Financial Results : SABIC’s net profit falls 20% on lower sales prices

SABIC’s net profit falls 20% on lower sales prices

17/01/2016 Argaam Exclusive

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Saudi Basic Industries Corp.’s (SABIC) net profit for fiscal year 2015 fell 20 percent year-on-year (YOY) to SAR 18.78 billion, mainly due to lower average sales prices and a SAR 1.5 billion net loss within its metals segment.

 



Financials (M)

Item 2014 2015 Change‬
Revenues 188,988.65 148,085.74 (21.6 %)
Gross Income 51,477.16 43,027.76 (16.4 %)
Operating Income 37,731.27 29,299.94 (22.3 %)
Net Income 23,347.11 18,768.69 (19.6 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 7.78 6.26 (19.6 %)

 

The petrochemical giant’s net profit dropped 29 percent in Q4-2015 to SAR 3.08 billion, when compared to SAR 4.36 billion recorded for the same period in 2014. A SAR 375 million impairment related to SABIC’s plant and equipment at Ibn Rushd also weighed on quarterly results.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 43,741.90 34,156.59 (21.9 %)
Gross Income 11,099.25 9,074.93 (18.2 %)
Operating Income 7,404.87 5,135.92 (30.6 %)
Net Income 4,356.31 3,075.27 (29.4 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 1.45 1.03 (29.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 19,267.15 2.2 % 7,583.27 (10.1 %) 6,614.20 (10.6 %)
Q2 2006 20,946.43 14.6 % 7,730.18 (3.0 %) 6,645.61 (4.4 %)
Q3 2006 23,382.19 19.2 % 9,767.93 17.0 % 8,385.46 13.5 %
Q4 2006 22,732.09 5.6 % 10,146.64 21.8 % 9,240.85 24.4 %
Q1 2007 26,266.29 36.3 % 10,793.34 42.3 % 9,563.09 44.6 %
Q2 2007 28,127.17 34.3 % 10,860.17 40.5 % 9,651.80 45.2 %
Q3 2007 32,130.84 37.4 % 12,423.22 27.2 % 10,425.90 24.3 %
Q4 2007 39,680.11 74.6 % 13,873.45 36.7 % 11,405.73 23.4 %
Q1 2008 39,980.24 52.2 % 13,789.53 27.8 % 10,890.48 13.9 %
Q2 2008 43,365.00 54.2 % 14,852.85 36.8 % 12,141.17 25.8 %
Q3 2008 44,380.52 38.1 % 15,865.45 27.7 % 12,543.99 20.3 %
Q4 2008 23,083.84 (41.8 %) 2,753.82 (80.2 %) 2,514.02 (78.0 %)
Q1 2009 19,817.08 (50.4 %) 3,622.51 (73.7 %) 1,562.30 (85.7 %)
Q2 2009 23,750.07 (45.2 %) 6,219.23 (58.1 %) 4,079.63 (66.4 %)
Q3 2009 27,585.71 (37.8 %) 8,567.89 (46.0 %) 6,362.39 (49.3 %)
Q4 2009 31,952.30 38.4 % 10,209.36 270.7 % 7,980.46 217.4 %
Q1 2010 34,126.21 72.2 % 12,216.99 237.3 % 9,712.31 521.7 %
Q2 2010 38,853.88 63.6 % 11,837.07 90.3 % 9,130.36 123.8 %
Q3 2010 37,882.14 37.3 % 11,723.36 36.8 % 8,977.78 41.1 %
Q4 2010 41,107.80 28.7 % 12,769.26 25.1 % 10,072.14 26.2 %
Q1 2011 44,873.39 31.5 % 15,425.16 26.3 % 12,507.69 28.8 %
Q2 2011 49,085.83 26.3 % 16,494.46 39.3 % 13,276.32 45.4 %
Q3 2011 48,929.99 29.2 % 16,812.63 43.4 % 13,500.42 50.4 %
Q4 2011 47,009.05 14.4 % 13,398.12 4.9 % 9,553.95 (5.1 %)
Q1 2012 48,345.54 7.7 % 14,321.77 (7.2 %) 11,472.86 (8.3 %)
Q2 2012 46,528.08 (5.2 %) 12,516.82 (24.1 %) 9,450.05 (28.8 %)
Q3 2012 44,806.32 (8.4 %) 12,881.14 (23.4 %) 9,863.62 (26.9 %)
Q4 2012 49,345.60 5.0 % 13,673.60 2.1 % 10,239.02 7.2 %
Q1 2013 46,738.92 (3.3 %) 14,015.38 (2.1 %) 11,051.99 (3.7 %)
Q2 2013 44,993.01 (3.3 %) 13,049.15 4.3 % 9,971.24 5.5 %
Q3 2013 48,820.23 9.0 % 14,429.15 12.0 % 11,266.96 14.2 %
Q4 2013 48,433.88 (1.8 %) 13,805.23 1.0 % 10,249.04 0.1 %
Q1 2014 49,220.59 5.3 % 14,112.50 0.7 % 10,853.57 (1.8 %)
Q2 2014 48,171.67 7.1 % 13,432.88 2.9 % 10,068.03 1.0 %
Q3 2014 48,070.62 (1.5 %) 13,740.65 (4.8 %) 10,410.26 (7.6 %)
Q4 2014 43,741.90 (9.7 %) 11,099.25 (19.6 %) 7,404.87 (27.8 %)
Q1 2015 34,563.66 (29.8 %) 9,415.16 (33.3 %) 6,123.56 (43.6 %)
Q2 2015 42,094.99 (12.6 %) 12,721.92 (5.3 %) 9,381.47 (6.8 %)
Q3 2015 37,351.85 (22.3 %) 11,830.42 (13.9 %) 8,576.92 (17.6 %)
Q4 2015 34,156.59 (21.9 %) 9,074.93 (18.2 %) 5,135.92 (30.6 %)
2015 148,085.74 (21.6 %) 43,027.76 (16.4 %) 29,299.94 (22.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 4,182.56 (17.6 %) 1.39 - 4,182.56 1.39
Q2 2006 4,567.61 (4.0 %) 1.52 - 4,567.61 1.52
Q3 2006 5,424.32 11.9 % 1.81 - 5,424.32 1.81
Q4 2006 6,119.45 36.7 % 2.04 - 6,119.45 2.04
Q1 2007 6,287.39 50.3 % 2.10 - 6,287.39 2.10
Q2 2007 6,474.32 41.7 % 2.16 - 6,474.32 2.16
Q3 2007 7,399.68 36.4 % 2.47 - 7,399.68 2.47
Q4 2007 6,860.89 12.1 % 2.29 - 6,860.89 2.29
Q1 2008 6,924.26 10.1 % 2.31 - 6,924.26 2.31
Q2 2008 7,547.86 16.6 % 2.52 - 7,547.86 2.52
Q3 2008 7,239.55 (2.2 %) 2.41 - 7,239.55 2.41
Q4 2008 318.18 (95.4 %) 0.11 - 318.18 0.11
Q1 2009 (973.91) (114.1 %) (0.32) (1181.25) 207.34 0.07
Q2 2009 1,804.66 (76.1 %) 0.60 - 1,804.66 0.60
Q3 2009 3,647.77 (49.6 %) 1.22 - 3,647.77 1.22
Q4 2009 4,595.21 1344.2 % 1.53 - 4,595.21 1.53
Q1 2010 5,432.18 657.8 % 1.81 - 5,432.18 1.81
Q2 2010 5,015.91 177.9 % 1.67 - 5,015.91 1.67
Q3 2010 5,326.41 46.0 % 1.78 - 5,326.41 1.78
Q4 2010 5,754.16 25.2 % 1.92 - 5,754.16 1.92
Q1 2011 7,689.30 41.6 % 2.56 - 7,689.30 2.56
Q2 2011 8,100.75 61.5 % 2.70 - 8,100.75 2.70
Q3 2011 8,185.29 53.7 % 2.73 - 8,185.29 2.73
Q4 2011 5,266.42 (8.5 %) 1.76 - 5,266.42 1.76
Q1 2012 7,271.01 (5.4 %) 2.42 - 7,271.01 2.42
Q2 2012 5,303.28 (34.5 %) 1.77 - 5,303.28 1.77
Q3 2012 6,312.41 (22.9 %) 2.10 - 6,312.41 2.10
Q4 2012 5,893.56 11.9 % 1.96 - 5,893.56 1.96
Q1 2013 6,563.44 (9.7 %) 2.19 - 6,563.44 2.19
Q2 2013 6,042.14 13.9 % 2.01 - 6,042.14 2.01
Q3 2013 6,465.14 2.4 % 2.16 - 6,465.14 2.16
Q4 2013 6,207.65 5.3 % 2.07 - 6,207.65 2.07
Q1 2014 6,441.74 (1.9 %) 2.15 - 6,441.74 2.15
Q2 2014 6,456.47 6.9 % 2.15 - 6,456.47 2.15
Q3 2014 6,178.79 (4.4 %) 2.06 - 6,178.79 2.06
Q4 2014 4,356.31 (29.8 %) 1.45 - 4,356.31 1.45
Q1 2015 3,934.65 (38.9 %) 1.31 - 3,934.65 1.31
Q2 2015 6,170.75 (4.4 %) 2.06 - 6,170.75 2.06
Q3 2015 5,603.55 (9.3 %) 1.87 - 5,603.55 1.87
Q4 2015 3,075.27 (29.4 %) 1.03 (375.21) 3,450.48 1.15
2015 18,768.69 (19.6 %) 6.26 (375.21) 19,143.90 6.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 40.97 % 44.46 % 23.22 %
Q2 2006 39.33 % 42.56 % 22.22 %
Q3 2006 39.26 % 41.81 % 21.91 %
Q4 2006 40.81 % 42.87 % 23.51 %
Q1 2007 41.19 % 42.56 % 24.00 %
Q2 2007 41.36 % 42.42 % 24.18 %
Q3 2007 40.48 % 41.11 % 24.05 %
Q4 2007 37.99 % 38.55 % 21.41 %
Q1 2008 36.41 % 36.44 % 19.77 %
Q2 2008 35.41 % 35.18 % 18.52 %
Q3 2008 34.87 % 34.22 % 17.07 %
Q4 2008 31.34 % 31.92 % 14.61 %
Q1 2009 28.39 % 30.63 % 11.72 %
Q2 2009 25.63 % 28.71 % 8.62 %
Q3 2009 22.46 % 27.19 % 6.34 %
Q4 2009 27.76 % 29.83 % 9.95 %
Q1 2010 31.69 % 31.88 % 13.18 %
Q2 2010 32.32 % 32.16 % 14.10 %
Q3 2010 32.20 % 31.89 % 14.26 %
Q4 2010 31.94 % 31.92 % 14.17 %
Q1 2011 31.81 % 31.88 % 14.62 %
Q2 2011 32.62 % 32.45 % 15.54 %
Q3 2011 33.43 % 33.06 % 16.16 %
Q4 2011 32.72 % 31.94 % 15.40 %
Q1 2012 31.56 % 31.01 % 14.91 %
Q2 2012 29.90 % 29.78 % 13.64 %
Q3 2012 28.45 % 28.71 % 12.94 %
Q4 2012 28.25 % 28.97 % 13.11 %
Q1 2013 28.33 % 29.12 % 12.84 %
Q2 2013 28.85 % 29.58 % 13.35 %
Q3 2013 29.05 % 29.86 % 13.15 %
Q4 2013 29.26 % 30.07 % 13.38 %
Q1 2014 28.93 % 29.68 % 13.14 %
Q2 2014 28.66 % 29.37 % 13.14 %
Q3 2014 28.41 % 29.14 % 13.04 %
Q4 2014 27.69 % 28.28 % 12.39 %
Q1 2015 27.32 % 27.97 % 11.99 %
Q2 2015 27.88 % 28.53 % 12.25 %
Q3 2015 28.57 % 29.23 % 12.72 %
Q4 2015 29.05 % 30.32 % 12.93 %
2015 29.06 % 30.40 % 12.93 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 3,000.00 6.09 6.09 22.17
Q2 2006 3,000.00 6.02 6.02 21.70
Q3 2006 3,000.00 6.22 6.22 22.25
Q4 2006 3,000.00 6.76 6.76 24.29
Q1 2007 3,000.00 7.47 7.47 24.31
Q2 2007 3,000.00 8.10 8.10 26.46
Q3 2007 3,000.00 8.76 8.76 28.10
Q4 2007 3,000.00 9.01 9.01 30.38
Q1 2008 3,000.00 9.22 9.22 31.03
Q2 2008 3,000.00 9.58 9.58 33.54
Q3 2008 3,000.00 9.52 9.52 34.20
Q4 2008 3,000.00 7.34 7.34 34.31
Q1 2009 3,000.00 4.71 5.10 33.99
Q2 2009 3,000.00 2.80 3.19 33.34
Q3 2009 3,000.00 1.60 1.99 34.55
Q4 2009 3,000.00 3.02 3.42 36.08
Q1 2010 3,000.00 5.16 5.16 37.90
Q2 2010 3,000.00 6.23 6.23 38.07
Q3 2010 3,000.00 6.79 6.79 38.34
Q4 2010 3,000.00 7.18 7.18 40.26
Q1 2011 3,000.00 7.93 7.93 42.82
Q2 2011 3,000.00 8.96 8.96 43.52
Q3 2011 3,000.00 9.91 9.91 44.25
Q4 2011 3,000.00 9.75 9.75 46.01
Q1 2012 3,000.00 9.61 9.61 47.89
Q2 2012 3,000.00 8.68 8.68 46.57
Q3 2012 3,000.00 8.05 8.05 46.59
Q4 2012 3,000.00 8.26 8.26 48.47
Q1 2013 3,000.00 8.02 8.02 50.66
Q2 2013 3,000.00 8.27 8.27 49.81
Q3 2013 3,000.00 8.32 8.32 49.94
Q4 2013 3,000.00 8.43 8.43 52.09
Q1 2014 3,000.00 8.39 8.39 54.16
Q2 2014 3,000.00 8.52 8.52 53.42
Q3 2014 3,000.00 8.43 8.43 52.72
Q4 2014 3,000.00 7.81 7.81 53.78
Q1 2015 3,000.00 6.98 6.98 54.49
Q2 2015 3,000.00 6.88 6.88 53.81
Q3 2015 3,000.00 6.69 6.69 52.93
Q4 2015 3,000.00 6.26 6.39 53.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 36.07 36.07 9.90
Q2 2006 24.72 24.72 6.87
Q3 2006 18.36 18.36 5.13
Q4 2006 12.97 12.97 3.61
Q1 2007 12.95 12.95 3.98
Q2 2007 11.39 11.39 3.49
Q3 2007 11.94 11.94 3.72
Q4 2007 18.36 18.36 5.44
Q1 2008 15.16 15.16 4.50
Q2 2008 14.64 14.64 4.18
Q3 2008 11.05 11.05 3.08
Q4 2008 7.01 7.01 1.50
Q1 2009 8.87 8.19 1.23
Q2 2009 22.44 19.67 1.88
Q3 2009 50.03 40.15 2.32
Q4 2009 27.28 24.13 2.29
Q1 2010 19.28 19.28 2.63
Q2 2010 13.76 13.76 2.25
Q3 2010 13.22 13.22 2.34
Q4 2010 14.60 14.60 2.60
Q1 2011 13.27 13.27 2.46
Q2 2011 11.61 11.61 2.39
Q3 2011 9.33 9.33 2.09
Q4 2011 9.87 9.87 2.09
Q1 2012 11.24 11.24 2.26
Q2 2012 10.69 10.69 1.99
Q3 2012 11.30 11.30 1.95
Q4 2012 10.87 10.87 1.85
Q1 2013 11.96 11.96 1.90
Q2 2013 11.06 11.06 1.84
Q3 2013 11.57 11.57 1.93
Q4 2013 13.23 13.23 2.14
Q1 2014 14.01 14.01 2.17
Q2 2014 13.46 13.46 2.15
Q3 2014 15.57 15.57 2.49
Q4 2014 10.69 10.69 1.55
Q1 2015 11.46 11.46 1.47
Q2 2015 13.82 13.82 1.77
Q3 2015 11.76 11.76 1.49
Q4 2015 12.22 11.98 1.42

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
Q1 2006 16,608.85 - 1,590.94 1,067.36 -
Q2 2006 18,028.34 - 1,856.87 1,061.22 -
Q3 2006 19,921.23 - 2,150.26 1,310.70 -
Q4 2006 19,508.22 - 2,013.50 1,210.36 -
Q1 2007 22,461.13 - 2,429.69 1,375.46 -
Q2 2007 21,574.51 2,685.01 2,655.69 1,211.97 -
Q3 2007 53,097.25 1,697.78 2,784.66 1,358.38 (26807.23)
Q4 2007 44,058.83 2,042.59 2,830.83 2,048.27 (11300.41)
Q1 2008 43,047.40 1,765.53 3,551.69 1,779.78 (10164.16)
Q2 2008 47,235.83 2,405.45 4,895.72 1,772.50 (12944.50)
Q3 2008 44,316.80 3,343.41 4,770.47 1,789.60 (9839.77)
Q4 2008 31,810.25 1,439.81 1,733.10 1,492.20 (13391.51)
Q1 2009 21,871.08 1,325.63 2,516.29 1,182.31 (7078.23)
Q2 2009 25,313.90 1,349.44 2,687.20 1,173.51 (6773.98)
Q3 2009 30,487.36 1,129.54 2,439.70 1,804.05 (8274.92)
Q4 2009 34,303.58 1,296.16 2,668.88 1,979.14 (8295.46)
Q1 2010 37,913.16 1,515.19 3,040.29 2,626.17 (10968.61)
Q2 2010 39,749.88 1,439.74 3,748.96 2,612.43 (8697.12)
Q3 2010 41,417.63 1,593.85 3,250.73 2,955.80 (11335.86)
Q4 2010 48,824.43 2,226.99 3,317.72 3,998.59 (17259.93)
Q1 2011 51,918.16 1,842.35 4,008.72 3,578.36 (16474.20)
Q2 2011 55,736.42 1,786.56 4,176.68 5,083.80 (17697.62)
Q3 2011 57,089.31 2,498.04 3,755.39 4,712.41 (19125.16)
Q4 2011 53,981.35 2,527.24 3,591.54 4,502.15 (17593.23)
Q1 2012 55,098.17 1,908.48 4,182.36 3,656.39 (16499.86)
Q2 2012 53,726.78 1,872.52 3,698.15 4,531.69 (17301.06)
Q3 2012 51,562.45 2,325.68 3,433.73 3,511.68 (16027.22)
Q4 2012 57,518.09 2,393.37 3,530.93 4,002.42 (18099.20)
Q1 2013 53,485.63 2,102.58 3,993.24 2,395.35 (15237.88)
Q2 2013 51,386.20 1,614.73 3,837.76 2,646.29 (14491.96)
Q3 2013 58,011.68 1,745.25 3,197.53 2,815.69 (16949.92)
Q4 2013 57,409.57 1,822.33 3,249.14 3,436.61 (17483.77)
Q1 2014 56,362.00 1,809.27 3,729.90 3,382.36 (16062.94)
Q2 2014 55,657.69 1,653.50 3,763.80 2,988.81 (15892.13)
Q3 2014 55,728.15 2,001.26 2,891.70 3,109.06 (15659.54)
Q4 2014 49,169.09 1,783.59 3,121.59 2,605.94 (13154.46)
Q1 2015 38,571.99 1,536.62 3,071.69 2,034.46 (10651.10)
Q2 2015 48,753.89 1,498.62 3,168.16 2,381.16 (12706.56)
Q3 2015 44,576.63 1,516.72 2,276.49 2,207.92 (13225.90)
Q4 2015 38,815.62 1,413.55 2,152.13 1,985.75 (11292.09)

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average 4,162.20 3,075.27 (26.1 %)

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
SNB Capital 4,021.00 3,075.27 (23.5) %
SFC 4,130.00 3,075.27 (25.5) %
Albilad Capital 4,142.40 3,075.27 (25.8) %
Riyad Capital 4,144.00 3,075.27 (25.8) %
Value Capital 4,144.20 3,075.27 (25.8) %
AlJazira Capital 4,154.00 3,075.27 (26.0) %
Alistithmar Capital 4,224.70 3,075.27 (27.2) %
OSOOL AND BAKHEET 4,337.30 3,075.27 (29.1) %


Financial Ratios
Current
Market Cap (M Riyal) 209,100.00
Enterprise Value (EV) (M) 237,118.89
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 0.57
Book Value (BV) ( Riyal) 55.16
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.26
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.0
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Share Price

Saudi Basic Industries Corp.
69.70
(0.20) (0.29 %)

Saudi Basic Industries Corp. (SABIC)

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