Financial Results : SABIC AN posts 14% drop in Q1 2024 profit to SAR 841M

SABIC AN posts 14% drop in Q1 2024 profit to SAR 841M

25/04/2024 Argaam Exclusive

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SABIC Agri-Nutrients Co. reported a 14% fall in Q1 2024 net profit to SAR 841 million, compared to SAR 981 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,759.67 2,517.47 (8.8 %)
Gross Income 1,137.19 988.33 (13.1 %)
Operating Income 952.01 772.64 (18.8 %)
Net Income 980.60 840.88 (14.2 %)
Average Shares 476.04 476.04 -
EPS (Riyals) 2.06 1.77 (14.2 %)

The annual earnings were hurt by a year-on-year (YoY) decline of 2% in sales volumes and a 7% drop in average selling prices.

 

Similarly, SABIC AN’s profit dipped 14% from SAR 978.36 million in Q4 2023, as sales volumes dropped by 14% quarter-on-quarter (QoQ). Average selling prices also decreased by 2% QoQ.

 

Total shareholders’ equity, after minority interest, increased to SAR 18.52 billion as of March 31, 2024, from SAR 17 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 962.42 (18.3 %) 603.11 (26.4 %) 582.85 (26.9 %)
Q2 2015 883.75 (5.6 %) 553.99 (8.0 %) 537.33 (7.2 %)
Q3 2015 887.43 (28.9 %) 567.64 (36.2 %) 551.33 (36.3 %)
Q4 2015 813.67 (25.6 %) 360.31 (52.2 %) 342.31 (53.0 %)
Q1 2016 691.23 (28.2 %) 354.12 (41.3 %) 258.19 (55.7 %)
Q2 2016 709.85 (19.7 %) 329.53 (40.5 %) 261.31 (51.4 %)
Q3 2016 689.53 (22.3 %) 293.49 (48.3 %) 202.67 (63.2 %)
Q4 2016 765.32 (5.9 %) 372.09 3.3 % 264.52 (22.7 %)
Q1 2017 846.65 22.5 % 479.52 35.4 % 394.56 52.8 %
Q2 2017 679.48 (4.3 %) 288.65 (12.4 %) 204.41 (21.8 %)
Q3 2017 617.28 (10.5 %) 268.55 (8.5 %) 175.03 (13.6 %)
Q4 2017 616.05 (19.5 %) 148.65 (60.1 %) 50.80 (80.8 %)
Q1 2018 810.76 (4.2 %) 358.32 (25.3 %) 241.58 (38.8 %)
Q2 2018 950.31 39.9 % 499.24 73.0 % 395.28 93.4 %
Q3 2018 1,008.66 63.4 % 584.54 117.7 % 481.23 174.9 %
Q4 2018 1,090.10 77.0 % 689.15 363.6 % 578.11 1038.0 %
Q1 2019 718.68 (11.4 %) 378.29 5.6 % 295.62 22.4 %
Q2 2019 813.61 (14.4 %) 419.71 (15.9 %) 324.91 (17.8 %)
Q3 2019 909.71 (9.8 %) 465.08 (20.4 %) 363.66 (24.4 %)
Q4 2019 845.58 (22.4 %) 430.94 (37.5 %) 344.08 (40.5 %)
Q1 2020 728.37 1.3 % 367.94 (2.7 %) 278.30 (5.9 %)
Q2 2020 928.71 14.1 % 454.31 8.2 % 359.95 10.8 %
Q3 2020 902.13 (0.8 %) 485.11 4.3 % 387.99 6.7 %
Q4 2020 768.33 (9.1 %) 357.83 (17.0 %) 281.73 (18.1 %)
Q1 2021 1,506.35 106.8 % 814.82 121.5 % 671.81 141.4 %
Q2 2021 1,838.98 98.0 % 1,122.98 147.2 % 951.22 164.3 %
Q3 2021 2,206.81 144.6 % 1,547.91 219.1 % 1,369.17 252.9 %
Q4 2021 4,039.84 425.8 % 3,282.79 817.4 % 3,082.55 994.1 %
Q1 2022 4,657.12 209.2 % 2,873.03 252.6 % 2,614.20 289.1 %
Q2 2022 5,700.07 210.0 % 3,259.77 190.3 % 3,117.95 227.8 %
Q3 2022 4,417.17 100.2 % 2,662.27 72.0 % 2,417.70 76.6 %
Q4 2022 4,206.48 4.1 % 2,391.78 (27.1 %) 2,144.20 (30.4 %)
Q1 2023 2,759.67 (40.7 %) 1,137.19 (60.4 %) 952.01 (63.6 %)
Q2 2023 2,629.44 (53.9 %) 931.80 (71.4 %) 682.41 (78.1 %)
Q3 2023 2,672.29 (39.5 %) 1,225.68 (54.0 %) 1,002.04 (58.6 %)
Q4 2023 2,972.03 (29.3 %) 1,302.95 (45.5 %) 1,146.47 (46.5 %)
Q1 2024 2,517.47 (8.8 %) 988.33 (13.1 %) 772.64 (18.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 589.98 (30.0 %) 1.42 - 589.98 1.42
Q2 2015 595.76 (6.8 %) 1.43 - 595.76 1.43
Q3 2015 566.15 (38.0 %) 1.36 - 566.15 1.36
Q4 2015 378.55 (51.4 %) 0.91 - 378.55 0.91
Q1 2016 279.01 (52.7 %) 0.67 - 279.01 0.67
Q2 2016 302.32 (49.3 %) 0.73 - 302.32 0.73
Q3 2016 186.22 (67.1 %) 0.45 - 186.22 0.45
Q4 2016 268.40 (29.1 %) 0.64 - 268.40 0.64
Q1 2017 423.36 51.7 % 1.02 - 423.36 1.02
Q2 2017 204.34 (32.4 %) 0.49 - 204.34 0.49
Q3 2017 188.42 1.2 % 0.45 - 188.42 0.45
Q4 2017 62.51 (76.7 %) 0.15 - 62.51 0.15
Q1 2018 237.20 (44.0 %) 0.57 - 237.20 0.57
Q2 2018 410.46 100.9 % 0.99 - 410.46 0.99
Q3 2018 522.24 177.2 % 1.25 - 522.24 1.25
Q4 2018 568.53 809.5 % 1.36 - 568.53 1.36
Q1 2019 335.47 41.4 % 0.81 - 335.47 0.81
Q2 2019 380.44 (7.3 %) 0.91 - 380.44 0.91
Q3 2019 414.21 (20.7 %) 0.99 - 414.21 0.99
Q4 2019 343.79 (39.5 %) 0.83 - 343.79 0.83
Q1 2020 303.50 (9.5 %) 0.73 - 303.50 0.73
Q2 2020 359.80 (5.4 %) 0.86 - 359.80 0.86
Q3 2020 397.53 (4.0 %) 0.95 - 397.53 0.95
Q4 2020 233.57 (32.1 %) 0.56 - 233.57 0.56
Q1 2021 422.58 39.2 % 0.89 (170.04) 592.62 1.24
Q2 2021 836.13 132.4 % 1.76 - 836.13 1.76
Q3 2021 1,206.47 203.5 % 2.53 - 1,206.47 2.53
Q4 2021 2,762.84 1082.9 % 5.80 (91.87) 2,854.71 6.00
Q1 2022 2,512.84 494.6 % 5.28 - 2,512.84 5.28
Q2 2022 3,024.93 261.8 % 6.35 - 3,024.93 6.35
Q3 2022 2,330.71 93.2 % 4.90 - 2,330.71 4.90
Q4 2022 2,168.28 (21.5 %) 4.55 - 2,168.28 4.55
Q1 2023 980.60 (61.0 %) 2.06 - 980.60 2.06
Q2 2023 651.00 (78.5 %) 1.37 - 651.00 1.37
Q3 2023 1,049.48 (55.0 %) 2.20 - 1,049.48 2.20
Q4 2023 978.36 (54.9 %) 2.06 (130.24) 1,108.60 2.33
Q1 2024 840.88 (14.2 %) 1.77 - 840.88 1.77

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2017 48.10 % 46.97 % 36.31 %
Q3 2017 48.43 % 50.96 % 37.29 %
Q4 2017 42.96 % 47.55 % 31.84 %
Q1 2018 39.07 % 44.19 % 25.42 %
Q2 2018 42.57 % 46.45 % 30.01 %
Q3 2018 46.98 % 50.76 % 36.40 %
Q4 2018 55.22 % 57.41 % 45.04 %
Q1 2019 57.10 % 60.57 % 48.75 %
Q2 2019 57.05 % 61.21 % 49.76 %
Q3 2019 55.27 % 60.02 % 48.09 %
Q4 2019 51.53 % 57.89 % 44.83 %
Q1 2020 51.06 % 57.50 % 43.73 %
Q2 2020 50.35 % 56.87 % 41.65 %
Q3 2020 51.05 % 57.54 % 41.25 %
Q4 2020 50.04 % 56.61 % 38.90 %
Q1 2021 51.44 % 56.79 % 38.57 %
Q2 2021 55.44 % 59.68 % 41.07 %
Q3 2021 60.81 % 64.20 % 45.39 %
Q4 2021 70.56 % 72.31 % 57.23 %
Q1 2022 69.27 % 69.70 % 58.15 %
Q2 2022 66.03 % 66.61 % 57.81 %
Q3 2022 64.20 % 64.28 % 57.00 %
Q4 2022 58.94 % 58.74 % 52.88 %
Q1 2023 55.32 % 55.56 % 49.78 %
Q2 2023 50.83 % 50.34 % 43.75 %
Q3 2023 46.35 % 46.16 % 39.53 %
Q4 2023 41.67 % 42.58 % 34.35 %
Q1 2024 41.23 % 42.12 % 33.82 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2017 416.67 2.60 2.60 16.55
Q3 2017 416.67 2.60 2.60 16.31
Q4 2017 416.67 2.11 2.11 16.47
Q1 2018 416.67 1.66 1.66 16.40
Q2 2018 416.67 2.16 2.16 16.42
Q3 2018 416.67 2.96 2.96 17.59
Q4 2018 416.67 4.17 4.17 18.97
Q1 2019 416.67 4.41 4.41 19.97
Q2 2019 416.67 4.34 4.34 17.61
Q3 2019 416.67 4.08 4.08 18.21
Q4 2019 416.67 3.54 3.54 19.19
Q1 2020 416.67 3.46 3.46 18.09
Q2 2020 416.67 3.41 3.41 18.08
Q3 2020 416.67 3.37 3.37 19.16
Q4 2020 416.67 3.11 3.11 19.59
Q1 2021 476.04 2.97 3.33 24.76
Q2 2021 476.04 3.97 4.33 24.36
Q3 2021 476.04 5.67 6.03 26.80
Q4 2021 476.04 10.98 11.53 32.67
Q1 2022 476.04 15.37 15.57 38.08
Q2 2022 476.04 19.97 20.16 37.32
Q3 2022 476.04 22.33 22.53 42.35
Q4 2022 476.04 21.08 21.08 41.79
Q1 2023 476.04 17.87 17.87 35.73
Q2 2023 476.04 12.88 12.88 34.47
Q3 2023 476.04 10.19 10.19 36.85
Q4 2023 476.04 7.69 7.96 37.27
Q1 2024 476.04 7.39 7.67 38.92

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2017 27.66 27.66 4.34
Q3 2017 26.89 26.89 4.29
Q4 2017 35.27 35.27 4.52
Q1 2018 48.81 48.81 4.95
Q2 2018 32.69 32.69 4.29
Q3 2018 30.94 30.94 5.20
Q4 2018 21.11 21.11 4.64
Q1 2019 20.97 20.97 4.63
Q2 2019 22.79 22.79 5.61
Q3 2019 22.50 22.50 5.04
Q4 2019 25.03 25.03 4.61
Q1 2020 20.47 20.47 3.91
Q2 2020 24.95 24.95 4.71
Q3 2020 27.76 27.76 4.88
Q4 2020 29.64 29.64 4.70
Q1 2021 33.14 29.58 3.97
Q2 2021 30.08 27.59 4.90
Q3 2021 30.52 28.71 6.45
Q4 2021 16.08 15.31 5.41
Q1 2022 11.83 11.68 4.77
Q2 2022 6.90 6.83 3.69
Q3 2022 7.07 7.01 3.73
Q4 2022 6.93 6.93 3.50
Q1 2023 7.13 7.13 3.57
Q2 2023 10.06 10.06 3.76
Q3 2023 13.06 13.06 3.61
Q4 2023 17.98 17.36 3.71
Q1 2024 16.37 15.78 3.11

Business Segments (Million)

Compared With The
Period Agri-nutrients Petrochemical sector
Q1 2021 1,284.64 221.71
Q2 2021 1,551.15 287.83
Q3 2021 1,901.57 305.24
Q4 2021 3,794.75 245.09
Q1 2022 4,469.97 187.15
Q2 2022 5,423.23 276.84
Q3 2022 4,237.53 179.64
Q4 2022 4,065.01 141.47
Q1 2023 2,583.77 175.91
Q2 2023 2,446.19 183.25
Q3 2023 2,511.54 160.74
Q4 2023 2,800.10 171.93
Q1 2024 2,313.22 204.25

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 713.59 840.88 17.84 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital 885.00 840.88 (5.0) %
ALEMBIC 762.00 840.88 10.4 %
Sico 965.00 840.88 (12.9) %
Bank of America 967.58 840.88 (13.1) %
Goldman Sachs 723.58 840.88 16.2 %
U-Capital 1,004.40 840.88 (16.3) %
Hermes 1,024.00 840.88 (17.9) %
SNB Capital 696.00 840.88 20.8 %
Riyad Capital 512.00 840.88 64.2 %
Value Capital 508.08 840.88 65.5 %
OSOOL AND BAKHEET 398.44 840.88 111.0 %
Al Rajhi Capital 117.00 840.88 618.7 %

Current
Market Cap (M Riyal) 53,316.48
Enterprise Value (EV) (M) 43,645.36
Shares Outstanding ((M)) 476.04
EPS ( Riyal) (TTM) 7.04
Book Value (BV) ( Riyal) 39.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.31
P/E (TTM) 15.91
Price/book 2.86
Return on Average Assets (%) (TTM) 13.7
Return on Average Equity (%) (TTM) 18.5

Share Price

112.00
1.20 1.08 %

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


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