Financial Results : Saudi Chemical posts lower net profit at SAR 165.5m in I2 of 2013

Saudi Chemical posts lower net profit at SAR 165.5m in I2 of 2013

30/06/2013 Argaam Exclusive

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Saudi Chemical Company, a manufacturer of civil explosives, reported SAR 165.5m net profit at the end of the first half of 2013, a 5% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2012 6m 2013 Change‬
Revenues 1,008.51 1,170.29 16.0 %
Gross Income 257.43 249.52 (3.1 %)
Operating Income 188.86 168.70 (10.7 %)
Net Income 174.76 165.48 (5.3 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.21 0.20 (5.3 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2012 Q2 2013 Change‬
Revenues 464.55 561.58 20.9 %
Gross Income 132.00 131.45 (0.4 %)
Operating Income 94.96 89.00 (6.3 %)
Net Income 86.89 77.19 (11.2 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.10 0.09 (11.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 225.01 3.1 % 19.14 (32.8 %) 13.67 (41.4 %)
Q2 2004 194.54 24.8 % 19.22 (27.6 %) 13.19 (39.4 %)
Q3 2004 163.74 18.3 % 22.65 (46.1 %) 16.74 (55.2 %)
Q4 2004 190.80 7.9 % 26.69 265.6 % 18.75 7400.0 %
Q1 2005 249.42 10.8 % 27.64 44.4 % 21.64 58.3 %
Q2 2005 207.04 6.4 % 33.99 76.8 % 27.58 109.0 %
Q3 2005 199.01 21.5 % 55.60 145.5 % 49.76 197.3 %
Q4 2005 298.55 56.5 % 64.14 140.3 % 49.95 166.4 %
Q1 2006 268.46 7.6 % 53.36 93.1 % 46.05 112.8 %
Q2 2006 206.47 (0.3 %) 50.47 48.5 % 37.79 37.0 %
Q3 2006 213.23 7.1 % 54.65 (1.7 %) 45.09 (9.4 %)
Q4 2006 338.83 13.5 % 54.81 (14.5 %) 34.99 (29.9 %)
Q1 2007 301.26 12.2 % 56.55 6.0 % 45.54 (1.1 %)
Q2 2007 293.66 42.2 % 58.28 15.5 % 47.47 25.6 %
Q3 2007 258.19 21.1 % 43.61 (20.2 %) 34.20 (24.2 %)
Q4 2007 377.02 11.3 % 47.89 (12.6 %) 28.33 (19.0 %)
Q1 2008 407.29 35.2 % 70.72 25.1 % 58.63 28.7 %
Q2 2008 368.01 25.3 % 57.24 (1.8 %) 44.29 (6.7 %)
Q3 2008 283.04 9.6 % 60.52 38.8 % 47.44 38.7 %
Q4 2008 478.82 27.0 % 77.37 61.6 % 64.07 126.2 %
Q1 2009 422.98 3.9 % 86.46 22.3 % 66.87 14.1 %
Q2 2009 396.24 7.7 % 86.27 50.7 % 73.82 66.7 %
Q3 2009 350.64 23.9 % 75.14 24.2 % 63.44 33.7 %
Q4 2009 473.48 (1.1 %) 98.42 27.2 % 74.84 16.8 %
Q1 2010 404.20 (4.4 %) 98.12 13.5 % 81.77 22.3 %
Q2 2010 435.49 9.9 % 106.98 24.0 % 93.46 26.6 %
Q3 2010 279.73 (20.2 %) 84.51 12.5 % 57.82 (8.9 %)
Q4 2010 538.90 13.8 % 111.94 13.7 % 81.77 9.3 %
Q1 2011 469.13 16.1 % 127.36 29.8 % 91.51 11.9 %
Q2 2011 364.79 (16.2 %) 114.09 6.6 % 84.59 (9.5 %)
Q3 2011 412.74 47.5 % 86.14 1.9 % 54.23 (6.2 %)
Q4 2011 620.91 15.2 % 105.82 (5.5 %) 69.15 (15.4 %)
Q1 2012 543.96 16.0 % 125.43 (1.5 %) 93.90 2.6 %
Q2 2012 464.55 27.3 % 132.00 15.7 % 94.96 12.3 %
Q3 2012 339.73 (17.7 %) 96.82 12.4 % 61.57 13.5 %
Q4 2012 653.09 5.2 % 120.26 13.6 % 72.51 4.9 %
Q1 2013 608.71 11.9 % 118.07 (5.9 %) 79.70 (15.1 %)
Q2 2013 561.58 20.9 % 131.45 (0.4 %) 89.00 (6.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 3.31 (68.9 %) 0.00 - 3.31 0.00
Q2 2004 7.38 (54.2 %) 0.01 - 7.38 0.01
Q3 2004 1.55 (73.1 %) 0.00 - 1.55 0.00
Q4 2004 (10.59) (1263.8 %) (0.01) - (10.59) (0.01)
Q1 2005 22.08 567.6 % 0.03 - 22.08 0.03
Q2 2005 27.27 269.5 % 0.03 - 27.27 0.03
Q3 2005 33.63 2064.0 % 0.04 - 33.63 0.04
Q4 2005 27.06 355.5 % 0.03 - 27.06 0.03
Q1 2006 30.94 40.1 % 0.04 - 30.94 0.04
Q2 2006 34.34 25.9 % 0.04 - 34.34 0.04
Q3 2006 42.18 25.4 % 0.05 - 42.18 0.05
Q4 2006 40.59 50.0 % 0.05 - 40.59 0.05
Q1 2007 39.95 29.1 % 0.05 - 39.95 0.05
Q2 2007 37.92 10.4 % 0.04 - 37.92 0.04
Q3 2007 12.47 (70.4 %) 0.01 - 12.47 0.01
Q4 2007 21.43 (47.2 %) 0.03 - 21.43 0.03
Q1 2008 33.72 (15.6 %) 0.04 - 33.72 0.04
Q2 2008 62.22 64.1 % 0.07 - 62.22 0.07
Q3 2008 44.89 260.0 % 0.05 - 44.89 0.05
Q4 2008 59.71 178.7 % 0.07 - 59.71 0.07
Q1 2009 67.48 100.1 % 0.08 - 67.48 0.08
Q2 2009 63.76 2.5 % 0.08 - 63.76 0.08
Q3 2009 104.70 133.2 % 0.12 - 104.70 0.12
Q4 2009 65.10 9.0 % 0.08 - 65.10 0.08
Q1 2010 74.73 10.7 % 0.09 - 74.73 0.09
Q2 2010 86.47 35.6 % 0.10 - 86.47 0.10
Q3 2010 54.21 (48.2 %) 0.06 - 53.11 0.06
Q4 2010 87.77 34.8 % 0.10 - 87.77 0.10
Q1 2011 86.18 15.3 % 0.10 - 86.18 0.10
Q2 2011 76.03 (12.1 %) 0.09 - 76.03 0.09
Q3 2011 46.73 (13.8 %) 0.06 - 46.73 0.06
Q4 2011 58.46 (33.4 %) 0.07 - 58.46 0.07
Q1 2012 87.87 2.0 % 0.10 - 87.87 0.10
Q2 2012 86.89 14.3 % 0.10 - 86.89 0.10
Q3 2012 50.74 8.6 % 0.06 - 50.74 0.06
Q4 2012 65.77 12.5 % 0.08 - 65.77 0.08
Q1 2013 88.29 0.5 % 0.10 15.43 72.86 0.09
Q2 2013 77.19 (11.2 %) 0.09 0.08 77.12 0.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 13.65 % 16.80 % 3.75 %
Q2 2004 11.94 % 14.18 % 2.36 %
Q3 2004 8.99 % 11.13 % 1.73 %
Q4 2004 11.33 % 13.41 % 0.21 %
Q1 2005 12.05 % 14.09 % 2.56 %
Q2 2005 13.68 % 15.74 % 4.97 %
Q3 2005 17.01 % 18.97 % 8.55 %
Q4 2005 19.01 % 20.11 % 11.53 %
Q1 2006 21.28 % 21.46 % 12.22 %
Q2 2006 22.99 % 21.74 % 12.95 %
Q3 2006 22.56 % 20.18 % 13.63 %
Q4 2006 20.77 % 17.19 % 14.42 %
Q1 2007 20.43 % 16.53 % 14.82 %
Q2 2007 19.55 % 16.07 % 14.01 %
Q3 2007 17.89 % 14.49 % 10.98 %
Q4 2007 16.77 % 13.45 % 9.09 %
Q1 2008 16.50 % 13.37 % 7.90 %
Q2 2008 15.56 % 12.46 % 9.20 %
Q3 2008 16.47 % 13.18 % 11.30 %
Q4 2008 17.29 % 14.64 % 13.05 %
Q1 2009 18.13 % 15.06 % 15.09 %
Q2 2009 19.65 % 16.67 % 14.92 %
Q3 2009 19.73 % 16.99 % 17.93 %
Q4 2009 21.07 % 17.70 % 18.32 %
Q1 2010 22.03 % 18.87 % 18.98 %
Q2 2010 22.76 % 19.69 % 19.89 %
Q3 2010 24.36 % 20.28 % 17.54 %
Q4 2010 24.21 % 19.99 % 18.22 %
Q1 2011 25.00 % 19.85 % 18.19 %
Q2 2011 26.50 % 20.18 % 18.34 %
Q3 2011 24.62 % 18.50 % 16.62 %
Q4 2011 23.21 % 17.03 % 14.32 %
Q1 2012 22.21 % 16.52 % 13.85 %
Q2 2012 22.01 % 16.23 % 13.71 %
Q3 2012 23.36 % 17.22 % 14.42 %
Q4 2012 23.71 % 17.12 % 14.55 %
Q1 2013 22.61 % 15.90 % 13.37 %
Q2 2013 21.57 % 14.90 % 12.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 843.20 0.03 0.03 0.70
Q2 2004 843.20 0.02 0.02 0.71
Q3 2004 843.20 0.02 0.02 0.71
Q4 2004 843.20 0.00 0.00 0.70
Q1 2005 843.20 0.02 0.02 0.73
Q2 2005 843.20 0.05 0.05 0.76
Q3 2005 843.20 0.09 0.09 0.80
Q4 2005 843.20 0.13 0.13 0.83
Q1 2006 843.20 0.14 0.14 0.87
Q2 2006 843.20 0.15 0.15 0.91
Q3 2006 843.20 0.16 0.16 0.96
Q4 2006 843.20 0.18 0.18 1.00
Q1 2007 843.20 0.19 0.19 1.05
Q2 2007 843.20 0.19 0.19 1.02
Q3 2007 843.20 0.16 0.16 1.04
Q4 2007 843.20 0.13 0.13 1.06
Q1 2008 843.20 0.13 0.13 1.10
Q2 2008 843.20 0.15 0.15 1.18
Q3 2008 843.20 0.19 0.19 1.23
Q4 2008 843.20 0.24 0.24 1.30
Q1 2009 843.20 0.28 0.28 1.38
Q2 2009 843.20 0.28 0.28 1.46
Q3 2009 843.20 0.35 0.35 1.58
Q4 2009 843.20 0.36 0.36 1.47
Q1 2010 843.20 0.37 0.37 1.56
Q2 2010 843.20 0.39 0.39 1.55
Q3 2010 843.20 0.33 0.33 1.61
Q4 2010 843.20 0.36 0.36 1.60
Q1 2011 843.20 0.37 0.37 1.71
Q2 2011 843.20 0.36 0.36 1.65
Q3 2011 843.20 0.35 0.35 1.70
Q4 2011 843.20 0.32 0.32 1.62
Q1 2012 843.20 0.32 0.32 1.73
Q2 2012 843.20 0.33 0.33 1.72
Q3 2012 843.20 0.34 0.34 1.78
Q4 2012 843.20 0.35 0.35 1.69
Q1 2013 843.20 0.35 0.33 1.79
Q2 2013 843.20 0.33 0.32 1.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 65.04 65.04 2.87
Q2 2004 More than 100 More than 100 3.31
Q3 2004 More than 100 More than 100 3.83
Q4 2004 More than 100 More than 100 3.26
Q1 2005 More than 100 More than 100 3.77
Q2 2005 85.55 85.55 5.40
Q3 2005 53.04 53.04 5.71
Q4 2005 46.07 46.07 7.25
Q1 2006 26.94 26.94 4.39
Q2 2006 28.11 28.11 4.63
Q3 2006 33.14 33.14 5.53
Q4 2006 12.92 12.92 2.26
Q1 2007 11.98 11.98 2.12
Q2 2007 11.42 11.42 2.13
Q3 2007 15.10 15.10 2.26
Q4 2007 20.51 20.51 2.56
Q1 2008 17.08 17.08 1.94
Q2 2008 22.53 22.53 2.95
Q3 2008 16.95 16.95 2.65
Q4 2008 6.61 6.61 1.21
Q1 2009 5.84 5.84 1.18
Q2 2009 7.48 7.48 1.44
Q3 2009 6.74 6.74 1.50
Q4 2009 8.70 8.70 2.11
Q1 2010 8.80 8.80 2.06
Q2 2010 7.78 7.78 1.97
Q3 2010 10.75 10.80 2.22
Q4 2010 8.68 8.71 1.94
Q1 2011 9.09 9.12 1.99
Q2 2011 9.50 9.54 2.08
Q3 2011 8.76 8.76 1.81
Q4 2011 9.29 9.29 1.82
Q1 2012 9.71 9.71 1.79
Q2 2012 8.67 8.67 1.68
Q3 2012 8.69 8.69 1.65
Q4 2012 9.71 9.71 1.99
Q1 2013 9.19 9.71 1.78
Q2 2013 10.32 10.92 1.95

Business Segments (Million)

Compared With The
Period Medicines and medical supplies Explosives sector Production of ammonium nitrate
Q1 2007 251.51 49.74 -
Q2 2007 233.73 59.94 -
Q3 2007 208.89 49.30 -
Q4 2007 330.46 46.56 -
Q1 2008 346.00 61.29 -
Q2 2008 300.28 67.74 -
Q3 2008 223.55 59.50 -
Q4 2008 423.99 54.83 -
Q1 2009 351.39 71.60 -
Q2 2009 327.68 68.57 -
Q3 2009 282.02 68.62 -
Q4 2009 394.61 78.87 -
Q1 2010 313.46 76.69 14.06
Q2 2010 329.91 91.05 14.52
Q3 2010 197.06 74.39 8.29
Q4 2010 458.47 71.57 8.86
Q1 2011 368.14 99.55 1.43
Q2 2011 269.28 95.51 -
Q3 2011 334.61 76.50 1.63
Q4 2011 532.27 86.84 1.81
Q1 2012 441.68 102.29 -
Q2 2012 347.97 115.14 1.43
Q3 2012 249.03 90.71 -
Q4 2012 560.94 90.71 1.44
Q1 2013 504.23 99.55 4.94
Q2 2013 454.26 110.50 (3.18)


Financial Ratios
Current
Market Cap (M Riyal) 8,634.37
Enterprise Value (EV) (M) 9,797.77
Shares Outstanding ((M)) 843.20
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 2.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 26.47
P/E (TTM) 26.47
Price/book 4.24
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 17.2
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Share Price

Saudi Chemical Co.
10.24
0.53 5.46 %

Saudi Chemical Co. (CHEMICAL)

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