Financial Results : Saudi Chemical’s net profit falls 9% to SAR 257.9 mln in FY15

Saudi Chemical’s net profit falls 9% to SAR 257.9 mln in FY15

20/01/2016 Argaam Exclusive

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Saudi Chemical Co.’s net profit for fiscal year 2015 fell 9 percent year-on-year (YoY) to SAR 257.9 million on weaker earnings from lower sales, as well as higher operating expenses.



Financials (M)

Item 2014 2015 Change‬
Revenues 2,484.32 2,409.77 (3.0 %)
Gross Income 502.80 492.99 (1.9 %)
Operating Income 314.50 283.07 (10.0 %)
Net Income 283.56 250.68 (11.6 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.34 0.30 (11.6 %)

 

The company’s net profit of SAR 57.88 million in Q4 was 12.9 percent lower than the same period in 2014, though 61.9 percent higher than Q3-2015.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 610.38 607.57 (0.5 %)
Gross Income 119.82 128.97 7.6 %
Operating Income 72.06 63.13 (12.4 %)
Net Income 66.46 50.66 (23.8 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.08 0.06 (23.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2013 412.44 21.4 % 103.64 7.0 % 66.11 7.4 %
Q4 2013 692.39 6.0 % 130.62 8.6 % 80.86 11.5 %
Q1 2014 693.05 13.9 % 145.19 23.0 % 100.13 25.6 %
Q2 2014 651.85 16.1 % 138.73 5.5 % 93.65 5.2 %
Q3 2014 529.03 28.3 % 99.05 (4.4 %) 48.67 (26.4 %)
Q4 2014 610.38 (11.8 %) 119.82 (8.3 %) 72.06 (10.9 %)
Q1 2015 678.47 (2.1 %) 139.29 (4.1 %) 93.21 (6.9 %)
Q2 2015 636.15 (2.4 %) 141.08 1.7 % 87.33 (6.7 %)
Q3 2015 489.68 (7.4 %) 85.74 (13.4 %) 41.49 (14.8 %)
Q4 2015 607.57 (0.5 %) 128.97 7.6 % 63.13 (12.4 %)
2015 2,409.77 (3.0 %) 492.99 (1.9 %) 283.07 (10.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2013 60.38 19.0 % 0.07 - 60.38 0.07
Q4 2013 74.75 13.6 % 0.09 - 74.75 0.09
Q1 2014 90.95 3.0 % 0.11 - 90.95 0.11
Q2 2014 86.64 12.2 % 0.10 2.06 84.58 0.10
Q3 2014 39.51 (34.6 %) 0.05 - 39.51 0.05
Q4 2014 66.46 (11.1 %) 0.08 - 66.46 0.08
Q1 2015 86.22 (5.2 %) 0.10 - 86.22 0.10
Q2 2015 78.06 (9.9 %) 0.09 - 78.06 0.09
Q3 2015 35.75 (9.5 %) 0.04 - 35.75 0.04
Q4 2015 50.66 (23.8 %) 0.06 - 50.66 0.06
2015 250.68 (11.6 %) 0.30 - 250.68 0.30

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2013 21.17 % 14.59 % 12.35 %
Q4 2013 21.26 % 14.70 % 12.53 %
Q1 2014 21.65 % 14.94 % 12.85 %
Q2 2014 21.15 % 14.60 % 12.68 %
Q3 2014 20.01 % 13.27 % 11.29 %
Q4 2014 20.24 % 13.37 % 11.33 %
Q1 2015 20.12 % 13.27 % 11.21 %
Q2 2015 20.34 % 13.11 % 11.01 %
Q3 2015 20.12 % 13.05 % 11.04 %
Q4 2015 20.53 % 12.70 % 10.39 %
2015 20.46 % 12.63 % 10.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2013 843.20 0.35 0.33 1.84
Q4 2013 843.20 0.36 0.34 1.78
Q1 2014 843.20 0.36 0.36 1.89
Q2 2014 843.20 0.37 0.37 1.86
Q3 2014 843.20 0.35 0.34 1.90
Q4 2014 843.20 0.34 0.33 1.83
Q1 2015 843.20 0.33 0.33 1.93
Q2 2015 843.20 0.32 0.32 1.80
Q3 2015 843.20 0.32 0.32 1.84
Q4 2015 843.20 0.30 0.30 1.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2013 10.32 10.90 1.94
Q4 2013 11.57 12.20 2.32
Q1 2014 12.72 12.72 2.42
Q2 2014 14.29 14.38 2.85
Q3 2014 16.47 16.59 2.99
Q4 2014 12.77 12.86 2.35
Q1 2015 15.68 15.79 2.68
Q2 2015 17.04 17.04 3.03
Q3 2015 14.78 14.78 2.53
Q4 2015 14.46 14.46 2.27

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)
Q3 2013 305.21 107.23 -
Q4 2013 595.40 97.00 -
Q1 2014 577.21 115.84 -
Q2 2014 513.14 138.71 -
Q3 2014 434.89 91.56 2.58
Q4 2014 500.81 108.14 1.44
Q1 2015 560.46 115.12 2.89
Q2 2015 519.48 113.30 3.37
Q3 2015 407.09 77.87 2.63
Q4 2015 495.40 108.75 3.42

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average 67.40 50.66 (24.8 %)

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
OSOOL AND BAKHEET 67.40 50.66 (24.8) %


Financial Ratios
Current
Market Cap (M Riyal) 8,120.02
Enterprise Value (EV) (M) 9,283.42
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) 24.90
P/E (TTM) 24.90
Price/book 3.99
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 17.2
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Share Price

Saudi Chemical Co.
9.63
(0.30) (3.02 %)

Saudi Chemical Co. (CHEMICAL)

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