Financial Results : Sipchem profit drops 56% to SAR 470.3 mln in Q1 2023

Sipchem profit drops 56% to SAR 470.3 mln in Q1 2023

25/04/2023 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a fall of 56% in Q1 2023 net profit to SAR 470.3 million from SAR 1.07 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,348.11 2,087.31 (11.1 %)
Gross Income 1,321.34 754.92 (42.9 %)
Operating Income 1,149.14 561.05 (51.2 %)
Net Income 1,078.82 470.33 (56.4 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 1.47 0.64 (56.4 %)

The petrochemicals producer cited a decline in the selling prices of its products despite higher sales volumes and lower prices of some feedstock.

 

Sipchem reported lower profit share from a joint venture and associates.

 

The first-quarter net profit decreased by 1.8% from SAR 479 million in Q4 2022, as product prices were almost similar during the two quarters, except for some, which recorded lower prices. On the other hand, the company reported higher sales volumes on a sequential basis.

 

Shareholders’ equity, excluding minority interest, increased to SAR 16.25 billion as of March 31, 2023, compared to SAR 15.66 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2021 2,505.60 84.0 % 1,369.30 521.6 % 1,139.50 6339.3 %
Q4 2021 2,787.47 73.5 % 1,539.43 196.8 % 1,448.71 384.5 %
Q1 2022 2,348.11 15.6 % 1,321.34 38.2 % 1,149.14 56.7 %
Q2 2022 3,097.40 31.1 % 1,583.91 7.2 % 1,370.95 20.3 %
Q3 2022 2,853.42 13.9 % 1,123.18 (18.0 %) 909.91 (20.1 %)
Q4 2022 1,954.69 (29.9 %) 810.24 (47.4 %) 616.99 (57.4 %)
Q1 2023 2,087.31 (11.1 %) 754.92 (42.9 %) 561.05 (51.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2021 1,029.51 10180.7 % 1.40 - 1,029.51 1.40
Q4 2021 1,321.00 315.9 % 1.80 9.40 1,311.60 1.79
Q1 2022 1,078.82 162.2 % 1.47 - 1,078.82 1.47
Q2 2022 1,263.10 52.2 % 1.72 - 1,263.10 1.72
Q3 2022 774.41 (24.8 %) 1.06 - 774.41 1.06
Q4 2022 478.96 (63.7 %) 0.65 (36.40) 515.36 0.70
Q1 2023 470.33 (56.4 %) 0.64 - 470.33 0.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2021 50.81 % 49.65 % 32.32 %
Q4 2021 55.15 % 56.32 % 39.38 %
Q1 2022 57.05 % 58.67 % 43.20 %
Q2 2022 54.14 % 56.66 % 43.61 %
Q3 2022 50.22 % 52.99 % 39.94 %
Q4 2022 47.19 % 48.47 % 35.42 %
Q1 2023 42.75 % 43.94 % 30.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2021 733.33 3.53 3.75 19.56
Q4 2021 733.33 4.90 5.20 19.89
Q1 2022 733.33 5.81 5.89 21.37
Q2 2022 733.33 6.40 6.39 21.31
Q3 2022 733.33 6.05 6.04 22.36
Q4 2022 733.33 4.90 4.95 21.56
Q1 2023 733.33 4.07 4.12 22.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 12.41 11.68 2.24
Q4 2021 8.57 8.07 2.11
Q1 2022 9.25 9.11 2.51
Q2 2022 7.77 7.78 2.36
Q3 2022 6.92 6.93 1.87
Q4 2022 6.85 6.78 1.58
Q1 2023 9.29 9.18 1.71

Business Segments (Million)

Compared With The
Period Marketing Intermediate chemicals Basic chemicals Polymers Corporate and others Petrochemical sector Eliminations
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)
Q3 2021 1,964.72 1,096.97 841.12 810.62 0.08 - (2207.91)
Q4 2021 2,283.86 1,312.85 903.74 856.89 5.25 - (2575.13)
Q1 2022 1,935.17 1,181.01 873.20 652.58 3.04 - (2296.89)
Q2 2022 2,544.64 1,417.72 912.22 1,010.31 9.10 - (2796.58)
Q3 2022 2,140.18 1,208.16 747.00 1,021.86 10.02 - (2273.78)
Q4 2022 1,428.30 832.54 651.93 676.06 5.91 - (1640.05)
Q1 2023 1,476.57 818.13 654.38 746.82 32.19 - (1640.79)

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 424.46 470.33 10.81 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
SNB Capital 468.00 470.33 0.5 %
U-Capital 516.00 470.33 (8.9) %
Al Rajhi Capital 524.00 470.33 (10.2) %
OSOOL AND BAKHEET 359.37 470.33 30.9 %
AlJazira Capital 352.40 470.33 33.5 %
Riyad Capital 327.00 470.33 43.8 %


Financial Ratios
Current
Market Cap (M Riyal) 17,966.59
Enterprise Value (EV) (M) 19,482.51
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) 31.81
Price/book 1.15
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6
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Share Price

Sahara International Petrochemical Co.
24.50
(0.50) (2.00 %)

Sahara International Petrochemical Co. (SIPCHEM)

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