Financial Results : Saudi Chemical’s H1 profit edges up on higher sales

Saudi Chemical’s H1 profit edges up on higher sales

25/07/2018 Argaam Exclusive

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Saudi Chemical reported a net profit of SAR 84.24 million in the first half of 2018, up 0.61 percent year-on-year (YoY) amid higher sales as a result of an increase in pharmaceutical sales.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 1,268.96 1,444.96 13.9 %
Gross Income 211.49 215.12 1.7 %
Operating Income 106.40 110.05 3.4 %
Net Income 83.73 84.24 0.6 %
Average Shares 843.20 843.20 -
EPS (Riyals) 0.10 0.10 0.6 %

Net profit declined 2.5 percent to SAR 27.82 million in the second quarter, mainly due to a decline in sales of explosives, which have higher profit margins, as well as an increase in financial charges. 

 

On a sequential basis, net income halved from SAR 56.42 million the previous quarter on account of lower sales due to the stoppage in production of explosives during Ramadan and Eid Al-Fitr. The company also cited higher operating expenses and financial charges.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 544.28 653.78 20.1 %
Gross Income 93.09 93.63 0.6 %
Operating Income 40.00 38.79 (3.0 %)
Net Income 28.54 27.82 (2.5 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.03 0.03 (2.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2016 617.59 (2.9 %) 114.15 (19.1 %) 60.50 (30.7 %)
Q3 2016 444.82 (9.2 %) 75.31 (12.2 %) 29.12 (29.8 %)
Q4 2016 492.21 (19.0 %) 86.44 (33.0 %) 41.73 (33.9 %)
Q1 2017 724.68 23.2 % 118.40 6.0 % 66.40 6.0 %
Q2 2017 544.28 (11.9 %) 93.09 (18.5 %) 40.00 (33.9 %)
Q3 2017 513.16 15.4 % 83.60 11.0 % 37.06 27.3 %
Q4 2017 692.22 40.6 % 101.23 17.1 % 44.10 5.7 %
Q1 2018 791.18 9.2 % 121.48 2.6 % 71.27 7.3 %
Q2 2018 653.78 20.1 % 93.63 0.6 % 38.79 (3.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2016 47.40 (39.3 %) 0.06 - 47.40 0.06
Q3 2016 18.42 (48.5 %) 0.02 - 18.42 0.02
Q4 2016 17.09 (66.3 %) 0.02 (10.34) 27.43 0.03
Q1 2017 55.20 7.1 % 0.07 - 55.20 0.07
Q2 2017 28.54 (39.8 %) 0.03 - 28.54 0.03
Q3 2017 27.85 51.2 % 0.03 - 27.85 0.03
Q4 2017 30.57 78.9 % 0.04 - 30.57 0.04
Q1 2018 56.42 2.2 % 0.07 - 56.42 0.07
Q2 2018 27.82 (2.5 %) 0.03 - 27.82 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2016 19.13 % 10.76 % 8.05 %
Q3 2016 19.04 % 10.39 % 7.44 %
Q4 2016 18.08 % 10.13 % 6.76 %
Q1 2017 17.30 % 9.71 % 6.51 %
Q2 2017 16.92 % 9.17 % 5.87 %
Q3 2017 16.78 % 9.17 % 6.11 %
Q4 2017 16.02 % 8.52 % 5.74 %
Q1 2018 15.72 % 8.50 % 5.64 %
Q2 2018 15.09 % 8.20 % 5.38 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2016 843.20 0.22 0.22 1.81
Q3 2016 843.20 0.20 0.20 1.83
Q4 2016 843.20 0.16 0.17 1.74
Q1 2017 843.20 0.16 0.18 1.81
Q2 2017 843.20 0.14 0.15 1.76
Q3 2017 843.20 0.15 0.16 1.80
Q4 2017 843.20 0.17 0.17 1.76
Q1 2018 843.20 0.17 0.17 1.83
Q2 2018 843.20 0.17 0.17 1.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 14.53 14.53 1.76
Q3 2016 11.77 11.77 1.28
Q4 2016 18.32 17.01 1.68
Q1 2017 15.42 14.35 1.40
Q2 2017 20.31 18.69 1.63
Q3 2017 17.20 15.92 1.46
Q4 2017 14.29 14.29 1.37
Q1 2018 14.60 14.60 1.36
Q2 2018 15.80 15.80 1.44

Business Segments (Million)

Compared With The
Period Medicines and medical supplies Explosives sector Production of ammonium nitrate
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
Q2 2016 523.71 92.30 1.58
Q3 2016 380.20 67.99 -
Q4 2016 401.59 84.23 6.39
Q1 2017 642.39 81.80 0.49
Q2 2017 461.84 80.81 1.63
Q3 2017 439.71 69.84 3.61
Q4 2017 601.78 86.92 3.52
Q1 2018 709.39 79.68 2.11
Q2 2018 593.51 58.30 1.97


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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