SAFCO’s Q1 net profit falls 52% to SAR 286 mln

17/04/2016 Argaam Exclusive

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Saudi Arabian Fertilizer Co. (SAFCO), one of the world’s largest producers of urea and ammonia, reported a net profit of SAR 286 million for the first quarter of 2016, a 51.5 percent drop year-on-year (YoY). The decline was attributed to lower product selling prices, however, the impact was minimized by an increase in quantities sold. 

 

Profit for Q1 was 24.5 percent lower compared to SAR 379 million during the previous quarter for similar reasons.   



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 962.42 691.23 (28.2 %)
Gross Income 603.11 354.12 (41.3 %)
Operating Income 582.85 258.19 (55.7 %)
Net Income 589.98 279.01 (52.7 %)
Average Shares 416.67 416.67 -
EPS (Riyals) 1.42 0.67 (52.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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
Q1 2016 691.23 (28.2 %) 354.12 (41.3 %) 279.01 (52.7 %) 0.67

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2016 56.04 % 64.77 % 55.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 416.67 4.37 4.37 16.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 17.34 17.34 4.71

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 327.21 279.01 (14.7 %)

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
AlJazira Capital 281.30 279.01 (0.8) %
Alistithmar Capital 252.70 279.01 10.4 %
Value Capital 319.90 279.01 (12.8) %
SNB Capital 326.00 279.01 (14.4) %
Albilad Capital 333.00 279.01 (16.2) %
Al Rajhi Capital 345.00 279.01 (19.1) %
OSOOL AND BAKHEET 350.00 279.01 (20.3) %
Riyad Capital 350.00 279.01 (20.3) %
SFC 387.00 279.01 (27.9) %

Current
Market Cap (M Riyal) 54,458.98
Enterprise Value (EV) (M) 44,751.49
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) 14.92
P/E (TTM) 15.47
Price/book 2.94
Return on Average Assets (%) (TTM) 13.3
Return on Average Equity (%) (TTM) 19.8

Share Price

114.40
(1.00) (0.87 %)

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


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