SAFCO’s net profit drops 33% to SAR 2 bln in FY15

14/01/2016 Argaam Exclusive

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Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

Saudi Arabia Fertilizers Co. (SAFCO), one of the world’s largest producers of urea and ammonia, reported a net profit of SAR 2.1 billion for fiscal year 2015, marking a 33 percent drop year-on-year (YoY). The company attributed the weaker earnings to lower product selling prices and lower profit shares from its 50 percent-owned unit Ibn Al-Bayttar.

Financials (M)

Item	2014	2015	Change‬
Revenues	4,456.13	3,547.27	(20.4 %)
Gross Income	3,072.42	2,085.05	(32.1 %)
Operating Income	2,974.99	2,013.83	(32.3 %)
Net Income	3,174.04	2,130.43	(32.9 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	7.62	5.11	(32.9 %)

Safco reported a net profit of SAR 379 million in Q4-2015, a drop of 51 percent YoY, citing lower product prices and higher costs.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	1,093.39	813.67	(25.6 %)
Gross Income	754.48	360.31	(52.2 %)
Operating Income	727.87	342.31	(53.0 %)
Net Income	779.18	378.55	(51.4 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	1.87	0.91	(51.4 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	887.43	813.67	(8.3 %)
Gross Income	567.64	360.31	(36.5 %)
Operating Income	551.33	342.31	(37.9 %)
Net Income	566.15	378.55	(33.1 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	1.36	0.91	(33.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	440.41	(3.6 %)	246.93	2.3 %	275.44	16.5 %	0.66
Q2 2006	463.65	9.0 %	282.86	14.3 %	290.01	21.9 %	0.70
Q3 2006	417.13	(13.9 %)	242.49	(24.5 %)	271.36	(21.2 %)	0.65
Q4 2006	510.06	11.5 %	317.97	20.1 %	314.52	11.8 %	0.75
2006	1,831.25	0.4 %	1,090.25	1.5 %	1,151.32	4.7 %	2.76
Q1 2007	521.50	18.4 %	311.18	26.0 %	319.79	16.1 %	0.77
Q2 2007	815.13	75.8 %	569.75	101.4 %	530.32	82.9 %	1.27
Q3 2007	1,013.15	142.9 %	648.51	167.4 %	616.17	127.1 %	1.48
Q4 2007	1,046.02	105.1 %	783.30	146.3 %	741.58	135.8 %	1.78
2007	3,104.72	69.5 %	2,288.78	109.9 %	2,209.23	91.9 %	5.30
Q1 2008	825.44	58.3 %	643.92	106.9 %	723.38	126.2 %	1.74
Q2 2008	1,347.23	65.3 %	1,101.60	93.3 %	1,190.94	124.6 %	2.86
Q3 2008	2,202.95	117.4 %	1,920.32	196.1 %	1,821.92	195.7 %	4.37
Q4 2008	976.32	(6.7 %)	659.83	(15.8 %)	535.86	(27.7 %)	1.29
2008	5,235.76	68.6 %	4,340.66	89.6 %	4,279.79	93.7 %	10.27
Q1 2009	739.47	(10.4 %)	452.74	(29.7 %)	524.53	(27.5 %)	1.26
Q2 2009	685.74	(49.1 %)	456.16	(58.6 %)	480.35	(59.7 %)	1.15
Q3 2009	714.39	(67.6 %)	450.72	(76.5 %)	464.15	(74.5 %)	1.11
Q4 2009	601.11	(38.4 %)	358.75	(45.6 %)	335.26	(37.4 %)	0.80
2009	2,740.71	(47.7 %)	1,709.75	(60.6 %)	1,804.29	(57.8 %)	4.33
Q1 2010	863.79	16.8 %	642.97	42.0 %	698.26	33.1 %	1.68
Q2 2010	732.66	6.8 %	578.93	26.9 %	907.20	88.9 %	2.18
Q3 2010	890.73	24.7 %	549.99	22.0 %	603.82	30.1 %	1.45
Q4 2010	1,302.29	116.6 %	918.08	155.9 %	1,025.34	205.8 %	2.46
2010	3,789.47	38.3 %	2,689.96	57.3 %	3,234.62	79.3 %	7.76
Q1 2011	1,037.85	20.1 %	775.20	20.6 %	832.63	19.2 %	2.00
Q2 2011	1,129.51	54.2 %	778.07	34.4 %	789.93	(12.9 %)	1.90
Q3 2011	1,378.89	54.8 %	1,083.97	97.1 %	1,210.58	100.5 %	2.91
Q4 2011	1,504.99	15.6 %	1,128.01	22.9 %	1,276.63	24.5 %	3.06
2011	5,051.24	33.3 %	3,765.26	40.0 %	4,109.76	27.1 %	9.86
Q1 2012	1,061.50	2.3 %	753.60	(2.8 %)	786.91	(5.5 %)	1.89
Q2 2012	1,115.96	(1.2 %)	743.75	(4.4 %)	783.93	(0.8 %)	1.88
Q3 2012	1,398.10	1.4 %	1,063.56	(1.9 %)	1,149.00	(5.1 %)	2.76
Q4 2012	1,404.84	(6.7 %)	1,047.40	(7.1 %)	1,146.38	(10.2 %)	2.75
2012	4,980.40	(1.4 %)	3,608.31	(4.2 %)	3,866.22	(5.9 %)	9.28
Q1 2013	1,177.76	11.0 %	852.82	13.2 %	931.59	18.4 %	2.24
Q2 2013	982.88	(11.9 %)	651.93	(12.3 %)	692.88	(11.6 %)	1.66
Q3 2013	1,071.88	(23.3 %)	695.40	(34.6 %)	734.01	(36.1 %)	1.76
Q4 2013	1,007.88	(28.3 %)	678.47	(35.2 %)	802.00	(30.0 %)	1.92
2013	4,240.40	(14.9 %)	2,878.62	(20.2 %)	3,160.48	(18.3 %)	7.59
Q1 2014	1,178.36	0.1 %	819.80	(3.9 %)	842.50	(9.6 %)	2.02
Q2 2014	935.77	(4.8 %)	602.24	(7.6 %)	638.99	(7.8 %)	1.53
Q3 2014	1,248.62	16.5 %	890.35	28.0 %	913.37	24.4 %	2.19
Q4 2014	1,093.39	8.5 %	754.48	11.2 %	779.18	(2.8 %)	1.87
2014	4,456.13	5.1 %	3,072.42	6.7 %	3,174.04	0.4 %	7.62
Q1 2015	962.42	(18.3 %)	603.11	(26.4 %)	589.98	(30.0 %)	1.42
Q2 2015	883.75	(5.6 %)	553.99	(8.0 %)	595.76	(6.8 %)	1.43
Q3 2015	887.43	(28.9 %)	567.64	(36.2 %)	566.15	(38.0 %)	1.36
Q4 2015	813.67	(25.6 %)	360.31	(52.2 %)	378.55	(51.4 %)	0.91
2015	3,547.27	(20.4 %)	2,085.05	(32.1 %)	2,130.43	(32.9 %)	5.11

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,831.25	0.4 %	1,090.25	1.5 %	1,151.32	4.7 %	2.76
2007	3,104.72	69.5 %	2,288.78	109.9 %	2,209.23	91.9 %	5.30
2008	5,235.76	68.6 %	4,340.66	89.6 %	4,279.79	93.7 %	10.27
2009	2,740.71	(47.7 %)	1,709.75	(60.6 %)	1,804.29	(57.8 %)	4.33
2010	3,789.47	38.3 %	2,689.96	57.3 %	3,234.62	79.3 %	7.76
2011	5,051.24	33.3 %	3,765.26	40.0 %	4,109.76	27.1 %	9.86
2012	4,980.40	(1.4 %)	3,608.31	(4.2 %)	3,866.22	(5.9 %)	9.28
2013	4,240.40	(14.9 %)	2,878.62	(20.2 %)	3,160.48	(18.3 %)	7.59
2014	4,456.13	5.1 %	3,072.42	6.7 %	3,174.04	0.4 %	7.62
2015	3,547.27	(20.4 %)	2,085.05	(32.1 %)	2,130.43	(32.9 %)	5.11

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	59.75 %	65.39 %	63.02 %
Q2 2006	60.43 %	66.15 %	64.53 %
Q3 2006	58.31 %	64.32 %	62.87 %
Q4 2006	59.54 %	64.58 %	62.87 %
2006	59.54 %	64.58 %	62.87 %
Q1 2007	60.37 %	65.00 %	62.52 %
Q2 2007	63.67 %	68.40 %	63.43 %
Q3 2007	64.60 %	68.25 %	62.27 %
Q4 2007	68.11 %	72.37 %	65.32 %
2007	73.72 %	78.85 %	71.48 %
Q1 2008	71.50 %	76.41 %	70.18 %
Q2 2008	75.08 %	79.21 %	77.38 %
Q3 2008	82.06 %	85.15 %	82.64 %
Q4 2008	80.82 %	84.78 %	83.93 %
2008	82.90 %	87.39 %	86.53 %
Q1 2009	78.51 %	82.40 %	81.50 %
Q2 2009	75.78 %	80.50 %	77.36 %
Q3 2009	64.81 %	72.13 %	70.04 %
Q4 2009	62.70 %	68.93 %	63.24 %
2009	62.38 %	68.93 %	63.24 %
Q1 2010	66.62 %	72.45 %	67.47 %
Q2 2010	69.76 %	75.51 %	70.71 %
Q3 2010	68.99 %	74.50 %	71.91 %
Q4 2010	70.99 %	77.07 %	77.39 %
2010	70.99 %	77.07 %	77.39 %
Q1 2011	71.20 %	77.27 %	77.38 %
Q2 2011	69.29 %	74.95 %	74.59 %
Q3 2011	73.33 %	78.93 %	79.59 %
Q4 2011	74.54 %	78.96 %	81.36 %
2011	74.54 %	78.96 %	81.36 %
Q1 2012	73.77 %	78.19 %	80.08 %
Q2 2012	73.29 %	77.86 %	80.18 %
Q3 2012	72.61 %	77.33 %	78.66 %
Q4 2012	72.45 %	77.69 %	77.63 %
2012	72.45 %	77.69 %	77.63 %
Q1 2013	72.74 %	77.97 %	78.70 %
Q2 2013	72.84 %	78.17 %	78.97 %
Q3 2013	70.03 %	76.05 %	75.58 %
Q4 2013	67.89 %	74.79 %	74.45 %
2013	67.89 %	74.79 %	73.49 %
Q1 2014	67.10 %	73.89 %	72.34 %
Q2 2014	66.67 %	73.41 %	71.87 %
Q3 2014	68.43 %	74.29 %	73.07 %
Q4 2014	68.82 %	74.90 %	70.26 %
2014	68.95 %	75.02 %	70.38 %
Q1 2015	67.22 %	73.44 %	67.88 %
Q2 2015	66.90 %	73.61 %	67.69 %
Q3 2015	64.78 %	72.83 %	65.01 %
Q4 2015	58.78 %	68.07 %	60.06 %
2015	58.78 %	68.07 %	60.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	59.54 %	64.58 %	62.87 %
2007	73.72 %	78.85 %	71.48 %
2008	82.90 %	87.39 %	86.53 %
2009	62.38 %	68.93 %	63.24 %
2010	70.99 %	77.07 %	77.39 %
2011	74.54 %	78.96 %	81.36 %
2012	72.45 %	77.69 %	77.63 %
2013	67.89 %	74.79 %	73.49 %
2014	68.95 %	75.02 %	70.38 %
2015	58.78 %	68.07 %	60.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	56.07 %	62.49 %	62.54 %
Q2 2006	61.01 %	66.65 %	62.55 %
Q3 2006	58.13 %	64.85 %	65.05 %
Q4 2006	62.34 %	64.28 %	61.66 %
Q1 2007	59.67 %	64.35 %	61.32 %
Q2 2007	69.90 %	75.40 %	65.06 %
Q3 2007	64.01 %	66.51 %	60.82 %
Q4 2007	74.88 %	79.67 %	71.86 %
Q1 2008	78.01 %	85.44 %	84.59 %
Q2 2008	81.77 %	84.60 %	89.69 %
Q3 2008	87.17 %	87.98 %	82.70 %
Q4 2008	67.58 %	77.23 %	78.18 %
Q1 2009	61.23 %	68.58 %	67.39 %
Q2 2009	66.52 %	74.01 %	69.80 %
Q3 2009	63.09 %	67.03 %	61.89 %
Q4 2009	59.68 %	65.81 %	52.25 %
Q1 2010	74.44 %	80.31 %	80.84 %
Q2 2010	79.02 %	86.07 %	82.53 %
Q3 2010	61.75 %	65.21 %	67.79 %
Q4 2010	70.50 %	77.97 %	78.77 %
Q1 2011	74.69 %	80.52 %	80.23 %
Q2 2011	68.89 %	74.04 %	69.94 %
Q3 2011	78.61 %	82.65 %	87.79 %
Q4 2011	74.95 %	78.20 %	84.83 %
Q1 2012	70.99 %	76.80 %	74.13 %
Q2 2012	66.65 %	72.48 %	70.25 %
Q3 2012	76.07 %	80.65 %	82.18 %
Q4 2012	74.56 %	79.57 %	81.60 %
Q1 2013	72.41 %	78.09 %	79.10 %
Q2 2013	66.33 %	72.72 %	70.49 %
Q3 2013	64.88 %	72.23 %	68.48 %
Q4 2013	67.32 %	75.67 %	79.23 %
Q1 2014	69.57 %	74.84 %	71.50 %
Q2 2014	64.36 %	70.54 %	68.28 %
Q3 2014	71.31 %	75.45 %	73.15 %
Q4 2014	69.00 %	78.05 %	67.30 %
Q1 2015	62.67 %	68.40 %	61.30 %
Q2 2015	62.69 %	71.17 %	67.41 %
Q3 2015	63.96 %	72.84 %	63.80 %
Q4 2015	44.28 %	59.09 %	46.52 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	416.67	2.73	2.73	12.15
Q2 2006	416.67	2.86	2.86	9.63
Q3 2006	416.67	2.68	2.68	10.28
Q4 2006	416.67	2.76	2.76	11.37
Q1 2007	416.67	2.87	2.87	12.22
Q2 2007	416.67	3.45	3.45	11.99
Q3 2007	416.67	4.27	4.27	12.22
Q4 2007	416.67	5.30	5.32	14.43
Q1 2008	416.67	6.27	6.23	16.25
Q2 2008	416.67	7.85	7.86	18.16
Q3 2008	416.67	10.75	10.75	18.43
Q4 2008	416.67	10.25	10.78	19.28
Q1 2009	416.67	9.78	10.30	16.44
Q2 2009	416.67	8.07	8.55	17.76
Q3 2009	416.67	4.81	5.24	16.02
Q4 2009	416.67	4.33	4.16	16.84
Q1 2010	416.67	4.75	4.64	14.44
Q2 2010	416.67	5.77	4.94	13.00
Q3 2010	416.67	6.11	5.33	14.46
Q4 2010	416.67	7.76	7.04	17.12
Q1 2011	416.67	8.09	7.36	19.13
Q2 2011	416.67	7.80	7.81	17.41
Q3 2011	416.67	9.26	9.26	16.67
Q4 2011	416.67	9.86	9.86	19.70
Q1 2012	416.67	9.75	9.75	21.77
Q2 2012	416.67	9.74	9.74	19.27
Q3 2012	416.67	9.59	9.59	18.45
Q4 2012	416.67	9.28	9.28	21.26
Q1 2013	416.67	9.63	9.63	23.62
Q2 2013	416.67	9.41	9.41	20.54
Q3 2013	416.67	8.41	8.41	17.66
Q4 2013	416.67	7.59	7.58	19.85
Q1 2014	416.67	7.37	7.36	17.00
Q2 2014	416.67	7.24	7.23	15.34
Q3 2014	416.67	7.67	7.66	17.55
Q4 2014	416.67	7.62	7.51	18.87
Q1 2015	416.67	7.01	6.91	20.16
Q2 2015	416.67	6.91	6.80	19.46
Q3 2015	416.67	6.07	5.97	17.57
Q4 2015	416.67	5.11	5.11	18.23

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	416.67	2.76	2.76	11.37
2007	416.67	5.30	5.33	14.43
2008	416.67	10.27	10.87	19.28
2009	416.67	4.33	4.16	16.84
2010	416.67	7.76	7.04	17.12
2011	416.67	9.86	9.86	19.70
2012	416.67	9.28	9.28	21.26
2013	416.67	7.59	7.48	19.85
2014	416.67	7.62	7.53	18.87
2015	416.67	5.11	5.11	18.23

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	37.55	37.55	8.45
Q2 2006	34.33	34.33	10.19
Q3 2006	29.94	29.94	7.81
Q4 2006	22.63	22.63	5.50
Q1 2007	26.18	26.18	6.15
Q2 2007	21.24	21.24	6.11
Q3 2007	16.78	16.78	5.87
Q4 2007	20.54	20.45	7.54
Q1 2008	20.37	20.48	7.85
Q2 2008	22.48	22.46	9.72
Q3 2008	12.34	12.34	7.20
Q4 2008	6.00	5.71	3.19
Q1 2009	6.43	6.11	3.83
Q2 2009	9.64	9.10	4.38
Q3 2009	17.81	16.36	5.35
Q4 2009	19.15	19.94	4.93
Q1 2010	21.19	21.69	6.97
Q2 2010	15.26	17.82	6.78
Q3 2010	16.16	18.52	6.83
Q4 2010	14.11	15.56	6.40
Q1 2011	15.90	17.46	6.72
Q2 2011	16.60	16.60	7.44
Q3 2011	13.47	13.47	7.49
Q4 2011	12.23	12.23	6.12
Q1 2012	13.39	13.39	6.00
Q2 2012	11.97	11.97	6.05
Q3 2012	13.33	13.33	6.93
Q4 2012	15.00	15.00	6.55
Q1 2013	15.07	15.07	6.14
Q2 2013	13.99	13.99	6.41
Q3 2013	16.05	16.05	7.65
Q4 2013	18.86	18.88	7.21
Q1 2014	19.84	19.86	8.60
Q2 2014	20.27	20.29	9.57
Q3 2014	19.51	19.53	8.53
Q4 2014	16.90	17.13	6.82
Q1 2015	19.54	19.83	6.79
Q2 2015	19.52	19.82	6.93
Q3 2015	17.94	18.25	6.21
Q4 2015	18.36	18.36	5.15

Period	P/E	Adjusted P/E	Price/book
2006	22.63	22.63	5.50
2007	20.53	20.44	7.54
2008	5.99	5.66	3.19
2009	19.15	19.94	4.93
2010	14.11	15.56	6.40
2011	12.23	12.23	6.12
2012	15.00	15.00	6.55
2013	18.86	19.12	7.21
2014	16.90	17.10	6.82
2015	18.36	18.36	5.15

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	546.99	378.55	(30.8 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
Alistithmar Capital	443.00	378.55	(14.5) %
SFC	496.00	378.55	(23.7) %
Riyad Capital	521.00	378.55	(27.3) %
KASB Capital	542.30	378.55	(30.2) %
OSOOL AND BAKHEET	574.20	378.55	(34.1) %
SNB Capital	596.00	378.55	(36.5) %
Albilad Capital	601.00	378.55	(37.0) %
AlJazira Capital	602.40	378.55	(37.2) %

Financial Ratios

	Current
Market Cap (M Riyal)	50,460.24
Enterprise Value (EV) (M)	40,752.75
Shares Outstanding ((M))	476.04
EPS ( Riyal) (TTM)	7.39
Book Value (BV) ( Riyal)	38.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	13.82
P/E (TTM)	14.34
Price/book	2.72
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	19.8

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SAFCO’s net profit drops 33% to SAR 2 bln in FY15

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Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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SAFCO’s net profit drops 33% to SAR 2 bln in FY15

View other reports

Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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