BCI’s net profit falls 30% YOY in nine-months 2015

19/10/2015 Argaam Exclusive

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Basic Chemical Industries Co. (BCI)

 

Basic Chemical Industries Co. (BCI), a Saudi-based manufacturer of chlorine and hydrochloric acid, reported a net profit of SAR 12 million for the first nine months of 2015, marking a 30 percent decline year-on-year (YOY) on lower sales and higher costs.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 481.08 459.35 (4.5 %)
Gross Income 105.71 95.84 (9.3 %)
Operating Income 42.29 36.37 (14.0 %)
Net Income 17.18 12.37 (28.0 %)
Average Shares 27.50 27.50 -
EPS (Riyals) 0.62 0.45 (28.0 %)

 

The chemicals producer posted a net profit of SAR 2.3 million in Q3-2015, a 92 percent rise YOY due to lower costs of sales and lower operating expenses. When compared to the previous quarter (Q2-2015), the company’s net profit plunged 68 percent from SAR 7.3 million on lower sales and higher costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 151.12 141.75 (6.2 %)
Gross Income 28.61 27.81 (2.8 %)
Operating Income 8.05 11.11 37.9 %
Net Income 1.21 2.31 90.7 %
Average Shares 27.50 27.50 -
EPS (Riyals) 0.04 0.08 90.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 116.73 - 31.24 - 6.92 - 0.25
Q2 2008 133.31 - 39.47 - 11.70 - 0.43
Q3 2008 126.40 - 33.73 - 10.81 - 0.39
Q4 2008 117.78 - 30.26 - 10.20 - 0.37
Q1 2009 130.70 12.0 % 34.28 9.7 % 12.94 87.0 % 0.47
Q2 2009 135.57 1.7 % 41.77 5.8 % 16.08 37.4 % 0.58
Q3 2009 119.67 (5.3 %) 39.91 18.3 % 14.85 37.4 % 0.54
Q4 2009 122.80 4.3 % 38.43 27.0 % 18.78 84.1 % 0.68
Q1 2010 135.39 3.6 % 40.33 17.6 % 15.92 23.0 % 0.58
Q2 2010 142.88 5.4 % 44.79 7.2 % 19.49 21.2 % 0.71
Q3 2010 129.63 8.3 % 38.82 (2.7 %) 15.29 2.9 % 0.56
Q4 2010 135.99 10.7 % 37.23 (3.1 %) 15.52 (17.4 %) 0.56
Q1 2011 150.66 11.3 % 39.85 (1.2 %) 13.73 (13.7 %) 0.50
Q2 2011 176.40 23.5 % 52.00 16.1 % 19.92 2.2 % 0.72
Q3 2011 161.43 24.5 % 42.36 9.1 % 13.83 (9.5 %) 0.50
Q4 2011 154.24 13.4 % 40.09 7.7 % 11.83 (23.8 %) 0.43
Q1 2012 179.36 19.0 % 46.75 17.3 % 17.58 28.0 % 0.64
Q2 2012 186.81 5.9 % 51.25 (1.5 %) 17.29 (13.2 %) 0.63
Q3 2012 160.72 (0.4 %) 43.18 1.9 % 14.69 6.2 % 0.53
Q4 2012 175.80 14.0 % 48.77 21.6 % 14.90 26.0 % 0.54
Q1 2013 176.25 (1.7 %) 46.01 (1.6 %) 16.24 (7.6 %) 0.59
Q2 2013 194.65 4.2 % 49.73 (3.0 %) 18.16 5.0 % 0.66
Q3 2013 147.48 (8.2 %) 33.63 (22.1 %) 6.27 (57.3 %) 0.23
Q4 2013 140.56 (20.0 %) 31.71 (35.0 %) 3.67 (75.4 %) 0.13
Q1 2014 162.90 (7.6 %) 39.23 (14.7 %) 8.76 (46.1 %) 0.32
Q2 2014 167.06 (14.2 %) 37.48 (24.6 %) 7.21 (60.3 %) 0.26
Q3 2014 151.12 2.5 % 28.61 (14.9 %) 1.21 (80.7 %) 0.04
Q4 2014 152.38 8.4 % 29.27 (7.7 %) 6.50 77.3 % 0.24
Q1 2015 156.13 (4.2 %) 31.26 (20.3 %) 2.76 (68.5 %) 0.10
Q2 2015 161.48 (3.3 %) 36.77 (1.9 %) 7.30 1.2 % 0.27
Q3 2015 141.75 (6.2 %) 27.81 (2.8 %) 2.31 90.7 % 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 27.26 % 16.28 % 8.02 %
Q1 2009 27.10 % 17.80 % 8.98 %
Q2 2009 27.43 % 19.32 % 9.80 %
Q3 2009 29.03 % 20.76 % 10.73 %
Q4 2009 30.35 % 21.49 % 12.31 %
Q1 2010 31.25 % 22.05 % 12.78 %
Q2 2010 31.39 % 22.17 % 13.26 %
Q3 2010 30.59 % 21.46 % 13.09 %
Q4 2010 29.63 % 20.93 % 12.18 %
Q1 2011 28.74 % 20.09 % 11.45 %
Q2 2011 28.33 % 20.04 % 10.88 %
Q3 2011 27.45 % 19.27 % 10.09 %
Q4 2011 27.12 % 18.56 % 9.23 %
Q1 2012 26.99 % 18.81 % 9.41 %
Q2 2012 26.46 % 18.07 % 8.88 %
Q3 2012 26.61 % 18.18 % 9.01 %
Q4 2012 27.03 % 18.42 % 9.17 %
Q1 2013 27.05 % 18.53 % 9.02 %
Q2 2013 26.53 % 17.99 % 9.04 %
Q3 2013 25.66 % 16.71 % 8.00 %
Q4 2013 24.45 % 15.66 % 6.73 %
Q1 2014 23.90 % 14.46 % 5.71 %
Q2 2014 22.99 % 13.30 % 4.19 %
Q3 2014 22.04 % 12.49 % 3.35 %
Q4 2014 21.25 % 12.44 % 3.74 %
Q1 2015 20.20 % 11.62 % 2.82 %
Q2 2015 20.27 % 11.80 % 2.86 %
Q3 2015 20.45 % 12.79 % 3.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 27.50 - - -
Q2 2008 27.50 - - 10.31
Q3 2008 27.50 - - 10.70
Q4 2008 27.50 1.44 1.44 11.08
Q1 2009 27.50 1.66 1.66 11.55
Q2 2009 27.50 1.82 1.82 11.73
Q3 2009 27.50 1.97 1.97 12.27
Q4 2009 27.50 2.28 2.28 12.88
Q1 2010 27.50 2.39 2.39 13.46
Q2 2010 27.50 2.51 2.51 13.17
Q3 2010 27.50 2.53 2.53 13.73
Q4 2010 27.50 2.41 2.41 14.29
Q1 2011 27.50 2.33 2.33 14.79
Q2 2011 27.50 2.34 2.34 14.51
Q3 2011 27.50 2.29 2.29 15.02
Q4 2011 27.50 2.16 2.16 15.45
Q1 2012 27.50 2.30 2.30 16.09
Q2 2012 27.50 2.20 2.20 15.72
Q3 2012 27.50 2.23 2.23 16.25
Q4 2012 27.50 2.34 2.34 16.79
Q1 2013 27.50 2.30 2.30 17.38
Q2 2013 27.50 2.33 2.33 16.54
Q3 2013 27.50 2.02 2.02 16.77
Q4 2013 27.50 1.61 1.61 16.90
Q1 2014 27.50 1.34 1.34 17.22
Q2 2014 27.50 0.94 0.94 16.48
Q3 2014 27.50 0.76 0.76 16.53
Q4 2014 27.50 0.86 0.86 16.77
Q1 2015 27.50 0.64 0.64 16.87
Q2 2015 27.50 0.65 0.65 16.14
Q3 2015 27.50 0.69 0.69 16.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - 6.63
Q3 2008 - - 2.77
Q4 2008 13.21 13.21 1.72
Q1 2009 11.59 11.59 1.67
Q2 2009 16.53 16.53 2.56
Q3 2009 14.80 14.80 2.37
Q4 2009 13.26 13.26 2.34
Q1 2010 13.45 13.45 2.38
Q2 2010 11.31 11.31 2.16
Q3 2010 12.07 12.07 2.22
Q4 2010 11.63 11.63 1.96
Q1 2011 11.85 11.85 1.87
Q2 2011 11.52 11.52 1.86
Q3 2011 10.67 10.67 1.63
Q4 2011 12.84 12.84 1.79
Q1 2012 17.11 17.11 2.44
Q2 2012 12.50 12.50 1.75
Q3 2012 12.59 12.59 1.73
Q4 2012 11.44 11.44 1.60
Q1 2013 14.68 14.68 1.94
Q2 2013 13.62 13.62 1.92
Q3 2013 16.23 16.23 1.96
Q4 2013 20.53 20.53 1.96
Q1 2014 24.93 24.93 1.94
Q2 2014 43.62 43.62 2.49
Q3 2014 More than 50 More than 50 2.57
Q4 2014 34.49 34.50 1.77
Q1 2015 More than 50 More than 50 2.21
Q2 2015 More than 50 More than 50 2.12
Q3 2015 36.26 36.26 1.53

Business Segments (Million)

Compared With The
Period chemicals materials Adhesive materials and others Maintenance Chemicals and laundries Polyurethane Chemicals Hydrochloric acid and caustic soda and chlorine gas Others..
Q1 2009 - - 27.26 24.51 26.88 8.53
Q2 2009 - - 23.56 24.02 26.41 9.23
Q3 2009 - - 19.21 18.05 23.37 9.40
Q4 2009 - - 20.28 19.53 25.57 9.55
Q1 2010 - - 25.79 19.75 23.16 11.98
Q2 2010 - - 30.65 21.85 26.26 10.76
Q3 2010 - - 22.05 22.34 26.49 9.93
Q4 2010 - - 26.37 23.72 24.63 10.84
Q1 2011 - - 29.67 29.91 21.25 7.58
Q2 2011 - - 32.41 34.24 24.37 7.90
Q3 2011 - - 27.30 28.42 21.33 8.67
Q4 2011 - - 22.79 29.54 21.91 9.01
Q1 2012 - - 32.07 34.99 25.32 9.97
Q3 2012 63.75 92.24 - - - -
Q4 2012 88.34 87.46 - - - -
Q1 2013 99.78 76.48 - - - -
Q2 2013 105.08 89.57 - - - -
Q3 2013 81.66 65.82 - - - -
Q4 2013 79.74 60.82 - - - -
Q1 2014 90.16 72.74 - - - -
Q2 2014 100.23 66.83 - - - -
Q3 2014 86.42 64.71 - - - -
Q4 2014 85.63 66.75 - - - -
Q1 2015 89.62 66.51 - - - -
Q2 2015 96.48 64.99 - - - -
Q3 2015 84.79 56.96 - - - -

Current
Market Cap (M Riyal) 881.38
Enterprise Value (EV) (M) 1,175.17
Shares Outstanding ((M)) 27.50
EPS ( Riyal) (TTM) 0.36
Book Value (BV) ( Riyal) 21.55
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) More than 50
Price/book 1.49
Return on Average Assets (%) (TTM) 0.8
Return on Average Equity (%) (TTM) 1.6

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