Sipchem's H1 profit jumps to SAR 151 mln on higher sales

26/07/2017 Argaam Exclusive

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Sahara International Petrochemical Co. (SIPCHEM)

Saudi International Petrochemical Co. (Sipchem) reported a net profit of SAR 151.4 million in the first half of 2017, more than double its net profit in the year-ago period. The increase was attributed to higher sales volumes for some products, despite a hike in feedstock prices.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	1,847.61	2,117.29	14.6 %
Gross Income	484.11	633.34	30.8 %
Operating Income	271.53	406.21	49.6 %
Net Income	60.60	151.44	149.9 %
Average Shares	366.67	366.67	-
EPS (Riyals)	0.17	0.41	149.9 %

The company’s net profit for the second quarter jumped to SAR 59.8 million compared with SAR 11.4 million in the same quarter of 2016, due to higher average selling prices and increased sales volumes.

On a quarterly basis net profit declined 35 percent, due to lower production and sales volumes on turnaround in some plants.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	923.62	918.28	(0.6 %)
Gross Income	215.25	281.06	30.6 %
Operating Income	106.74	175.49	64.4 %
Net Income	11.37	59.79	425.9 %
Average Shares	366.67	366.67	-
EPS (Riyals)	0.03	0.16	425.9 %

Item	Q1 2017	Q2 2017	Change‬
Revenues	1,199.01	918.28	(23.4 %)
Gross Income	352.28	281.06	(20.2 %)
Operating Income	230.72	175.49	(23.9 %)
Net Income	91.65	59.79	(34.8 %)
Average Shares	366.67	366.67	-
EPS (Riyals)	0.25	0.16	(34.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	584.46	58.0 %	391.43	53.6 %	231.59	54.2 %	0.63
Q2 2008	413.05	24.9 %	242.12	32.1 %	133.74	33.6 %	0.36
Q3 2008	474.56	46.1 %	272.92	74.1 %	136.72	57.1 %	0.37
Q4 2008	236.51	(52.9 %)	108.33	(69.7 %)	34.72	(86.3 %)	0.09
2008	1,708.58	11.8 %	1,014.81	6.5 %	536.78	(9.6 %)	1.46
Q1 2009	159.74	(72.7 %)	22.80	(94.2 %)	29.17	(87.4 %)	0.08
Q2 2009	175.76	(57.4 %)	25.13	(89.6 %)	0.50	(99.6 %)	0.00
Q3 2009	196.78	(58.5 %)	48.91	(82.1 %)	54.67	(60.0 %)	0.15
Q4 2009	298.13	26.1 %	138.91	28.2 %	56.54	62.8 %	0.15
2009	830.40	(51.4 %)	235.74	(76.8 %)	140.88	(73.8 %)	0.38
Q1 2010	305.61	91.3 %	148.84	552.9 %	81.20	178.3 %	0.22
Q2 2010	371.88	111.6 %	189.10	652.7 %	87.66	17326.6 %	0.24
Q3 2010	508.59	158.5 %	201.19	311.4 %	84.11	53.8 %	0.23
Q4 2010	806.46	170.5 %	322.22	132.0 %	125.12	121.3 %	0.34
2010	1,992.54	139.9 %	861.35	265.4 %	378.08	168.4 %	1.03
Q1 2011	693.04	126.8 %	267.26	79.6 %	120.90	48.9 %	0.33
Q2 2011	831.65	123.6 %	316.49	67.4 %	165.38	88.7 %	0.45
Q3 2011	865.04	70.1 %	417.16	107.3 %	208.45	147.8 %	0.57
Q4 2011	934.65	15.9 %	425.86	32.2 %	211.18	68.8 %	0.58
2011	3,324.39	66.8 %	1,426.77	65.6 %	705.90	86.7 %	1.93
Q1 2012	1,058.04	52.7 %	334.73	25.2 %	151.61	25.4 %	0.41
Q2 2012	904.47	8.8 %	314.22	(0.7 %)	136.07	(17.7 %)	0.37
Q3 2012	914.39	5.7 %	314.84	(24.5 %)	155.84	(25.2 %)	0.43
Q4 2012	1,044.97	11.8 %	303.75	(28.7 %)	157.65	(25.3 %)	0.43
2012	3,921.88	18.0 %	1,267.55	(11.2 %)	601.17	(14.8 %)	1.64
Q1 2013	857.39	(19.0 %)	180.54	(46.1 %)	64.45	(57.5 %)	0.18
Q2 2013	912.42	0.9 %	368.77	17.4 %	174.02	27.9 %	0.47
Q3 2013	998.84	9.2 %	345.65	9.8 %	185.19	18.8 %	0.51
Q4 2013	1,302.97	24.7 %	469.59	54.6 %	196.79	24.8 %	0.54
2013	4,071.61	3.8 %	1,364.56	7.7 %	620.45	3.2 %	1.69
Q1 2014	927.45	8.2 %	233.36	29.3 %	68.66	6.5 %	0.19
Q2 2014	1,177.63	29.1 %	522.46	41.7 %	244.60	40.6 %	0.67
Q3 2014	1,019.33	2.1 %	317.91	(8.0 %)	160.57	(13.3 %)	0.44
Q4 2014	999.99	(23.3 %)	322.92	(31.2 %)	132.40	(32.7 %)	0.36
2014	4,124.41	1.3 %	1,396.64	2.4 %	606.23	(2.3 %)	1.65
Q1 2015	802.03	(13.5 %)	234.08	0.3 %	80.62	17.4 %	0.22
Q2 2015	1,006.95	(14.5 %)	287.40	(45.0 %)	110.07	(55.0 %)	0.30
Q3 2015	809.93	(20.5 %)	209.37	(34.1 %)	71.58	(55.4 %)	0.20
Q4 2015	871.77	(12.8 %)	102.15	(68.4 %)	25.98	(80.4 %)	0.07
2015	3,514.84	(14.8 %)	832.99	(40.4 %)	288.24	(52.5 %)	0.79
Q1 2016	923.99	15.2 %	268.86	14.9 %	49.23	(38.9 %)	0.13
Q2 2016	923.62	(8.3 %)	215.25	(25.1 %)	11.37	(89.7 %)	0.03
Q3 2016	717.85	(11.4 %)	128.24	(38.8 %)	(49.38)	(169.0 %)	(0.13)
Q4 2016	949.59	8.9 %	249.11	143.9 %	31.87	22.7 %	0.09
2016	3,515.04	0.0 %	861.45	3.4 %	43.08	(85.1 %)	0.12
Q1 2017	1,199.01	29.8 %	352.28	31.0 %	91.65	86.2 %	0.25
Q2 2017	918.28	(0.6 %)	281.06	30.6 %	59.79	425.9 %	0.16

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	1,527.68	14.5 %	952.69	15.9 %	593.97	20.3 %	1.92
2008	1,708.58	11.8 %	1,014.81	6.5 %	536.78	(9.6 %)	1.46
2009	830.40	(51.4 %)	235.74	(76.8 %)	140.88	(73.8 %)	0.38
2010	1,992.54	139.9 %	861.35	265.4 %	378.08	168.4 %	1.03
2011	3,324.39	66.8 %	1,426.77	65.6 %	705.90	86.7 %	1.93
2012	3,921.88	18.0 %	1,267.55	(11.2 %)	601.17	(14.8 %)	1.64
2013	4,071.61	3.8 %	1,364.56	7.7 %	620.45	3.2 %	1.69
2014	4,124.41	1.3 %	1,396.64	2.4 %	606.23	(2.3 %)	1.65
2015	3,514.84	(14.8 %)	832.99	(40.4 %)	288.24	(52.5 %)	0.79
2016	3,515.04	0.0 %	861.45	3.4 %	43.08	(85.1 %)	0.12

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	62.53 %	69.73 %	38.62 %
Q2 2008	62.93 %	69.42 %	38.72 %
Q3 2008	64.04 %	70.68 %	40.58 %
Q4 2008	59.39 %	67.28 %	35.37 %
2008	59.39 %	67.28 %	35.37 %
Q1 2009	50.33 %	60.37 %	29.36 %
Q2 2009	41.01 %	53.17 %	23.29 %
Q3 2009	26.69 %	38.77 %	8.67 %
Q4 2009	28.39 %	40.42 %	7.93 %
2009	28.39 %	40.42 %	7.93 %
Q1 2010	37.06 %	46.47 %	14.64 %
Q2 2010	44.85 %	52.51 %	19.62 %
Q3 2010	45.68 %	58.87 %	20.85 %
Q4 2010	43.23 %	53.67 %	18.97 %
2010	43.23 %	53.67 %	18.97 %
Q1 2011	41.17 %	52.62 %	17.55 %
Q2 2011	38.99 %	50.44 %	17.45 %
Q3 2011	41.40 %	50.97 %	19.39 %
Q4 2011	42.92 %	53.18 %	21.23 %
2011	42.92 %	53.18 %	21.23 %
Q1 2012	40.50 %	49.59 %	19.97 %
Q2 2012	39.66 %	48.73 %	18.80 %
Q3 2012	36.46 %	45.19 %	17.18 %
Q4 2012	32.32 %	42.08 %	15.33 %
2012	32.32 %	42.08 %	15.33 %
Q1 2013	29.92 %	40.69 %	13.81 %
Q2 2013	31.32 %	42.52 %	14.80 %
Q3 2013	31.43 %	42.98 %	15.24 %
Q4 2013	33.51 %	42.25 %	15.24 %
2013	33.51 %	42.25 %	15.24 %
Q1 2014	34.22 %	42.01 %	15.08 %
Q2 2014	35.65 %	42.65 %	15.78 %
Q3 2014	34.86 %	41.78 %	15.15 %
Q4 2014	33.86 %	42.36 %	15.61 %
2014	33.86 %	42.36 %	15.61 %
Q1 2015	34.94 %	44.44 %	16.40 %
Q2 2015	30.36 %	40.88 %	13.61 %
Q3 2015	29.12 %	40.95 %	11.94 %
Q4 2015	23.86 %	36.22 %	8.26 %
2015	23.70 %	35.97 %	8.20 %
Q1 2016	24.02 %	36.37 %	7.70 %
Q2 2016	22.54 %	33.34 %	5.09 %
Q3 2016	20.79 %	27.62 %	1.71 %
Q4 2016	24.51 %	33.63 %	1.84 %
2016	24.51 %	33.63 %	1.84 %
Q1 2017	24.93 %	31.95 %	2.26 %
Q2 2017	26.70 %	34.06 %	3.54 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	62.36 %	71.35 %	38.88 %
2008	59.39 %	67.28 %	35.37 %
2009	28.39 %	40.42 %	7.93 %
2010	43.23 %	53.67 %	18.97 %
2011	42.92 %	53.18 %	21.23 %
2012	32.32 %	42.08 %	15.33 %
2013	33.51 %	42.25 %	15.24 %
2014	33.86 %	42.36 %	15.61 %
2015	23.70 %	35.97 %	8.20 %
2016	24.51 %	33.63 %	1.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	66.97 %	73.16 %	39.63 %
Q2 2008	58.62 %	66.95 %	32.38 %
Q3 2008	57.51 %	65.07 %	38.29 %
Q4 2008	45.81 %	57.76 %	24.24 %
Q1 2009	14.27 %	33.27 %	2.61 %
Q2 2009	14.30 %	32.94 %	0.29 %
Q3 2009	24.85 %	25.60 %	2.37 %
Q4 2009	46.59 %	58.43 %	18.96 %
Q1 2010	48.70 %	56.01 %	26.57 %
Q2 2010	50.85 %	59.12 %	23.57 %
Q3 2010	39.56 %	60.66 %	16.54 %
Q4 2010	39.95 %	45.86 %	15.51 %
Q1 2011	38.56 %	51.09 %	17.44 %
Q2 2011	38.06 %	48.11 %	19.89 %
Q3 2011	48.22 %	58.38 %	24.10 %
Q4 2011	45.56 %	54.43 %	22.59 %
Q1 2012	31.64 %	39.30 %	14.33 %
Q2 2012	34.74 %	44.62 %	15.04 %
Q3 2012	34.43 %	43.11 %	17.04 %
Q4 2012	29.07 %	41.79 %	15.09 %
Q1 2013	21.06 %	32.61 %	7.52 %
Q2 2013	40.42 %	52.06 %	19.07 %
Q3 2013	34.61 %	44.84 %	18.54 %
Q4 2013	36.04 %	39.73 %	15.10 %
Q1 2014	25.16 %	32.27 %	7.40 %
Q2 2014	44.36 %	52.19 %	20.77 %
Q3 2014	31.19 %	41.03 %	15.75 %
Q4 2014	32.29 %	41.51 %	16.99 %
Q1 2015	29.19 %	41.05 %	10.05 %
Q2 2015	28.54 %	39.96 %	10.93 %
Q3 2015	25.85 %	41.40 %	8.84 %
Q4 2015	11.72 %	22.65 %	2.98 %
Q1 2016	29.10 %	41.00 %	7.65 %
Q2 2016	23.30 %	28.72 %	1.23 %
Q3 2016	17.86 %	15.00 %	(6.88 %)
Q4 2016	26.23 %	45.31 %	3.36 %
Q1 2017	29.38 %	34.00 %	7.64 %
Q2 2017	30.61 %	37.42 %	6.51 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	366.67	1.83	1.83	14.17
Q2 2008	366.67	1.93	1.93	14.53
Q3 2008	366.67	2.06	2.18	13.99
Q4 2008	366.67	1.46	1.65	13.54
Q1 2009	366.67	0.91	1.03	13.67
Q2 2009	366.67	0.55	0.66	13.09
Q3 2009	366.67	0.32	0.18	13.21
Q4 2009	366.67	0.38	0.18	13.42
Q1 2010	366.67	0.53	0.39	12.71
Q2 2010	366.67	0.76	0.63	12.82
Q3 2010	366.67	0.84	0.84	12.98
Q4 2010	366.67	1.03	1.03	13.42
Q1 2011	366.67	1.14	1.14	13.79
Q2 2011	366.67	1.35	1.35	14.21
Q3 2011	366.67	1.69	1.69	14.74
Q4 2011	366.67	1.93	1.93	15.36
Q1 2012	366.67	2.01	2.01	14.56
Q2 2012	366.67	1.93	1.93	14.93
Q3 2012	366.67	1.79	1.79	14.87
Q4 2012	366.67	1.64	1.64	15.34
Q1 2013	366.67	1.40	1.40	14.80
Q2 2013	366.67	1.51	1.51	15.31
Q3 2013	366.67	1.59	1.59	15.23
Q4 2013	366.67	1.69	1.69	15.80
Q1 2014	366.67	1.70	1.70	15.35
Q2 2014	366.67	1.90	1.90	15.45
Q3 2014	366.67	1.83	1.83	15.90
Q4 2014	366.67	1.65	1.76	16.28
Q1 2015	366.67	1.69	1.79	15.85
Q2 2015	366.67	1.32	1.42	15.59
Q3 2015	366.67	1.08	1.18	15.78
Q4 2015	366.67	0.79	0.79	15.85
Q1 2016	366.67	0.70	0.76	14.36
Q2 2016	366.67	0.43	0.49	14.38
Q3 2016	366.67	0.10	0.16	14.25
Q4 2016	366.67	0.12	0.18	14.36
Q1 2017	366.67	0.23	0.23	14.61
Q2 2017	366.67	0.37	0.37	14.77

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	309.60	1.92	1.92	9.68
2008	366.67	1.46	1.65	13.54
2009	366.67	0.38	0.18	13.42
2010	366.67	1.03	1.03	13.42
2011	366.67	1.93	1.93	15.36
2012	366.67	1.64	1.64	15.34
2013	366.67	1.69	1.69	15.80
2014	366.67	1.65	1.76	16.28
2015	366.67	0.79	0.79	15.85
2016	366.67	0.12	0.18	14.36

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	36.42	36.42	4.72
Q2 2008	39.87	39.87	5.29
Q3 2008	24.42	23.05	3.60
Q4 2008	19.25	17.10	2.08
Q1 2009	34.10	30.25	2.27
Q2 2009	62.31	51.42	2.61
Q3 2009	More than 100	More than 100	2.95
Q4 2009	More than 100	More than 100	3.23
Q1 2010	81.20	More than 100	3.36
Q2 2010	49.52	60.28	2.95
Q3 2010	52.89	52.89	3.44
Q4 2010	49.01	49.01	3.77
Q1 2011	39.06	39.06	3.23
Q2 2011	31.89	31.89	3.03
Q3 2011	21.36	21.36	2.45
Q4 2011	20.47	20.47	2.57
Q1 2012	23.10	23.10	3.19
Q2 2012	18.77	18.77	2.42
Q3 2012	21.39	21.39	2.57
Q4 2012	23.30	23.30	2.49
Q1 2013	27.25	27.25	2.58
Q2 2013	30.16	30.16	2.97
Q3 2013	31.47	31.47	3.28
Q4 2013	37.59	37.59	4.03
Q1 2014	38.15	38.15	4.23
Q2 2014	33.35	33.35	4.09
Q3 2014	46.97	46.97	5.40
Q4 2014	32.10	30.23	3.26
Q1 2015	33.93	31.99	3.61
Q2 2015	47.97	44.52	4.06
Q3 2015	35.01	31.97	2.39
Q4 2015	35.64	35.64	1.77
Q1 2016	37.63	34.72	1.84
Q2 2016	60.60	53.35	1.82
Q3 2016	More than 100	More than 100	1.86
Q4 2016	More than 100	More than 100	2.63
Q1 2017	More than 100	More than 100	2.43
Q2 2017	77.10	77.10	1.91

Period	P/E	Adjusted P/E	Price/book
2007	49.47	49.47	9.81
2008	19.25	17.10	2.08
2009	More than 100	More than 100	3.23
2010	49.01	49.01	3.77
2011	20.47	20.47	2.57
2012	23.30	23.30	2.49
2013	37.59	37.59	4.03
2014	32.10	30.23	3.26
2015	35.64	35.64	1.77
2016	More than 100	More than 100	2.63

Business Segments (Million)

Compared With The

Period	Marketing activities	Intermediate chemicals	Basic chemicals	Polymers	Corporate and others	Petrochemical sector	Eliminations
Q1 2011	-	-	-	-	-	693.04	-
Q2 2011	-	-	-	-	-	831.65	-
Q3 2011	-	-	-	-	-	865.04	-
Q4 2011	-	-	-	-	-	934.65	-
Q1 2012	220.26	-	-	-	-	837.79	-
Q2 2012	182.65	-	-	-	-	721.82	-
Q3 2012	151.79	-	-	-	-	762.60	-
Q4 2012	192.98	-	-	-	-	851.98	-
Q1 2013	214.24	-	-	-	-	643.15	-
Q2 2013	176.39	-	-	-	-	736.03	-
Q3 2013	208.84	-	-	-	-	790.00	-
Q4 2013	196.75	-	-	-	-	1,106.22	-
Q1 2014	225.80	-	-	-	-	701.65	-
Q2 2014	143.30	-	-	-	-	1,034.33	-
Q3 2014	128.72	-	-	-	-	890.61	-
Q4 2014	226.62	-	-	-	-	773.37	-
Q1 2015	59.50	-	-	-	-	742.53	-
Q2 2015	99.40	-	-	-	-	907.55	-
Q3 2015	64.73	-	-	-	-	745.20	-
Q4 2015	279.26	-	-	-	-	592.51	-
Q1 2016	-	565.13	341.67	271.08	51.78	-	(305.68)
Q2 2016	928.40	603.96	337.22	260.71	-	-	(1156.44)
Q3 2016	391.59	385.17	276.06	251.18	-	-	(584.60)
Q4 2016	569.76	416.92	372.05	290.91	1.55	-	(701.59)
Q1 2017	899.09	606.65	508.76	318.09	2.55	-	(1136.12)
Q2 2017	616.75	513.05	359.97	228.20	74.44	-	(874.13)

Period	Marketing activities	Intermediate chemicals	Basic chemicals	Polymers	Corporate and others	Petrochemical sector	Eliminations
2011	-	-	-	-	-	3,324.39	-
2012	747.69	-	-	-	-	3,174.19	-
2013	796.21	-	-	-	-	3,275.40	-
2014	724.45	-	-	-	-	3,399.96	-
2015	502.89	-	-	-	-	3,011.95	-
2016	1,889.74	1,971.19	1,326.99	1,073.88	1.55	-	(2748.31)

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	36.49	59.79	63.87 %

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
HSBC	47.00	59.79	27.2 %
Al Rajhi Capital	42.00	59.79	42.4 %
AlJazira Capital	39.40	59.79	51.7 %
Sico	37.00	59.79	61.6 %
SNB Capital	35.00	59.79	70.8 %
Riyad Capital	32.00	59.79	86.8 %
Hermes	23.00	59.79	160.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	21,889.90
Enterprise Value (EV) (M)	23,385.44
Shares Outstanding ((M))	733.33
EPS ( Riyal) (TTM)	1.21
Book Value (BV) ( Riyal)	21.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.65
P/E (TTM)	24.70
Price/book	1.39
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	5.5

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Sipchem's H1 profit jumps to SAR 151 mln on higher sales

View other reports

Share Price

Sahara International Petrochemical Co. (SIPCHEM)

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) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Sipchem's H1 profit jumps to SAR 151 mln on higher sales

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Share Price

Sahara International Petrochemical Co. (SIPCHEM)

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) Q2 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)