Financial Results : Saudi Chemical’s Q1 net profit drops 39%

Saudi Chemical’s Q1 net profit drops 39%

19/04/2016 Argaam Exclusive

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Saudi Chemical Co. reported a net profit SAR 52.5 million for the first quarter of 2016, a 39 percent year-on-year (YoY) decline that the company attributed to lower sales and higher expenses from one of its subsidiaries, along with higher finance charges and zakat provision.

 

Profit for Q1 was 9 percent lower compared to the previous quarter due to lower sales and an increase in finance charges.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 678.47 588.45 (13.3 %)
Gross Income 139.29 111.67 (19.8 %)
Operating Income 93.21 62.63 (32.8 %)
Net Income 86.22 51.52 (40.2 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.10 0.06 (40.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2016 588.45 (13.3 %) 111.67 (19.8 %) 62.63 (32.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2016 51.52 (40.2 %) 0.06 - 51.52 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2016 20.13 % 11.88 % 9.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 843.20 0.26 0.26 1.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 13.72 13.72 2.00

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
Q1 2016 486.51 100.15 1.79

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 82.50 51.52 (37.6 %)

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
OSOOL AND BAKHEET 82.50 51.52 (37.6) %


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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