Financial Results : SABIC’s net profit drops 65% in 9M 2019

SABIC’s net profit drops 65% in 9M 2019

27/10/2019 Argaam Exclusive

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Saudi Basic Industries Corp (SABIC) reported a 65.24 percent decline in net profits during the first nine months 2019 to SAR 6.36 billion compared to SAR 18.3 billion posted during the same period in 2018.

 

The drop was driven by lower average selling prices, in addition to recording a SAR 1.5 billion impairment provision in ClariantAG investment, the company said in a bourse statement on Sunday.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 128,858.13 103,719.17 (19.5 %)
Gross Income 45,646.08 25,927.37 (43.2 %)
Operating Income 31,111.25 11,428.35 (63.3 %)
Net Income 18,301.29 6,089.60 (66.7 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 6.10 2.03 (66.7 %)

In Q3 2019, the company posted a net profit of SAR 830 million, a plunge of 86.4 percent year-on-year (YoY) due to lower average selling prices.

 

On a sequential basis, Q3 2019 net profit dropped 60.8 percent on the SAR 1.5 billion impairment provision for Clariant AG investment.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 43,711.93 32,809.63 (24.9 %)
Gross Income 15,126.31 7,978.34 (47.3 %)
Operating Income 9,955.59 3,282.45 (67.0 %)
Net Income 6,097.89 737.04 (87.9 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 2.03 0.25 (87.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2016 33,467.91 (3.2 %) 10,107.66 7.4 % 4,665.26 (23.8 %)
Q2 2016 36,258.34 (13.9 %) 12,895.61 1.4 % 7,411.32 (21.0 %)
Q3 2016 35,797.36 (4.2 %) 13,221.21 11.8 % 7,855.53 (8.4 %)
Q4 2016 37,475.21 9.7 % 11,089.73 22.2 % 6,163.93 20.0 %
Q1 2017 36,320.80 8.5 % 13,534.02 33.9 % 8,336.38 78.7 %
Q2 2017 34,438.19 (5.0 %) 10,345.55 (19.8 %) 5,584.92 (24.6 %)
Q3 2017 38,678.75 8.0 % 13,587.03 2.8 % 8,502.77 8.2 %
Q4 2017 40,328.24 7.6 % 12,472.69 12.5 % 6,574.32 6.7 %
Q1 2018 41,861.60 15.3 % 14,531.51 7.4 % 10,325.83 23.9 %
Q2 2018 43,284.60 25.7 % 16,100.12 55.6 % 10,829.83 93.9 %
Q3 2018 43,711.93 13.0 % 15,126.31 11.3 % 9,955.59 17.1 %
Q4 2018 40,270.21 (0.1 %) 12,195.24 (2.2 %) 5,169.11 (21.4 %)
Q1 2019 36,010.40 (14.0 %) 9,406.12 (35.3 %) 4,528.64 (56.1 %)
Q2 2019 34,899.15 (19.4 %) 8,542.92 (46.9 %) 3,617.27 (66.6 %)
Q3 2019 32,809.63 (24.9 %) 7,978.34 (47.3 %) 3,282.45 (67.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2016 2,909.90 (26.0 %) 0.97 - 2,909.90 0.97
Q2 2016 4,958.84 (19.6 %) 1.65 (365.81) 5,324.64 1.77
Q3 2016 5,230.26 (6.7 %) 1.74 - 5,230.26 1.74
Q4 2016 4,514.62 46.8 % 1.50 (339.56) 4,854.17 1.62
Q1 2017 5,234.52 79.9 % 1.74 - 5,234.52 1.74
Q2 2017 3,705.70 (25.3 %) 1.24 (278.00) 3,983.70 1.33
Q3 2017 5,787.55 10.7 % 1.93 - 5,787.55 1.93
Q4 2017 3,704.09 (18.0 %) 1.23 (486.00) 4,188.47 1.40
Q1 2018 5,508.08 5.2 % 1.84 (1380.00) 6,888.08 2.30
Q2 2018 6,695.32 80.7 % 2.23 - 6,695.32 2.23
Q3 2018 6,097.89 5.4 % 2.03 - 6,097.89 2.03
Q4 2018 3,219.39 (13.1 %) 1.07 - 3,219.39 1.07
Q1 2019 3,322.59 (39.7 %) 1.11 - 3,322.59 1.11
Q2 2019 2,029.98 (69.7 %) 0.68 - 2,029.98 0.68
Q3 2019 737.04 (87.9 %) 0.25 (1510.00) 2,247.04 0.75

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2016 29.74 % 29.60 % 12.33 %
Q2 2016 31.09 % 29.52 % 12.24 %
Q3 2016 32.43 % 29.34 % 12.11 %
Q4 2016 33.09 % 28.53 % 12.81 %
Q1 2017 34.79 % 30.33 % 14.15 %
Q2 2017 33.46 % 29.82 % 13.40 %
Q3 2017 33.05 % 29.93 % 13.52 %
Q4 2017 33.34 % 29.28 % 12.82 %
Q1 2018 32.80 % 29.66 % 13.42 %
Q2 2018 34.54 % 30.95 % 14.35 %
Q3 2018 34.42 % 31.02 % 14.11 %
Q4 2018 34.27 % 30.40 % 13.54 %
Q1 2019 32.35 % 28.15 % 11.84 %
Q2 2019 29.23 % 24.59 % 9.47 %
Q3 2019 26.48 % 21.57 % 7.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 3,000.00 5.92 6.04 55.32
Q2 2016 3,000.00 5.52 5.76 53.63
Q3 2016 3,000.00 5.39 5.64 53.13
Q4 2016 3,000.00 5.87 6.11 52.51
Q1 2017 3,000.00 6.65 6.88 54.32
Q2 2017 3,000.00 6.23 6.43 52.20
Q3 2017 3,000.00 6.41 6.62 53.93
Q4 2017 3,000.00 6.14 6.40 54.64
Q1 2018 3,000.00 6.24 6.95 57.11
Q2 2018 3,000.00 7.23 7.85 54.44
Q3 2018 3,000.00 7.34 7.96 56.39
Q4 2018 3,000.00 7.17 7.63 57.69
Q1 2019 3,000.00 6.45 6.45 58.35
Q2 2019 3,000.00 4.89 4.89 56.51
Q3 2019 3,000.00 3.10 3.61 55.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 12.64 12.38 1.35
Q2 2016 14.71 14.08 1.51
Q3 2016 14.97 14.32 1.52
Q4 2016 15.58 14.98 1.74
Q1 2017 14.57 14.07 1.78
Q2 2017 16.43 15.90 1.96
Q3 2017 16.03 15.53 1.91
Q4 2017 16.59 15.93 1.87
Q1 2018 18.67 16.75 2.04
Q2 2018 17.45 16.07 2.32
Q3 2018 17.10 15.76 2.22
Q4 2018 16.20 15.22 2.01
Q1 2019 19.39 19.39 2.14
Q2 2019 23.44 23.44 2.03
Q3 2019 29.65 25.51 1.65

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
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)
Q1 2016 36,009.96 1,151.04 2,407.64 16,590.12 (22690.85)
Q2 2016 40,144.35 1,196.11 2,612.40 18,495.91 (26190.44)
Q3 2016 41,183.30 1,136.61 1,549.86 18,131.31 (26203.71)
Q4 2016 43,213.13 1,217.55 2,439.43 21,307.70 (30702.59)
Q1 2017 43,365.86 1,342.01 2,062.61 21,132.68 (31582.36)
Q2 2017 40,597.88 1,207.35 1,874.58 19,335.71 (28577.34)
Q3 2017 48,770.97 1,150.65 2,376.33 22,248.45 (35867.65)
Q1 2018 36,868.48 1,724.61 3,268.50 - -
Q2 2018 38,307.47 2,118.96 2,858.17 - -
Q3 2018 39,050.58 2,135.48 2,525.87 - -
Q4 2018 36,195.52 1,959.00 2,115.69 - -
Q1 2019 30,944.66 1,810.55 3,255.19 - -
Q2 2019 30,536.22 1,801.59 2,561.34 - -
Q3 2019 28,825.18 1,679.27 2,305.18 - -

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 1,886.92 737.04 (60.9 %)

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 840.00 737.04 (12.3) %
SNB Capital 1,997.00 737.04 (63.1) %
Al Rajhi Capital 2,044.00 737.04 (63.9) %
Riyad Capital 2,196.00 737.04 (66.4) %
AlJazira Capital 2,357.60 737.04 (68.7) %


Financial Ratios
Current
Market Cap (M Riyal) 209,700.00
Enterprise Value (EV) (M) 237,718.89
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 1.27
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.0
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Share Price

Saudi Basic Industries Corp.
69.90
0.20 0.29 %

Saudi Basic Industries Corp. (SABIC)

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