Sipchem’s net profit surges 86% in Q1

09/05/2017 Argaam Exclusive

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Saudi International Petrochemical Co. (Sipchem) reported a net profit of SAR 91.7 million in Q1 2017, up 86.4 percent year-on-year (YoY) as net sales increased due to higher average selling prices and sales volumes for some products, despite a rise in feedstock prices.

Sequentially, Q1 net profit soared 187.5 percent, due to increases in average selling prices and sales volumes for most products. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 923.99 1,199.01 29.8 %
Gross Income 268.86 352.28 31.0 %
Operating Income 164.80 230.72 40.0 %
Net Income 49.23 91.65 86.2 %
Average Shares 366.67 366.67 -
EPS (Riyals) 0.13 0.25 86.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 584.46 58.0 % 391.43 53.6 % 377.34 55.2 %
Q2 2008 413.05 24.9 % 242.12 32.1 % 226.13 34.9 %
Q3 2008 474.56 46.1 % 272.92 74.1 % 257.95 78.9 %
Q4 2008 236.51 (52.9 %) 108.33 (69.7 %) 82.70 (75.6 %)
Q1 2009 159.74 (72.7 %) 22.80 (94.2 %) 5.64 (98.5 %)
Q2 2009 175.76 (57.4 %) 25.13 (89.6 %) 8.32 (96.3 %)
Q3 2009 196.78 (58.5 %) 48.91 (82.1 %) 31.56 (87.8 %)
Q4 2009 298.13 26.1 % 138.91 28.2 % 122.82 48.5 %
Q1 2010 305.61 91.3 % 148.84 552.9 % 134.61 2285.4 %
Q2 2010 371.88 111.6 % 189.10 652.7 % 172.25 1970.8 %
Q3 2010 508.59 158.5 % 201.19 311.4 % 175.82 457.1 %
Q4 2010 806.46 170.5 % 322.22 132.0 % 281.48 129.2 %
Q1 2011 693.04 126.8 % 267.26 79.6 % 240.23 78.5 %
Q2 2011 831.65 123.6 % 316.49 67.4 % 288.02 67.2 %
Q3 2011 865.04 70.1 % 417.16 107.3 % 392.64 123.3 %
Q4 2011 934.65 15.9 % 425.86 32.2 % 381.09 35.4 %
Q1 2012 1,058.04 52.7 % 334.73 25.2 % 303.92 26.5 %
Q2 2012 904.47 8.8 % 314.22 (0.7 %) 283.45 (1.6 %)
Q3 2012 914.39 5.7 % 314.84 (24.5 %) 288.01 (26.6 %)
Q4 2012 1,044.97 11.8 % 303.75 (28.7 %) 260.50 (31.6 %)
Q1 2013 857.39 (19.0 %) 180.54 (46.1 %) 149.73 (50.7 %)
Q2 2013 912.42 0.9 % 368.77 17.4 % 339.43 19.7 %
Q3 2013 998.84 9.2 % 345.65 9.8 % 318.84 10.7 %
Q4 2013 1,302.97 24.7 % 469.59 54.6 % 354.05 35.9 %
Q1 2014 927.45 8.2 % 233.36 29.3 % 167.70 12.0 %
Q2 2014 1,177.63 29.1 % 522.46 41.7 % 479.24 41.2 %
Q3 2014 1,019.33 2.1 % 317.91 (8.0 %) 270.04 (15.3 %)
Q4 2014 999.99 (23.3 %) 322.92 (31.2 %) 260.87 (26.3 %)
Q1 2015 802.03 (13.5 %) 234.08 0.3 % 176.62 5.3 %
Q2 2015 1,006.95 (14.5 %) 287.40 (45.0 %) 227.47 (52.5 %)
Q3 2015 809.93 (20.5 %) 209.37 (34.1 %) 156.89 (41.9 %)
Q4 2015 871.77 (12.8 %) 102.15 (68.4 %) 12.39 (95.2 %)
Q1 2016 923.99 15.2 % 268.86 14.9 % 164.80 (6.7 %)
Q2 2016 923.62 (8.3 %) 215.25 (25.1 %) 106.74 (53.1 %)
Q3 2016 717.85 (11.4 %) 128.24 (38.8 %) 31.56 (79.9 %)
Q4 2016 949.59 8.9 % 249.11 143.9 % 134.24 983.3 %
Q1 2017 1,199.01 29.8 % 352.28 31.0 % 230.72 40.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 231.59 54.2 % 0.63 - 231.59 0.63
Q2 2008 133.74 33.6 % 0.36 - 133.74 0.36
Q3 2008 136.72 57.1 % 0.37 - 181.72 0.50
Q4 2008 34.72 (86.3 %) 0.09 - 57.32 0.16
Q1 2009 29.17 (87.4 %) 0.08 - 4.17 0.01
Q2 2009 0.50 (99.6 %) 0.00 - 0.50 0.00
Q3 2009 54.67 (60.0 %) 0.15 - 4.67 0.01
Q4 2009 56.54 62.8 % 0.15 - 56.54 0.15
Q1 2010 81.20 178.3 % 0.22 - 81.20 0.22
Q2 2010 87.66 17326.6 % 0.24 - 87.66 0.24
Q3 2010 84.11 53.8 % 0.23 - 84.11 0.23
Q4 2010 125.12 121.3 % 0.34 - 125.12 0.34
Q1 2011 120.90 48.9 % 0.33 - 120.90 0.33
Q2 2011 165.38 88.7 % 0.45 - 165.38 0.45
Q3 2011 208.45 147.8 % 0.57 - 208.45 0.57
Q4 2011 211.18 68.8 % 0.58 - 211.18 0.58
Q1 2012 151.61 25.4 % 0.41 - 151.61 0.41
Q2 2012 136.07 (17.7 %) 0.37 - 136.07 0.37
Q3 2012 155.84 (25.2 %) 0.43 - 155.84 0.43
Q4 2012 157.65 (25.3 %) 0.43 - 157.65 0.43
Q1 2013 64.45 (57.5 %) 0.18 - 64.45 0.18
Q2 2013 174.02 27.9 % 0.47 - 174.02 0.47
Q3 2013 185.19 18.8 % 0.51 - 185.19 0.51
Q4 2013 196.79 24.8 % 0.54 - 196.79 0.54
Q1 2014 68.66 6.5 % 0.19 - 68.66 0.19
Q2 2014 244.60 40.6 % 0.67 - 244.60 0.67
Q3 2014 160.57 (13.3 %) 0.44 - 160.57 0.44
Q4 2014 132.40 (32.7 %) 0.36 - 169.90 0.46
Q1 2015 80.62 17.4 % 0.22 - 80.62 0.22
Q2 2015 110.07 (55.0 %) 0.30 - 110.07 0.30
Q3 2015 71.58 (55.4 %) 0.20 - 71.58 0.20
Q4 2015 25.98 (80.4 %) 0.07 - 25.98 0.07
Q1 2016 49.23 (38.9 %) 0.13 - 70.73 0.19
Q2 2016 11.37 (89.7 %) 0.03 - 11.37 0.03
Q3 2016 (49.38) (169.0 %) (0.13) - (49.38) (0.13)
Q4 2016 31.87 22.7 % 0.09 - 31.87 0.09
Q1 2017 91.65 86.2 % 0.25 - 91.65 0.25

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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2017 24.93 % 31.95 % 2.26 %


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

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

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)

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 108.11 91.65 (15.2 %)

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
Riyad Capital 91.00 91.65 0.7 %
SNB Capital 93.00 91.65 (1.4) %
U-Capital 96.00 91.65 (4.5) %
AlJazira Capital 98.80 91.65 (7.2) %
OSOOL AND BAKHEET 120.00 91.65 (23.6) %
Sico 127.00 91.65 (27.8) %
Al Rajhi Capital 131.00 91.65 (30.0) %


Financial Ratios
Current
Market Cap (M Riyal) 21,339.90
Enterprise Value (EV) (M) 22,835.44
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) 28.91
P/E (TTM) 24.08
Price/book 1.35
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 5.5
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Share Price

Sahara International Petrochemical Co.
29.10
(0.30) (1.02 %)

Sahara International Petrochemical Co. (SIPCHEM)

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