013	21.17 %	14.59 %	12.35 %
Q4 2013	21.26 %	14.70 %	12.53 %
2013	21.07 %	14.69 %	12.53 %
Q1 2014	21.65 %	14.94 %	12.85 %
Q2 2014	21.15 %	14.60 %	12.68 %
Q3 2014	20.01 %	13.27 %	11.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	11.33 %	13.41 %	0.21 %
2005	19.01 %	20.11 %	11.53 %
2006	20.77 %	17.19 %	14.42 %
2007	16.77 %	13.45 %	9.09 %
2008	17.29 %	14.64 %	13.05 %
2009	21.07 %	17.70 %	18.32 %
2010	25.64 %	20.06 %	18.28 %
2011	23.21 %	17.03 %	14.32 %
2012	23.71 %	17.12 %	14.55 %
2013	21.07 %	14.69 %	12.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	11.08 %	12.94 %	8.85 %
Q2 2005	16.42 %	18.48 %	13.17 %
Q3 2005	27.94 %	30.42 %	16.90 %
Q4 2005	21.48 %	20.37 %	9.06 %
Q1 2006	19.88 %	18.34 %	11.52 %
Q2 2006	24.44 %	19.79 %	16.63 %
Q3 2006	25.63 %	22.61 %	19.78 %
Q4 2006	16.18 %	11.27 %	11.98 %
Q1 2007	18.77 %	15.91 %	13.26 %
Q2 2007	19.85 %	17.00 %	12.91 %
Q3 2007	16.89 %	14.21 %	4.83 %
Q4 2007	12.70 %	8.19 %	5.68 %
Q1 2008	17.36 %	15.02 %	8.28 %
Q2 2008	15.55 %	12.76 %	16.91 %
Q3 2008	21.38 %	17.70 %	15.86 %
Q4 2008	16.16 %	13.97 %	12.47 %
Q1 2009	20.44 %	16.52 %	15.95 %
Q2 2009	21.77 %	19.37 %	16.09 %
Q3 2009	21.43 %	18.97 %	29.86 %
Q4 2009	20.79 %	16.42 %	13.75 %
Q1 2010	24.28 %	21.14 %	18.49 %
Q2 2010	24.57 %	22.48 %	19.85 %
Q3 2010	30.21 %	22.16 %	18.99 %
Q4 2010	20.77 %	16.00 %	16.29 %
Q1 2011	27.15 %	20.47 %	18.37 %
Q2 2011	31.28 %	24.46 %	20.84 %
Q3 2011	20.87 %	14.27 %	11.32 %
Q4 2011	17.04 %	11.91 %	9.41 %
Q1 2012	23.06 %	18.16 %	16.15 %
Q2 2012	28.41 %	21.49 %	18.70 %
Q3 2012	28.50 %	19.58 %	14.94 %
Q4 2012	18.41 %	11.85 %	10.07 %
Q1 2013	19.40 %	13.92 %	11.97 %
Q2 2013	23.41 %	16.66 %	13.73 %
Q3 2013	25.13 %	17.12 %	14.64 %
Q4 2013	18.87 %	12.36 %	10.80 %
Q1 2014	20.95 %	14.83 %	13.12 %
Q2 2014	21.28 %	15.15 %	12.98 %
Q3 2014	18.72 %	10.12 %	7.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	843.20	0.02	0.02	0.73
Q2 2005	843.20	0.05	0.05	0.76
Q3 2005	843.20	0.09	0.09	0.80
Q4 2005	843.20	0.13	0.13	0.83
Q1 2006	843.20	0.14	0.14	0.87
Q2 2006	843.20	0.15	0.15	0.91
Q3 2006	843.20	0.16	0.16	0.96
Q4 2006	843.20	0.18	0.18	1.00
Q1 2007	843.20	0.19	0.19	1.05
Q2 2007	843.20	0.19	0.19	1.02
Q3 2007	843.20	0.16	0.16	1.04
Q4 2007	843.20	0.13	0.13	1.06
Q1 2008	843.20	0.13	0.13	1.10
Q2 2008	843.20	0.15	0.15	1.18
Q3 2008	843.20	0.19	0.19	1.23
Q4 2008	843.20	0.24	0.24	1.30
Q1 2009	843.20	0.28	0.28	1.38
Q2 2009	843.20	0.28	0.28	1.46
Q3 2009	843.20	0.35	0.35	1.58
Q4 2009	843.20	0.36	0.36	1.47
Q1 2010	843.20	0.37	0.37	1.56
Q2 2010	843.20	0.39	0.39	1.55
Q3 2010	843.20	0.33	0.33	1.61
Q4 2010	843.20	0.36	0.36	1.60
Q1 2011	843.20	0.37	0.37	1.71
Q2 2011	843.20	0.36	0.36	1.65
Q3 2011	843.20	0.35	0.35	1.70
Q4 2011	843.20	0.32	0.32	1.62
Q1 2012	843.20	0.32	0.32	1.73
Q2 2012	843.20	0.33	0.33	1.72
Q3 2012	843.20	0.34	0.34	1.78
Q4 2012	843.20	0.35	0.35	1.69
Q1 2013	843.20	0.35	0.33	1.79
Q2 2013	843.20	0.33	0.32	1.77
Q3 2013	843.20	0.35	0.33	1.84
Q4 2013	843.20	0.36	0.34	1.78
Q1 2014	843.20	0.36	0.36	1.89
Q2 2014	843.20	0.37	0.37	1.86
Q3 2014	843.20	0.35	0.34	1.90

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	843.20	0.00	0.00	0.70
2005	843.20	0.13	0.13	0.83
2006	843.20	0.18	0.18	1.00
2007	843.20	0.13	0.13	1.06
2008	843.20	0.24	0.24	1.30
2009	843.20	0.36	0.36	1.47
2010	843.20	0.36	0.36	1.60
2011	843.20	0.32	0.32	1.62
2012	843.20	0.35	0.35	1.69
2013	843.20	0.36	0.34	1.78

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	More than 50	More than 50	3.77
Q2 2005	More than 50	More than 50	5.40
Q3 2005	More than 50	More than 50	5.71
Q4 2005	46.07	46.07	7.25
Q1 2006	26.94	26.94	4.39
Q2 2006	28.11	28.11	4.63
Q3 2006	33.14	33.14	5.53
Q4 2006	12.92	12.92	2.26
Q1 2007	11.98	11.98	2.12
Q2 2007	11.42	11.42	2.13
Q3 2007	15.10	15.10	2.26
Q4 2007	20.51	20.51	2.56
Q1 2008	17.08	17.08	1.94
Q2 2008	22.53	22.53	2.95
Q3 2008	16.95	16.95	2.65
Q4 2008	6.61	6.61	1.21
Q1 2009	5.84	5.84	1.18
Q2 2009	7.48	7.48	1.44
Q3 2009	6.74	6.74	1.50
Q4 2009	8.70	8.70	2.11
Q1 2010	8.80	8.80	2.06
Q2 2010	7.78	7.78	1.97
Q3 2010	10.75	10.80	2.22
Q4 2010	8.68	8.71	1.94
Q1 2011	9.09	9.12	1.99
Q2 2011	9.50	9.54	2.08
Q3 2011	8.76	8.76	1.81
Q4 2011	9.29	9.29	1.82
Q1 2012	9.71	9.71	1.79
Q2 2012	8.67	8.67	1.68
Q3 2012	8.69	8.69	1.65
Q4 2012	9.71	9.71	1.99
Q1 2013	9.19	9.71	1.78
Q2 2013	10.32	10.92	1.95
Q3 2013	10.32	10.90	1.94
Q4 2013	11.57	12.20	2.32
Q1 2014	12.72	12.72	2.42
Q2 2014	14.29	14.38	2.85
Q3 2014	16.47	16.59	2.99

Period	P/E	Adjusted P/E	Price/book
2004	More than 50	More than 50	3.26
2005	46.07	46.07	7.25
2006	12.92	12.92	2.26
2007	20.51	20.51	2.56
2008	6.61	6.61	1.21
2009	8.70	8.70	2.11
2010	8.68	8.68	1.94
2011	9.29	9.29	1.82
2012	9.71	9.71	1.99
2013	11.57	12.20	2.32

Business Segments (Million)

Compared With The

Period	Medicines and medical supplies	Explosives sector	Production of ammonium nitrate
Q1 2007	251.51	49.74	-
Q2 2007	233.73	59.94	-
Q3 2007	208.89	49.30	-
Q4 2007	330.46	46.56	-
Q1 2008	346.00	61.29	-
Q2 2008	300.28	67.74	-
Q3 2008	223.55	59.50	-
Q4 2008	423.99	54.83	-
Q1 2009	351.39	71.60	-
Q2 2009	327.68	68.57	-
Q3 2009	282.02	68.62	-
Q4 2009	394.61	78.87	-
Q1 2010	313.46	76.69	14.06
Q2 2010	329.91	91.05	14.52
Q3 2010	197.06	74.39	8.29
Q4 2010	458.47	71.57	8.86
Q1 2011	368.14	99.55	1.43
Q2 2011	269.28	95.51	-
Q3 2011	334.61	76.50	1.63
Q4 2011	532.27	86.84	1.81
Q1 2012	441.68	102.29	-
Q2 2012	347.97	115.14	1.43
Q3 2012	249.03	90.71	-
Q4 2012	560.94	90.71	1.44
Q1 2013	504.23	99.55	4.94
Q2 2013	454.26	110.50	(3.18)
Q3 2013	305.21	107.23	-
Q4 2013	595.40	97.00	-
Q1 2014	577.21	115.84	-
Q2 2014	513.14	138.71	-
Q3 2014	434.89	91.56	2.58

Period	Medicines and medical supplies	Explosives sector	Production of ammonium nitrate
2007	1,024.60	205.54	-
2008	1,293.81	243.35	-
2009	1,355.69	287.65	-
2010	1,298.90	313.69	45.73
2011	1,504.30	358.40	4.88
2012	1,599.61	398.85	2.87
2013	1,859.09	414.27	1.76

Financial Ratios

	Current
Market Cap (M Riyal)	7,630.96
Enterprise Value (EV) (M)	8,716.44
Shares Outstanding ((M))	843.20
EPS ( Riyal) (TTM)	0.29
Book Value (BV) ( Riyal)	2.24
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	31.52
P/E (TTM)	31.52
Price/book	4.03
Return on Average Assets (%) (TTM)	5.0
Return on Average Equity (%) (TTM)	13.5

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Saudi Chemical posts lower net profit at SAR 217.1m in I3 of 2014

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Share Price

Saudi Chemical Co. (CHEMICAL)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

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Saudi Chemical posts lower net profit at SAR 217.1m in I3 of 2014

View other reports

Share Price

Saudi Chemical Co. (CHEMICAL)

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

Business Segments (Million) Q3 2014

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

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Business Segments (Million)