Financial Results : Yansab’s profit drops 51% in H1 2019 on lower prices

Yansab’s profit drops 51% in H1 2019 on lower prices

18/07/2019 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) posted a 51.3 percent decline year-on-year (YoY) in net profit after zakat and tax to SAR 706.8 million for the first half of 2019.

 

The profit drop was attributed to lower average selling prices of the company’s products, despite higher sales volumes.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 3,898.68 3,160.01 (18.9 %)
Gross Income 1,677.41 904.10 (46.1 %)
Operating Income 1,451.00 708.46 (51.2 %)
Net Income 1,451.48 706.77 (51.3 %)
Average Shares 562.50 562.50 -
Earnings Per Share before unusual items (Riyals) 2.58 1.26 (51.3 %)
EPS (Riyals) 2.58 1.26 (51.3 %)

The second-quarter net profit after zakat and tax plunged 61.5 percent YoY to SAR 316 million, hit by lower selling prices despite a rise in production, sales volumes and a decline in feedstock costs.

 

When compared to Q1 2019, net profit dropped 19 percent on higher production input costs and lower selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 2,111.47 1,637.96 (22.4 %)
Gross Income 937.57 431.61 (54.0 %)
Operating Income 816.19 329.47 (59.6 %)
Net Income 820.89 316.13 (61.5 %)
Average Shares 562.50 562.50 -
Earnings Per Share before unusual items (Riyals) 1.46 0.56 (61.5 %)
EPS (Riyals) 1.46 0.56 (61.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2010 259.43 3249.6 % 0.46 - 259.43 0.46
Q2 2010 502.38 7650.1 % 0.89 - 502.38 0.89
Q3 2010 356.20 5187.8 % 0.63 - 356.20 0.63
Q4 2010 554.76 7677.7 % 0.99 - 554.76 0.99
Q1 2011 717.85 176.7 % 1.28 - 717.85 1.28
Q2 2011 963.67 91.8 % 1.71 - 963.67 1.71
Q3 2011 827.94 132.4 % 1.47 - 827.94 1.47
Q4 2011 664.88 19.8 % 1.18 - 664.88 1.18
Q1 2012 720.27 0.3 % 1.28 - 720.27 1.28
Q2 2012 649.61 (32.6 %) 1.15 - 649.61 1.15
Q3 2012 435.73 (47.4 %) 0.77 - 435.73 0.77
Q4 2012 640.77 (3.6 %) 1.14 - 640.77 1.14
Q1 2013 667.07 (7.4 %) 1.19 - 667.07 1.19
Q2 2013 670.52 3.2 % 1.19 - 670.52 1.19
Q3 2013 864.83 98.5 % 1.54 - 864.83 1.54
Q4 2013 442.23 (31.0 %) 0.79 - 442.23 0.79
Q1 2014 555.68 (16.7 %) 0.99 - 555.68 0.99
Q2 2014 613.03 (8.6 %) 1.09 - 613.03 1.09
Q3 2014 691.28 (20.1 %) 1.23 - 691.28 1.23
Q4 2014 617.75 39.7 % 1.10 - 617.75 1.10
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


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 688.59 - 325.43 - 310.39 3868.2 %
Q2 2010 1,638.22 - 632.13 - 596.04 9057.6 %
Q3 2010 1,602.88 - 501.85 - 468.66 6794.2 %
Q4 2010 1,891.84 - 710.15 - 671.41 9271.0 %
Q1 2011 2,077.28 201.7 % 891.46 173.9 % 838.06 170.0 %
Q2 2011 2,659.86 62.4 % 1,139.46 80.3 % 1,092.65 83.3 %
Q3 2011 2,497.80 55.8 % 975.77 94.4 % 952.77 103.3 %
Q4 2011 2,424.41 28.2 % 786.41 10.7 % 734.20 9.4 %
Q1 2012 2,445.86 17.7 % 906.99 1.7 % 845.49 0.9 %
Q2 2012 2,332.26 (12.3 %) 824.89 (27.6 %) 764.86 (30.0 %)
Q3 2012 2,017.60 (19.2 %) 588.27 (39.7 %) 537.12 (43.6 %)
Q4 2012 2,503.31 3.3 % 788.85 0.3 % 727.90 (0.9 %)
Q1 2013 2,168.52 (11.3 %) 800.29 (11.8 %) 744.45 (12.0 %)
Q2 2013 2,212.84 (5.1 %) 807.15 (2.2 %) 756.19 (1.1 %)
Q3 2013 2,888.72 43.2 % 1,027.75 74.7 % 957.12 78.2 %
Q4 2013 2,083.57 (16.8 %) 589.60 (25.3 %) 535.19 (26.5 %)
Q1 2014 2,317.89 6.9 % 708.29 (11.5 %) 645.24 (13.3 %)
Q2 2014 2,409.31 8.9 % 760.78 (5.7 %) 700.71 (7.3 %)
Q3 2014 2,493.73 (13.7 %) 844.76 (17.8 %) 784.45 (18.0 %)
Q4 2014 2,290.10 9.9 % 773.20 31.1 % 712.30 33.1 %
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 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 47.26 % 53.80 % 34.63 %
Q2 2010 41.15 % 52.45 % 32.13 %
Q3 2010 37.14 % 49.57 % 28.26 %
Q4 2010 37.27 % 49.49 % 28.73 %
Q1 2011 37.94 % 49.61 % 29.56 %
Q2 2011 39.39 % 49.60 % 31.49 %
Q3 2011 40.72 % 50.12 % 33.57 %
Q4 2011 39.27 % 47.99 % 32.86 %
Q1 2012 37.98 % 46.34 % 31.68 %
Q2 2012 36.02 % 47.12 % 29.51 %
Q3 2012 33.69 % 50.53 % 26.79 %
Q4 2012 33.43 % 58.26 % 26.31 %
Q1 2013 33.28 % 59.12 % 26.53 %
Q2 2013 33.53 % 57.16 % 27.12 %
Q3 2013 35.03 % 51.30 % 29.09 %
Q4 2013 34.48 % 43.54 % 28.27 %
Q1 2014 32.97 % 42.38 % 26.66 %
Q2 2014 31.82 % 41.45 % 25.52 %
Q3 2014 31.20 % 41.94 % 24.74 %
Q4 2014 32.46 % 43.45 % 26.05 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 562.50 0.42 0.42 10.54
Q2 2010 562.50 1.33 1.33 11.43
Q3 2010 562.50 1.97 1.97 12.06
Q4 2010 562.50 2.97 2.97 13.05
Q1 2011 562.50 3.79 3.79 14.33
Q2 2011 562.50 4.61 4.61 16.04
Q3 2011 562.50 5.45 5.45 17.51
Q4 2011 562.50 5.64 5.64 18.69
Q1 2012 562.50 5.65 5.65 19.97
Q2 2012 562.50 5.09 5.09 21.13
Q3 2012 562.50 4.39 4.39 21.90
Q4 2012 562.50 4.35 4.35 23.04
Q1 2013 562.50 4.25 4.25 24.23
Q2 2013 562.50 4.29 4.29 24.42
Q3 2013 562.50 5.05 5.05 25.96
Q4 2013 562.50 4.70 4.70 26.74
Q1 2014 562.50 4.50 4.50 25.73
Q2 2014 562.50 4.40 4.40 25.32
Q3 2014 562.50 4.09 4.09 26.55
Q4 2014 562.50 4.40 4.40 27.65
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 91.76 91.76 3.69
Q2 2010 28.67 28.67 3.33
Q3 2010 19.55 19.55 3.20
Q4 2010 16.01 16.01 3.65
Q1 2011 12.72 12.72 3.36
Q2 2011 10.26 10.26 2.95
Q3 2011 8.30 8.30 2.58
Q4 2011 7.80 7.80 2.35
Q1 2012 9.21 9.21 2.60
Q2 2012 8.65 8.65 2.08
Q3 2012 10.18 10.18 2.04
Q4 2012 10.88 10.88 2.05
Q1 2013 12.40 12.40 2.18
Q2 2013 12.93 12.93 2.27
Q3 2013 12.32 12.32 2.40
Q4 2013 15.69 15.69 2.76
Q1 2014 15.71 15.71 2.75
Q2 2014 16.11 16.11 2.80
Q3 2014 17.59 17.59 2.71
Q4 2014 10.82 10.82 1.72
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

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average 400.94 316.13 (21.2 %)

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
Riyad Capital 344.00 316.13 (8.1) %
OSOOL AND BAKHEET 377.00 316.13 (16.1) %
SNB Capital 402.00 316.13 (21.4) %
AlJazira Capital 415.70 316.13 (24.0) %
Al Rajhi Capital 466.00 316.13 (32.2) %


Financial Ratios
Current
Market Cap (M Riyal) 19,631.25
Enterprise Value (EV) (M) 16,492.16
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) 0.75
Book Value (BV) ( Riyal) 19.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 48.94
P/E (TTM) 46.70
Price/book 1.75
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 3.2
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Share Price

Yanbu National Petrochemical Co.
34.95
(0.30) (0.85 %)

Yanbu National Petrochemical Co. (YANSAB)

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