Financial Results : Sipchem turns to SAR 1.2413 bln profit for H1 2021

Sipchem turns to SAR 1.2413 bln profit for H1 2021

01/08/2021 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) turned to a net profit after Zakat and tax of SAR 1.2413 billion for the first half of 2021, compared to a net loss of SAR 151.8 million in the year-earlier period.

 

The company attributed the rise in earnings to higher selling prices for its products and a rise in sales volume of polypropylene.

 

The company’s share of profit from joint venture and associates increased in spite of plant shutdown of Sahara and Maaden Petrochemicals Co. (SAMAPCO) in Q2.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 2,354.33 4,393.63 86.6 %
Gross Income 434.04 2,433.63 460.7 %
Operating Income 42.93 1,873.22 4263.5 %
Net Income (151.79) 1,241.34 917.8 %
Average Shares 733.33 733.33 -
EPS (Riyals) (0.21) 1.69 917.8 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 950.24 2,362.65 148.6 %
Gross Income 161.65 1,477.57 814.1 %
Operating Income (23.42) 1,139.95 4968.3 %
Net Income (98.96) 829.88 938.6 %
Average Shares 733.33 733.33 -
EPS (Riyals) (0.13) 1.13 938.6 %

The company also turned to a net profit after Zakat and tax of SAR 829.9 million in Q2 2021, compared to a net loss of SAR 98.9 million a year earlier, due to higher revenue, backed by rise in selling prices of products.

 

On a sequential basis, Sipchem reported twofold increase in net profit on higher selling prices of products.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2017 918.28 (0.6 %) 281.06 30.6 % 175.49 64.4 %
Q3 2017 1,063.57 48.2 % 367.04 186.2 % 253.50 703.2 %
Q4 2017 1,278.63 34.6 % 425.67 70.9 % 274.99 104.8 %
Q1 2018 1,170.94 (2.3 %) 414.77 17.7 % 283.58 22.9 %
Q2 2018 1,474.46 60.6 % 545.06 93.9 % 410.23 133.8 %
Q3 2018 1,337.75 25.8 % 470.38 28.2 % 327.98 29.4 %
Q4 2018 1,052.66 (17.7 %) 204.57 (51.9 %) 73.99 (73.1 %)
Q1 2019 1,121.61 (4.2 %) 405.07 (2.3 %) 267.43 (5.7 %)
Q2 2019 1,409.42 (4.4 %) 488.57 (10.4 %) 320.44 (21.9 %)
Q3 2019 1,402.02 4.8 % 361.57 (23.1 %) 176.96 (46.0 %)
Q4 2019 1,506.69 43.1 % 380.04 85.8 % 141.44 91.2 %
Q1 2020 1,404.09 25.2 % 272.39 (32.8 %) 66.35 (75.2 %)
Q2 2020 950.24 (32.6 %) 161.65 (66.9 %) (23.42) (107.3 %)
Q3 2020 1,361.94 (2.9 %) 220.28 (39.1 %) 17.70 (90.0 %)
Q4 2020 1,606.75 6.6 % 518.62 36.5 % 299.01 111.4 %
Q1 2021 2,030.98 44.6 % 956.06 251.0 % 733.27 1005.2 %
Q2 2021 2,362.65 148.6 % 1,477.57 814.1 % 1,139.95 4968.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 (37.50) 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 (21.50) 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
Q2 2017 59.79 425.9 % 0.16 - 59.79 0.16
Q3 2017 121.55 346.1 % 0.33 - 121.55 0.33
Q4 2017 164.40 415.9 % 0.45 - 164.40 0.45
Q1 2018 151.39 65.2 % 0.41 2.86 148.53 0.41
Q2 2018 211.37 253.5 % 0.58 (14.20) 225.57 0.62
Q3 2018 180.27 48.3 % 0.49 (13.96) 194.23 0.53
Q4 2018 39.92 (75.7 %) 0.11 24.83 15.09 0.04
Q1 2019 114.72 (24.2 %) 0.18 (13.00) 127.72 0.20
Q2 2019 210.85 (0.2 %) 0.33 (4.50) 215.35 0.34
Q3 2019 111.05 (38.4 %) 0.17 (2.80) 113.85 0.18
Q4 2019 (137.10) (443.4 %) (0.21) (23.51) (113.60) (0.18)
Q1 2020 (52.83) (146.0 %) (0.07) (188.91) 136.09 0.19
Q2 2020 (98.96) (146.9 %) (0.13) - (98.96) (0.13)
Q3 2020 10.01 (91.0 %) 0.01 - 10.01 0.01
Q4 2020 317.64 331.7 % 0.43 71.36 246.28 0.34
Q1 2021 411.47 878.9 % 0.56 (160.00) 571.47 0.78
Q2 2021 829.88 938.6 % 1.13 (72.10) 901.98 1.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2017 26.70 % 34.06 % 3.54 %
Q3 2017 30.25 % 38.89 % 7.38 %
Q4 2017 31.98 % 37.10 % 9.81 %
Q1 2018 33.59 % 39.50 % 11.15 %
Q2 2018 35.14 % 40.29 % 13.23 %
Q3 2018 35.27 % 39.61 % 13.93 %
Q4 2018 32.46 % 36.75 % 11.59 %
Q1 2019 32.59 % 36.33 % 11.28 %
Q2 2019 31.87 % 35.20 % 11.22 %
Q3 2019 29.28 % 32.93 % 9.47 %
Q4 2019 30.06 % 31.54 % 6.31 %
Q1 2020 26.26 % 27.08 % 6.15 %
Q2 2020 22.34 % 23.24 % 0.71 %
Q3 2020 19.80 % 21.11 % (1.27 %)
Q4 2020 22.04 % 24.54 % 5.51 %
Q1 2021 31.20 % 32.90 % 12.25 %
Q2 2021 43.09 % 42.55 % 23.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2017 366.67 0.83 0.83 15.10
Q4 2017 366.67 1.19 1.19 15.55
Q1 2018 366.67 1.36 1.35 15.97
Q2 2018 366.67 1.77 1.80 16.05
Q3 2018 366.67 1.93 2.00 16.04
Q4 2018 366.67 1.59 1.59 16.14
Q1 2019 641.67 0.85 0.88 15.81
Q2 2019 641.67 0.85 0.86 18.89
Q3 2019 641.67 0.74 0.74 18.44
Q4 2019 641.67 0.47 0.54 18.19
Q1 2020 733.33 0.18 0.48 18.09
Q2 2020 733.33 (0.24) 0.05 17.97
Q3 2020 733.33 (0.38) (0.09) 17.94
Q4 2020 733.33 0.24 0.40 17.71
Q1 2021 733.33 0.87 0.99 17.77
Q2 2021 733.33 2.14 2.36 18.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2017 37.93 37.93 2.09
Q4 2017 29.26 29.26 2.24
Q1 2018 31.26 31.44 2.65
Q2 2018 25.34 24.91 2.79
Q3 2018 23.41 22.60 2.82
Q4 2018 25.11 25.09 2.47
Q1 2019 27.06 26.28 2.55
Q2 2019 28.03 27.69 1.10
Q3 2019 27.73 28.00 0.98
Q4 2019 43.97 38.36 0.99
Q1 2020 68.23 25.61 0.68
Q2 2020 NEG More than 100 0.80
Q3 2020 NEG NEG 0.92
Q4 2020 72.22 43.29 0.98
Q1 2021 25.32 22.24 1.24
Q2 2021 14.33 12.99 1.69

Business Segments (Million)

Compared With The
Period Marketing Intermediate chemicals Basic chemicals Polymers Corporate and others Petrochemical sector Eliminations
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)
Q3 2017 599.04 435.32 498.62 285.49 33.22 - (788.11)
Q4 2017 774.81 747.67 494.99 266.44 14.89 - (1020.16)
Q1 2018 731.01 565.18 540.95 296.35 41.82 - (1004.36)
Q2 2018 825.69 693.27 536.49 298.43 40.58 - (920.00)
Q3 2018 781.59 810.39 384.43 407.53 44.84 - (1091.03)
Q4 2018 629.36 746.38 320.81 352.07 17.51 - (1013.48)
Q1 2019 720.42 690.39 414.52 295.77 76.68 - (1076.18)
Q2 2019 791.99 577.35 392.95 590.67 134.60 - (1078.15)
Q3 2019 802.75 360.16 590.10 701.89 (86.24) - (966.65)
Q4 2019 589.67 697.60 442.78 997.51 19.14 - (1240.01)
Q1 2020 1,022.46 591.42 465.32 506.80 12.04 - (1193.95)
Q2 2020 646.72 445.67 370.55 419.67 13.86 - (946.23)
Q3 2020 867.35 588.25 351.95 652.64 18.36 - (1116.61)
Q4 2020 1,122.06 606.62 503.76 755.12 10.16 - (1390.98)
Q1 2021 1,456.57 762.03 648.12 828.79 7.40 - (1671.93)
Q2 2021 1,730.16 1,133.47 753.07 958.38 3.80 - (2216.22)

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 723.04 829.88 14.78 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
OSOOL AND BAKHEET 894.50 829.88 (7.2) %
SNB Capital 770.00 829.88 7.8 %
AlJazira Capital 670.70 829.88 23.7 %
Al Rajhi Capital 652.00 829.88 27.3 %
Riyad Capital 628.00 829.88 32.1 %


Financial Ratios
Current
Market Cap (M Riyal) 17,746.59
Enterprise Value (EV) (M) 19,262.52
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 0.77
Book Value (BV) ( Riyal) 21.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 31.42
Price/book 1.14
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6
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Share Price

Sahara International Petrochemical Co.
24.20
(0.32) (1.31 %)

Sahara International Petrochemical Co. (SIPCHEM)

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