Financial Results : .Saudi Advanced posts higher net profit at SAR 551mn in I3 of 2014

.Saudi Advanced posts higher net profit at SAR 551mn in I3 of 2014

12/10/2014 Argaam Exclusive

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Saudi Advanced Industries Company, reported SAR 551m net profit in I3 of 2014, a 39% increase, compared to the same period last year .



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 2,021.43 2,296.56 13.6 %
Gross Income 437.49 548.96 25.5 %
Operating Income 405.41 518.69 27.9 %
Net Income 395.57 550.82 39.2 %
Average Shares 260.00 260.00 -
EPS (Riyals) 1.52 2.12 39.2 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 694.25 819.76 18.1 %
Gross Income 154.12 205.69 33.5 %
Operating Income 143.53 196.90 37.2 %
Net Income 140.96 228.74 62.3 %
Average Shares 260.00 260.00 -
EPS (Riyals) 0.54 0.88 62.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - (0.97) -
Q3 2006 - - - - - -
Q4 2006 - - - - (2.34) -
Q1 2007 - - - - (0.07) -
Q2 2007 - - - - (0.38) 61.1 %
Q3 2007 - - - - (0.07) -
Q4 2007 - - - - (0.08) 96.6 %
Q1 2008 - - - - (0.05) 37.8 %
Q2 2008 319.83 - 89.11 - 84.19 22371.7 %
Q3 2008 682.50 - 230.29 - 222.51 332206.0 %
Q4 2008 456.85 - (39.87) - (52.56) (66,427.8 %)
Q1 2009 369.52 - 63.52 - 54.28 118100.0 %
Q2 2009 344.26 7.6 % 60.92 (31.6 %) 47.08 (44.1 %)
Q3 2009 361.50 (47.0 %) 41.02 (82.2 %) 32.21 (85.5 %)
Q4 2009 391.55 (14.3 %) 52.47 231.6 % 39.37 174.9 %
Q1 2010 464.49 25.7 % 69.23 9.0 % 61.02 12.4 %
Q2 2010 450.82 31.0 % 81.56 33.9 % 72.00 52.9 %
Q3 2010 545.20 50.8 % 136.90 233.7 % 128.74 299.7 %
Q4 2010 570.45 45.7 % 107.81 105.5 % 96.42 144.9 %
Q1 2011 667.51 43.7 % 145.05 109.5 % 135.83 122.6 %
Q2 2011 742.50 64.7 % 170.14 108.6 % 160.63 123.1 %
Q3 2011 717.07 31.5 % 150.68 10.1 % 141.19 9.7 %
Q4 2011 663.84 16.4 % 109.88 1.9 % 96.09 (0.3 %)
Q1 2012 586.24 (12.2 %) 69.36 (52.2 %) 60.63 (55.4 %)
Q2 2012 456.91 (38.5 %) 67.84 (60.1 %) 58.09 (63.8 %)
Q3 2012 649.29 (9.5 %) 114.76 (23.8 %) 105.51 (25.3 %)
Q4 2012 780.00 17.5 % 134.53 22.4 % 122.17 27.1 %
Q1 2013 641.52 9.4 % 132.77 91.4 % 121.75 100.8 %
Q2 2013 685.67 50.1 % 150.60 122.0 % 140.13 141.2 %
Q3 2013 694.25 6.9 % 154.12 34.3 % 143.53 36.0 %
Q4 2013 764.17 (2.0 %) 173.96 29.3 % 160.10 31.0 %
Q1 2014 669.17 4.3 % 150.42 13.3 % 138.60 13.8 %
Q2 2014 807.63 17.8 % 192.85 28.0 % 183.19 30.7 %
Q3 2014 819.76 18.1 % 205.69 33.5 % 196.90 37.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 2.00 - 0.01 - 2.00 0.01
Q3 2006 - - - - - -
Q4 2006 1.74 - 0.01 - 1.74 0.01
Q1 2007 1.69 - 0.01 - 1.69 0.01
Q2 2007 0.61 (69.4 %) 0.00 - 0.61 0.00
Q3 2007 (0.06) - 0.00 - (0.06) 0.00
Q4 2007 (0.08) (104.6 %) 0.00 - (0.08) 0.00
Q1 2008 (0.05) (102.9 %) 0.00 - (0.05) 0.00
Q2 2008 75.90 12281.2 % 0.29 - 75.90 0.29
Q3 2008 210.42 334096.8 % 0.81 - 210.42 0.81
Q4 2008 (76.12) (95,045.0 %) (0.29) - (76.12) (0.29)
Q1 2009 42.87 87591.8 % 0.16 - 42.87 0.16
Q2 2009 34.63 (54.4 %) 0.13 - 34.63 0.13
Q3 2009 20.88 (90.1 %) 0.08 - 20.88 0.08
Q4 2009 28.74 137.8 % 0.11 - 28.74 0.11
Q1 2010 52.57 22.6 % 0.20 - 52.57 0.20
Q2 2010 65.26 88.4 % 0.25 - 65.26 0.25
Q3 2010 121.14 480.0 % 0.47 - 121.14 0.47
Q4 2010 89.36 211.0 % 0.34 - 89.36 0.34
Q1 2011 131.11 149.4 % 0.50 - 131.11 0.50
Q2 2011 155.61 138.5 % 0.60 - 155.61 0.60
Q3 2011 135.49 11.9 % 0.52 - 135.49 0.52
Q4 2011 90.60 1.4 % 0.35 - 90.60 0.35
Q1 2012 57.09 (56.5 %) 0.22 - 57.09 0.22
Q2 2012 53.88 (65.4 %) 0.21 - 53.88 0.21
Q3 2012 100.26 (26.0 %) 0.39 - 100.26 0.39
Q4 2012 117.01 29.2 % 0.45 - 117.01 0.45
Q1 2013 117.94 106.6 % 0.45 - 117.94 0.45
Q2 2013 136.67 153.7 % 0.53 - 136.67 0.53
Q3 2013 140.96 40.6 % 0.54 - 140.96 0.54
Q4 2013 161.29 37.9 % 0.62 - 161.29 0.62
Q1 2014 137.45 16.5 % 0.53 1.20 136.26 0.52
Q2 2014 184.63 35.1 % 0.71 4.45 180.19 0.69
Q3 2014 228.74 62.3 % 0.88 34.57 194.17 0.75

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 27.86 % 34.47 % 23.67 %
Q3 2008 31.87 % 37.22 % 28.55 %
Q4 2008 19.16 % 25.06 % 14.40 %
Q1 2009 18.76 % 25.27 % 13.84 %
Q2 2009 16.99 % 24.08 % 11.43 %
Q3 2009 8.20 % 17.20 % 1.45 %
Q4 2009 14.86 % 24.34 % 8.67 %
Q1 2010 14.32 % 23.63 % 8.76 %
Q2 2010 14.64 % 23.92 % 10.04 %
Q3 2010 18.37 % 27.17 % 14.45 %
Q4 2010 19.47 % 28.05 % 16.17 %
Q1 2011 21.10 % 29.07 % 18.21 %
Q2 2011 22.17 % 29.22 % 19.69 %
Q3 2011 21.27 % 27.74 % 18.96 %
Q4 2011 20.63 % 26.92 % 18.37 %
Q1 2012 18.45 % 24.84 % 16.19 %
Q2 2012 16.41 % 22.93 % 13.90 %
Q3 2012 15.36 % 22.01 % 12.81 %
Q4 2012 15.63 % 21.99 % 13.28 %
Q1 2013 17.80 % 24.04 % 15.39 %
Q2 2013 19.32 % 25.56 % 17.12 %
Q3 2013 20.42 % 26.53 % 18.30 %
Q4 2013 21.95 % 27.75 % 19.99 %
Q1 2014 22.36 % 28.05 % 20.45 %
Q2 2014 22.87 % 28.30 % 21.08 %
Q3 2014 23.62 % 28.85 % 21.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 260.00 - - 2.89
Q3 2006 - - - -
Q4 2006 260.00 - - 5.44
Q1 2007 260.00 - - 5.45
Q2 2007 260.00 - - 5.45
Q3 2007 260.00 0.02 0.02 5.45
Q4 2007 260.00 0.01 0.01 5.45
Q1 2008 260.00 0.00 0.00 5.45
Q2 2008 260.00 0.29 0.29 5.73
Q3 2008 260.00 1.10 1.10 6.52
Q4 2008 260.00 0.81 0.81 6.22
Q1 2009 260.00 0.97 0.97 6.38
Q2 2009 260.00 0.81 0.81 6.51
Q3 2009 260.00 0.09 0.09 6.32
Q4 2009 260.00 0.49 0.49 6.42
Q1 2010 260.00 0.53 0.53 6.35
Q2 2010 260.00 0.64 0.64 6.19
Q3 2010 260.00 1.03 1.03 6.64
Q4 2010 260.00 1.26 1.26 6.97
Q1 2011 260.00 1.56 1.56 6.91
Q2 2011 260.00 1.91 1.91 6.95
Q3 2011 260.00 1.97 1.97 7.46
Q4 2011 260.00 1.97 1.97 7.80
Q1 2012 260.00 1.69 1.69 7.47
Q2 2012 260.00 1.30 1.30 7.04
Q3 2012 260.00 1.16 1.16 7.42
Q4 2012 260.00 1.26 1.26 7.86
Q1 2013 260.00 1.50 1.50 7.67
Q2 2013 260.00 1.81 1.81 7.55
Q3 2013 260.00 1.97 1.97 8.08
Q4 2013 260.00 2.14 2.14 8.67
Q1 2014 260.00 2.22 2.21 8.42
Q2 2014 260.00 2.40 2.38 8.31
Q3 2014 260.00 2.74 2.58 8.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - 2.17
Q2 2007 - - 2.22
Q3 2007 More than 100 More than 100 3.52
Q4 2007 More than 100 More than 100 4.82
Q1 2008 More than 100 More than 100 4.94
Q2 2008 More than 100 More than 100 5.44
Q3 2008 17.14 17.14 2.90
Q4 2008 10.36 10.36 1.35
Q1 2009 9.53 9.53 1.45
Q2 2009 17.36 17.36 2.17
Q3 2009 More than 100 More than 100 2.28
Q4 2009 27.69 27.69 2.11
Q1 2010 23.72 23.72 1.97
Q2 2010 17.36 17.36 1.81
Q3 2010 10.46 10.46 1.62
Q4 2010 11.71 11.71 2.12
Q1 2011 10.74 10.74 2.43
Q2 2011 9.73 9.73 2.67
Q3 2011 7.93 7.93 2.09
Q4 2011 7.89 7.89 1.99
Q1 2012 11.70 11.70 2.64
Q2 2012 12.21 12.21 2.25
Q3 2012 14.13 14.13 2.21
Q4 2012 13.09 13.09 2.10
Q1 2013 12.31 12.31 2.40
Q2 2013 11.05 11.05 2.66
Q3 2013 10.69 10.69 2.61
Q4 2013 12.02 12.02 2.97
Q1 2014 12.12 12.15 3.19
Q2 2014 11.62 11.73 3.36
Q3 2014 13.77 14.59 4.43

Analysts Estimates (Million)

Item Q3 2014 (e) Q3 2014 (a) Change‬
Average 187.00 228.74 22.32 %

Estimates vs Actual (Million)

Item Q3 2014 (e) Q3 2014 (a) Change
AlJazira Capital 227.00 228.74 0.8 %
Alistithmar Capital 199.00 228.74 14.9 %
Riyad Capital 183.00 228.74 25.0 %
OSOOL AND BAKHEET 180.00 228.74 27.1 %
Al Rajhi Capital 178.00 228.74 28.5 %
SNB Capital 177.00 228.74 29.2 %
SFC 165.00 228.74 38.6 %


Financial Ratios
Current
Market Cap (M Riyal) 8,515.00
Enterprise Value (EV) (M) 16,556.15
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) 0.20
Book Value (BV) ( Riyal) 12.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 2.65
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 1.6
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Share Price

Advanced Petrochemical Co.
32.75
(0.45) (1.36 %)

Advanced Petrochemical Co. (ADVANCED)

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