Petrochem’s H1 net profit declines 9%

09/08/2017 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a net profit of SAR 300.2 million for the first half of 2017, a drop of 8.9 percent year-on-year (YoY) mainly attributed to the unplanned shutdown of Saudi Polymers Co. for two weeks during May, 2017.

Higher production costs and financing charges also weighed on the first-half results.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	3,302.17	3,439.38	4.2 %
Gross Income	998.67	923.23	(7.6 %)
Operating Income	703.59	617.32	(12.3 %)
Net Income	329.44	300.18	(8.9 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.69	0.63	(8.9 %)

The second-quarter net profit also fell 36 percent YoY to SAR 132.3 million, and by 21 percent when compared to the previous quarter for the same reasons.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	1,642.22	1,754.11	6.8 %
Gross Income	573.53	420.83	(26.6 %)
Operating Income	423.76	263.72	(37.8 %)
Net Income	208.01	132.28	(36.4 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.43	0.28	(36.4 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	1,685.27	1,754.11	4.1 %
Gross Income	502.40	420.83	(16.2 %)
Operating Income	353.61	263.72	(25.4 %)
Net Income	167.90	132.28	(21.2 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.35	0.28	(21.2 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	(0.86)	-
Q3 2008	-	-	-	-	(0.26)	-
Q4 2008	-	-	-	-	(0.73)	-
2008	-	-	-	-	(1.84)	-
Q1 2009	-	-	-	-	(0.66)	-
Q2 2009	-	-	-	-	(1.10)	(28.1 %)
Q3 2009	-	-	-	-	(2.13)	(736.9 %)
Q4 2009	-	-	-	-	(7.12)	(877.3 %)
2009	-	-	-	-	(11.02)	(499.3 %)
Q1 2010	-	-	-	-	(3.35)	(403.8 %)
Q2 2010	-	-	-	-	(2.33)	(111.0 %)
Q3 2010	-	-	-	-	(1.93)	9.4 %
Q4 2010	-	-	-	-	(6.60)	7.2 %
2010	-	-	-	-	(14.21)	(29.0 %)
Q1 2011	-	-	-	-	(4.21)	(25.7 %)
Q2 2011	-	-	-	-	(6.79)	(191.8 %)
Q3 2011	-	-	-	-	(5.39)	(178.7 %)
Q4 2011	-	-	-	-	(30.75)	(365.7 %)
2011	-	-	-	-	(47.13)	(231.7 %)
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 %)
2012	857.88	-	(478.86)	-	(682.29)	(1,347.7 %)
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 %
2013	4,436.68	417.2 %	726.52	251.7 %	165.43	124.2 %
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 %
2014	7,858.52	77.1 %	2,299.06	216.5 %	1,505.61	810.1 %
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 %)
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	1,762.58	17.1 %
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 %)
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	1,015.82	(42.4 %)
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	-	-	-	-	-	-
2008	-	-	-	-	(1.84)	-
2009	-	-	-	-	(11.02)	(499.3 %)
2010	-	-	-	-	(14.21)	(29.0 %)
2011	-	-	-	-	(47.13)	(231.7 %)
2012	857.88	-	(478.86)	-	(682.29)	(1,347.7 %)
2013	4,436.68	417.2 %	726.52	251.7 %	165.43	124.2 %
2014	7,858.52	77.1 %	2,299.06	216.5 %	1,505.61	810.1 %
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	1,762.58	17.1 %
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	1,015.82	(42.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2008	-	-	-	-	-	-
Q2 2008	4.13	-	0.01	-	20.12	0.04
Q3 2008	5.40	-	0.01	-	11.40	0.02
Q4 2008	8.27	-	0.02	-	11.03	0.02
2008	17.80	-	0.04	-	42.57	0.09
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)	-	(13.66)	(0.03)
Q4 2009	(21.15)	(355.9 %)	(0.04)	-	(12.55)	(0.03)
2009	(60.59)	(440.4 %)	(0.13)	-	(46.44)	(0.10)
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
2010	(42.63)	29.6 %	(0.09)	-	(42.63)	(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)
2011	(64.10)	(50.4 %)	(0.13)	-	(64.10)	(0.13)
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)
2012	(463.54)	(623.1 %)	(0.97)	-	(463.54)	(0.97)
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
2013	(66.13)	85.7 %	(0.14)	-	(66.13)	(0.14)
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
2014	774.45	1271.1 %	1.61	-	774.45	1.61
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
2015	906.89	17.1 %	1.89	-	906.89	1.89
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)
2016	397.37	(56.2 %)	0.83	-	397.37	0.83
Q1 2017	167.90	38.3 %	0.35	-	167.90	0.35
Q2 2017	132.28	(36.4 %)	0.28	-	132.28	0.28

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2007	-	-	-	-	-	-
2008	17.80	-	0.04	-	42.57	0.09
2009	(60.59)	(440.4 %)	(0.13)	-	(46.44)	(0.10)
2010	(42.63)	29.6 %	(0.09)	-	(42.63)	(0.09)
2011	(64.10)	(50.4 %)	(0.13)	-	(64.10)	(0.13)
2012	(463.54)	(623.1 %)	(0.97)	-	(463.54)	(0.97)
2013	(66.13)	85.7 %	(0.14)	-	(66.13)	(0.14)
2014	774.45	1271.1 %	1.61	-	774.45	1.61
2015	906.89	17.1 %	1.89	-	906.89	1.89
2016	397.37	(56.2 %)	0.83	-	397.37	0.83

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	(55.82 %)	(56.03 %)	(54.03 %)
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 %)
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 %
2014	29.26 %	29.66 %	9.85 %
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 %
2015	33.98 %	35.38 %	12.42 %
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 %
2016	26.52 %	30.44 %	6.55 %
Q1 2017	27.68 %	31.99 %	7.29 %
Q2 2017	24.72 %	29.22 %	5.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	(55.82 %)	(56.03 %)	(54.03 %)
2013	16.38 %	22.19 %	(1.49 %)
2014	29.26 %	29.66 %	9.85 %
2015	33.98 %	35.38 %	12.42 %
2016	26.52 %	30.44 %	6.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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 %)	(44.74 %)	(47.32 %)
Q1 2013	25.02 %	37.57 %	(0.19 %)
Q2 2013	19.48 %	26.81 %	0.95 %
Q3 2013	(3.47 %)	2.95 %	(13.44 %)
Q4 2013	24.90 %	25.97 %	5.02 %
Q1 2014	26.68 %	28.53 %	8.25 %
Q2 2014	28.54 %	29.07 %	10.02 %
Q3 2014	34.24 %	33.07 %	12.51 %
Q4 2014	27.50 %	28.09 %	8.63 %
Q1 2015	24.82 %	24.66 %	5.75 %
Q2 2015	37.53 %	38.77 %	15.53 %
Q3 2015	39.64 %	42.28 %	16.80 %
Q4 2015	33.01 %	34.86 %	10.78 %
Q1 2016	25.61 %	29.14 %	7.32 %
Q2 2016	34.92 %	38.21 %	12.67 %
Q3 2016	34.88 %	37.92 %	11.97 %
Q4 2016	4.46 %	11.05 %	(10.63 %)
Q1 2017	29.81 %	34.75 %	9.96 %
Q2 2017	23.99 %	28.01 %	7.54 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	480.00	-	-	4.59
Q3 2008	480.00	-	-	4.60
Q4 2008	480.00	-	-	4.62
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	480.00	0.04	0.09	4.62
2009	480.00	(0.13)	(0.10)	9.91
2010	480.00	(0.09)	(0.09)	9.82
2011	480.00	(0.13)	(0.13)	9.69
2012	480.00	(0.97)	(0.97)	8.72
2013	480.00	(0.14)	(0.14)	8.59
2014	480.00	1.61	1.61	10.20
2015	480.00	1.89	1.89	12.09
2016	480.00	0.83	0.83	12.83

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	NEG	NEG	1.57
2010	NEG	NEG	2.29
2011	NEG	NEG	2.12
2012	NEG	NEG	2.29
2013	NEG	NEG	2.98
2014	13.57	13.57	2.15
2015	8.84	8.84	1.38
2016	25.66	25.66	1.66

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	107.33	132.28	23.25 %

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Riyad Capital	151.00	132.28	(12.4) %
AlJazira Capital	101.30	132.28	30.6 %
SNB Capital	92.00	132.28	43.8 %
HSBC	85.00	132.28	55.6 %

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

Share Price

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Petrochem’s H1 net profit declines 9%

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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