SAFCO’s net profit rises 52% in Q1

30/04/2017 Argaam Exclusive

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Saudi Arabia Fertilizers Co. (SAFCO) reported a net profit of SAR 423.4 million for Q1 2017, a 51.7 percent year-on-year (YoY) jump, attributed to higher urea selling prices and increased sales.

On a sequential basis, Q1 net profit surged 60 percent, driven by lower cost of sales, and the company’s increased share of profit generated by Ibn Al-Baytar. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 691.23 846.65 22.5 %
Gross Income 354.12 479.52 35.4 %
Operating Income 258.19 394.56 52.8 %
Net Income 279.01 423.36 51.7 %
Average Shares 416.67 416.67 -
EPS (Riyals) 0.67 1.02 51.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 825.44 58.3 % 643.92 106.9 % 723.38 126.2 % 1.74
Q2 2008 1,347.23 65.3 % 1,101.60 93.3 % 1,190.94 124.6 % 2.86
Q3 2008 2,202.95 117.4 % 1,920.32 196.1 % 1,821.92 195.7 % 4.37
Q4 2008 976.32 (6.7 %) 659.83 (15.8 %) 535.86 (27.7 %) 1.29
Q1 2009 739.47 (10.4 %) 452.74 (29.7 %) 524.53 (27.5 %) 1.26
Q2 2009 685.74 (49.1 %) 456.16 (58.6 %) 480.35 (59.7 %) 1.15
Q3 2009 714.39 (67.6 %) 450.72 (76.5 %) 464.15 (74.5 %) 1.11
Q4 2009 601.11 (38.4 %) 358.75 (45.6 %) 335.26 (37.4 %) 0.80
Q1 2010 863.79 16.8 % 642.97 42.0 % 698.26 33.1 % 1.68
Q2 2010 732.66 6.8 % 578.93 26.9 % 907.20 88.9 % 2.18
Q3 2010 890.73 24.7 % 549.99 22.0 % 603.82 30.1 % 1.45
Q4 2010 1,302.29 116.6 % 918.08 155.9 % 1,025.34 205.8 % 2.46
Q1 2011 1,037.85 20.1 % 775.20 20.6 % 832.63 19.2 % 2.00
Q2 2011 1,129.51 54.2 % 778.07 34.4 % 789.93 (12.9 %) 1.90
Q3 2011 1,378.89 54.8 % 1,083.97 97.1 % 1,210.58 100.5 % 2.91
Q4 2011 1,504.99 15.6 % 1,128.01 22.9 % 1,276.63 24.5 % 3.06
Q1 2012 1,061.50 2.3 % 753.60 (2.8 %) 786.91 (5.5 %) 1.89
Q2 2012 1,115.96 (1.2 %) 743.75 (4.4 %) 783.93 (0.8 %) 1.88
Q3 2012 1,398.10 1.4 % 1,063.56 (1.9 %) 1,149.00 (5.1 %) 2.76
Q4 2012 1,404.84 (6.7 %) 1,047.40 (7.1 %) 1,146.38 (10.2 %) 2.75
Q1 2013 1,177.76 11.0 % 852.82 13.2 % 931.59 18.4 % 2.24
Q2 2013 982.88 (11.9 %) 651.93 (12.3 %) 692.88 (11.6 %) 1.66
Q3 2013 1,071.88 (23.3 %) 695.40 (34.6 %) 734.01 (36.1 %) 1.76
Q4 2013 1,007.88 (28.3 %) 678.47 (35.2 %) 802.00 (30.0 %) 1.92
Q1 2014 1,178.36 0.1 % 819.80 (3.9 %) 842.50 (9.6 %) 2.02
Q2 2014 935.77 (4.8 %) 602.24 (7.6 %) 638.99 (7.8 %) 1.53
Q3 2014 1,248.62 16.5 % 890.35 28.0 % 913.37 24.4 % 2.19
Q4 2014 1,093.39 8.5 % 754.48 11.2 % 779.18 (2.8 %) 1.87
Q1 2015 962.42 (18.3 %) 603.11 (26.4 %) 589.98 (30.0 %) 1.42
Q2 2015 883.75 (5.6 %) 553.99 (8.0 %) 595.76 (6.8 %) 1.43
Q3 2015 887.43 (28.9 %) 567.64 (36.2 %) 566.15 (38.0 %) 1.36
Q4 2015 813.67 (25.6 %) 360.31 (52.2 %) 378.55 (51.4 %) 0.91
Q1 2016 691.23 (28.2 %) 354.12 (41.3 %) 279.01 (52.7 %) 0.67
Q2 2016 709.85 (19.7 %) 329.53 (40.5 %) 302.32 (49.3 %) 0.73
Q3 2016 689.53 (22.3 %) 293.49 (48.3 %) 186.22 (67.1 %) 0.45
Q4 2016 765.32 (5.9 %) 372.09 3.3 % 268.40 (29.1 %) 0.64
Q1 2017 846.65 22.5 % 479.52 35.4 % 423.36 51.7 % 1.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 71.50 % 76.41 % 70.18 %
Q2 2008 75.08 % 79.21 % 77.38 %
Q3 2008 82.06 % 85.15 % 82.64 %
Q4 2008 80.82 % 84.78 % 83.93 %
Q1 2009 78.51 % 82.40 % 81.50 %
Q2 2009 75.78 % 80.50 % 77.36 %
Q3 2009 64.81 % 72.13 % 70.04 %
Q4 2009 62.70 % 68.93 % 63.24 %
Q1 2010 66.62 % 72.45 % 67.47 %
Q2 2010 69.76 % 75.51 % 70.71 %
Q3 2010 68.99 % 74.50 % 71.91 %
Q4 2010 70.99 % 77.07 % 77.39 %
Q1 2011 71.20 % 77.27 % 77.38 %
Q2 2011 69.29 % 74.95 % 74.59 %
Q3 2011 73.33 % 78.93 % 79.59 %
Q4 2011 74.54 % 78.96 % 81.36 %
Q1 2012 73.77 % 78.19 % 80.08 %
Q2 2012 73.29 % 77.86 % 80.18 %
Q3 2012 72.61 % 77.33 % 78.66 %
Q4 2012 72.45 % 77.69 % 77.63 %
Q1 2013 72.74 % 77.97 % 78.70 %
Q2 2013 72.84 % 78.17 % 78.97 %
Q3 2013 70.03 % 76.05 % 75.58 %
Q4 2013 67.89 % 74.79 % 74.45 %
Q1 2014 67.10 % 73.89 % 72.34 %
Q2 2014 66.67 % 73.41 % 71.87 %
Q3 2014 68.43 % 74.29 % 73.07 %
Q4 2014 68.82 % 74.90 % 70.26 %
Q1 2015 67.22 % 73.44 % 67.88 %
Q2 2015 66.90 % 73.61 % 67.69 %
Q3 2015 64.78 % 72.83 % 65.01 %
Q4 2015 58.78 % 68.07 % 60.06 %
Q1 2016 56.04 % 64.77 % 55.54 %
Q2 2016 51.95 % 63.60 % 49.19 %
Q3 2016 46.05 % 52.74 % 39.46 %
Q4 2016 47.24 % 50.45 % 36.27 %
Q1 2017 48.97 % 51.41 % 39.20 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 416.67 6.27 6.23 16.25
Q2 2008 416.67 7.85 7.86 18.16
Q3 2008 416.67 10.75 10.75 18.43
Q4 2008 416.67 10.25 10.78 19.28
Q1 2009 416.67 9.78 10.30 16.44
Q2 2009 416.67 8.07 8.55 17.76
Q3 2009 416.67 4.81 5.24 16.02
Q4 2009 416.67 4.33 4.16 16.84
Q1 2010 416.67 4.75 4.64 14.44
Q2 2010 416.67 5.77 4.94 13.00
Q3 2010 416.67 6.11 5.33 14.46
Q4 2010 416.67 7.76 7.04 17.12
Q1 2011 416.67 8.09 7.36 19.13
Q2 2011 416.67 7.80 7.81 17.41
Q3 2011 416.67 9.26 9.26 16.67
Q4 2011 416.67 9.86 9.86 19.70
Q1 2012 416.67 9.75 9.75 21.77
Q2 2012 416.67 9.74 9.74 19.27
Q3 2012 416.67 9.59 9.59 18.45
Q4 2012 416.67 9.28 9.28 21.26
Q1 2013 416.67 9.63 9.63 23.62
Q2 2013 416.67 9.41 9.41 20.54
Q3 2013 416.67 8.41 8.41 17.66
Q4 2013 416.67 7.59 7.58 19.85
Q1 2014 416.67 7.37 7.36 17.00
Q2 2014 416.67 7.24 7.23 15.34
Q3 2014 416.67 7.67 7.66 17.55
Q4 2014 416.67 7.62 7.51 18.87
Q1 2015 416.67 7.01 6.91 20.16
Q2 2015 416.67 6.91 6.80 19.46
Q3 2015 416.67 6.07 5.97 17.57
Q4 2015 416.67 5.11 5.11 18.23
Q1 2016 416.67 4.37 4.37 16.07
Q2 2016 416.67 3.66 3.66 15.35
Q3 2016 416.67 2.75 2.75 15.81
Q4 2016 416.67 2.49 2.49 16.00
Q1 2017 416.67 2.83 2.83 16.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 20.37 20.48 7.85
Q2 2008 22.48 22.46 9.72
Q3 2008 12.34 12.34 7.20
Q4 2008 6.00 5.71 3.19
Q1 2009 6.43 6.11 3.83
Q2 2009 9.64 9.10 4.38
Q3 2009 17.81 16.36 5.35
Q4 2009 19.15 19.94 4.93
Q1 2010 21.19 21.69 6.97
Q2 2010 15.26 17.82 6.78
Q3 2010 16.16 18.52 6.83
Q4 2010 14.11 15.56 6.40
Q1 2011 15.90 17.46 6.72
Q2 2011 16.60 16.60 7.44
Q3 2011 13.47 13.47 7.49
Q4 2011 12.23 12.23 6.12
Q1 2012 13.39 13.39 6.00
Q2 2012 11.97 11.97 6.05
Q3 2012 13.33 13.33 6.93
Q4 2012 15.00 15.00 6.55
Q1 2013 15.07 15.07 6.14
Q2 2013 13.99 13.99 6.41
Q3 2013 16.05 16.05 7.65
Q4 2013 18.86 18.88 7.21
Q1 2014 19.84 19.86 8.60
Q2 2014 20.27 20.29 9.57
Q3 2014 19.51 19.53 8.53
Q4 2014 16.90 17.13 6.82
Q1 2015 19.54 19.83 6.79
Q2 2015 19.52 19.82 6.93
Q3 2015 17.94 18.25 6.21
Q4 2015 18.36 18.36 5.15
Q1 2016 17.34 17.34 4.71
Q2 2016 18.51 18.51 4.42
Q3 2016 27.52 27.52 4.79
Q4 2016 34.30 34.30 5.33
Q1 2017 27.66 27.66 4.87

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 381.00 423.36 11.12 %

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
Al Rajhi Capital 440.00 423.36 (3.8) %
AlJazira Capital 389.70 423.36 8.6 %
SNB Capital 470.00 423.36 (9.9) %
Sico 385.00 423.36 10.0 %
OSOOL AND BAKHEET 378.00 423.36 12.0 %
U-Capital 363.00 423.36 16.6 %
Albilad Capital 353.00 423.36 19.9 %
Riyad Capital 329.00 423.36 28.7 %
Value Capital 321.30 423.36 31.8 %

Current
Market Cap (M Riyal) 54,935.02
Enterprise Value (EV) (M) 45,227.53
Shares Outstanding ((M)) 476.04
EPS ( Riyal) (TTM) 7.39
Book Value (BV) ( Riyal) 38.92
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.05
P/E (TTM) 15.61
Price/book 2.97
Return on Average Assets (%) (TTM) 13.3
Return on Average Equity (%) (TTM) 19.8

Share Price

115.40
2.20 1.94 %

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)


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