Financial Results : Yansab net profit rises fourfold to SAR 420.3 mln in Q1 2021

Yansab net profit rises fourfold to SAR 420.3 mln in Q1 2021

18/04/2021 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net profit after Zakat and tax of SAR 420.3 million for the first quarter of 2021, compared to a net profit of SAR 104.5 million in year-earlier period.  

 

The robust rise was fueled by an increase in average selling prices of all products despite lower production and sales volume, and higher feedstock average costs. Moreover, the company recorded SAR 64 million in impairment of ongoing capital works. 

Yansab reported profit rise of 26.3% when compared to the previous quarter.  

 

Shareholders’ equity, excluding minority interest, decreased 3.7% to SAR 14.791 billion in Q1 2021, from SAR 15.262 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1,194.98 1,723.01 44.2 %
Gross Income 199.26 595.01 198.6 %
Operating Income 102.37 476.99 366.0 %
Net Income 104.46 420.29 302.3 %
Average Shares 562.50 562.50 -
EPS (Riyals) 0.19 0.75 302.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 2,445.86 17.7 % 906.99 1.7 % 845.49 0.9 %
Q2 2012 2,332.26 (12.3 %) 824.89 (27.6 %) 764.86 (30.0 %)
Q3 2012 2,017.60 (19.2 %) 588.27 (39.7 %) 537.12 (43.6 %)
Q4 2012 2,503.31 3.3 % 788.85 0.3 % 727.90 (0.9 %)
Q1 2013 2,168.52 (11.3 %) 800.29 (11.8 %) 744.45 (12.0 %)
Q2 2013 2,212.84 (5.1 %) 807.15 (2.2 %) 756.19 (1.1 %)
Q3 2013 2,888.72 43.2 % 1,027.75 74.7 % 957.12 78.2 %
Q4 2013 2,083.57 (16.8 %) 589.60 (25.3 %) 535.19 (26.5 %)
Q1 2014 2,317.89 6.9 % 708.29 (11.5 %) 645.24 (13.3 %)
Q2 2014 2,409.31 8.9 % 760.78 (5.7 %) 700.71 (7.3 %)
Q3 2014 2,493.73 (13.7 %) 844.76 (17.8 %) 784.45 (18.0 %)
Q4 2014 2,290.10 9.9 % 773.20 31.1 % 712.30 33.1 %
Q1 2015 1,716.78 (25.9 %) 412.75 (41.7 %) 363.99 (43.6 %)
Q2 2015 1,563.32 (35.1 %) 373.04 (51.0 %) 316.42 (54.8 %)
Q3 2015 1,800.27 (27.8 %) 434.61 (48.6 %) 381.43 (51.4 %)
Q4 2015 1,831.05 (20.0 %) 537.20 (30.5 %) 478.22 (32.9 %)
Q1 2016 1,346.43 (21.6 %) 607.27 47.1 % 504.57 38.6 %
Q2 2016 1,722.34 10.2 % 852.67 128.6 % 738.74 133.5 %
Q3 2016 1,516.80 (15.7 %) 688.73 58.5 % 591.89 55.2 %
Q4 2016 1,645.07 (10.2 %) 732.63 36.4 % 587.71 22.9 %
Q1 2017 1,758.51 30.6 % 728.26 19.9 % 623.21 23.5 %
Q2 2017 1,362.12 (20.9 %) 465.16 (45.4 %) 357.71 (51.6 %)
Q3 2017 1,933.44 27.5 % 780.33 13.3 % 653.62 10.4 %
Q4 2017 2,166.85 31.7 % 896.55 22.4 % 779.55 32.6 %
Q1 2018 1,787.21 1.6 % 739.84 1.6 % 634.81 1.9 %
Q2 2018 2,111.47 55.0 % 937.57 101.6 % 816.19 128.2 %
Q3 2018 2,110.43 9.2 % 839.25 7.5 % 710.81 8.7 %
Q4 2018 1,619.36 (25.3 %) 348.78 (61.1 %) 199.58 (74.4 %)
Q1 2019 1,522.05 (14.8 %) 472.49 (36.1 %) 378.99 (40.3 %)
Q2 2019 1,637.96 (22.4 %) 431.61 (54.0 %) 329.47 (59.6 %)
Q3 2019 1,422.74 (32.6 %) 296.05 (64.7 %) 205.38 (71.1 %)
Q4 2019 1,482.08 (8.5 %) 298.12 (14.5 %) 182.31 (8.7 %)
Q1 2020 1,194.98 (21.5 %) 199.26 (57.8 %) 102.37 (73.0 %)
Q2 2020 1,020.66 (37.7 %) 137.12 (68.2 %) 52.91 (83.9 %)
Q3 2020 1,440.73 1.3 % 277.21 (6.4 %) 201.04 (2.1 %)
Q4 2020 1,378.58 (7.0 %) 475.13 59.4 % 371.28 103.7 %
Q1 2021 1,723.01 44.2 % 595.01 198.6 % 476.99 366.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 720.27 0.3 % 1.28 - 720.27 1.28
Q2 2012 649.61 (32.6 %) 1.15 - 649.61 1.15
Q3 2012 435.73 (47.4 %) 0.77 - 435.73 0.77
Q4 2012 640.77 (3.6 %) 1.14 - 640.77 1.14
Q1 2013 667.07 (7.4 %) 1.19 - 667.07 1.19
Q2 2013 670.52 3.2 % 1.19 - 670.52 1.19
Q3 2013 864.83 98.5 % 1.54 - 864.83 1.54
Q4 2013 442.23 (31.0 %) 0.79 - 442.23 0.79
Q1 2014 555.68 (16.7 %) 0.99 - 555.68 0.99
Q2 2014 613.03 (8.6 %) 1.09 - 613.03 1.09
Q3 2014 691.28 (20.1 %) 1.23 - 691.28 1.23
Q4 2014 617.75 39.7 % 1.10 - 617.75 1.10
Q1 2015 285.14 (48.7 %) 0.51 - 285.14 0.51
Q2 2015 227.40 (62.9 %) 0.40 - 227.40 0.40
Q3 2015 301.72 (56.4 %) 0.54 (0.82) 302.54 0.54
Q4 2015 393.06 (36.4 %) 0.70 (4.14) 397.20 0.71
Q1 2016 421.74 47.9 % 0.75 - 421.74 0.75
Q2 2016 747.34 228.6 % 1.33 - 747.34 1.33
Q3 2016 568.28 88.3 % 1.01 - 568.28 1.01
Q4 2016 607.00 54.4 % 1.08 - 607.00 1.08
Q1 2017 608.16 44.2 % 1.08 - 608.16 1.08
Q2 2017 345.72 (53.7 %) 0.61 - 345.72 0.61
Q3 2017 644.59 13.4 % 1.15 - 644.59 1.15
Q4 2017 777.90 28.2 % 1.38 - 777.90 1.38
Q1 2018 630.59 3.7 % 1.12 - 630.59 1.12
Q2 2018 820.89 137.4 % 1.46 - 820.89 1.46
Q3 2018 729.02 13.1 % 1.30 - 729.02 1.30
Q4 2018 233.48 (70.0 %) 0.42 - 233.48 0.42
Q1 2019 390.64 (38.1 %) 0.69 - 390.64 0.69
Q2 2019 316.13 (61.5 %) 0.56 - 316.13 0.56
Q3 2019 212.06 (70.9 %) 0.38 - 212.06 0.38
Q4 2019 170.95 (26.8 %) 0.30 - 170.95 0.30
Q1 2020 104.46 (73.3 %) 0.19 - 104.46 0.19
Q2 2020 44.83 (85.8 %) 0.08 - 44.83 0.08
Q3 2020 195.63 (7.7 %) 0.35 - 195.63 0.35
Q4 2020 332.65 94.6 % 0.59 (2.18) 334.83 0.60
Q1 2021 420.29 302.3 % 0.75 (63.50) 483.79 0.86

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 37.98 % 46.34 % 31.68 %
Q2 2012 36.02 % 47.12 % 29.51 %
Q3 2012 33.69 % 50.53 % 26.79 %
Q4 2012 33.43 % 58.26 % 26.31 %
Q1 2013 33.28 % 59.12 % 26.53 %
Q2 2013 33.53 % 57.16 % 27.12 %
Q3 2013 35.03 % 51.30 % 29.09 %
Q4 2013 34.48 % 43.54 % 28.27 %
Q1 2014 32.97 % 42.38 % 26.66 %
Q2 2014 31.82 % 41.45 % 25.52 %
Q3 2014 31.20 % 41.94 % 24.74 %
Q4 2014 32.46 % 43.45 % 26.05 %
Q1 2015 31.33 % 42.95 % 24.77 %
Q2 2015 29.81 % 42.15 % 22.59 %
Q3 2015 27.05 % 39.84 % 19.44 %
Q4 2015 25.43 % 38.49 % 17.54 %
Q1 2016 29.84 % 42.19 % 20.62 %
Q2 2016 36.29 % 47.23 % 27.89 %
Q3 2016 41.86 % 52.93 % 33.27 %
Q4 2016 46.24 % 56.31 % 37.63 %
Q1 2017 45.20 % 54.64 % 38.10 %
Q2 2017 41.62 % 51.91 % 33.89 %
Q3 2017 40.40 % 49.45 % 32.92 %
Q4 2017 39.75 % 48.52 % 32.91 %
Q1 2018 39.75 % 48.53 % 33.09 %
Q2 2018 41.93 % 49.73 % 35.93 %
Q3 2018 41.75 % 49.37 % 36.18 %
Q4 2018 37.56 % 45.25 % 31.64 %
Q1 2019 35.28 % 43.52 % 29.53 %
Q2 2019 30.37 % 42.48 % 24.23 %
Q3 2019 24.97 % 38.92 % 18.58 %
Q4 2019 24.70 % 38.51 % 17.97 %
Q1 2020 21.35 % 36.17 % 14.01 %
Q2 2020 18.17 % 31.43 % 10.40 %
Q3 2020 17.74 % 31.59 % 10.04 %
Q4 2020 21.62 % 37.76 % 13.50 %
Q1 2021 26.68 % 41.11 % 19.04 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 562.50 5.65 5.65 19.97
Q2 2012 562.50 5.09 5.09 21.13
Q3 2012 562.50 4.39 4.39 21.90
Q4 2012 562.50 4.35 4.35 23.04
Q1 2013 562.50 4.25 4.25 24.23
Q2 2013 562.50 4.29 4.29 24.42
Q3 2013 562.50 5.05 5.05 25.96
Q4 2013 562.50 4.70 4.70 26.74
Q1 2014 562.50 4.50 4.50 25.73
Q2 2014 562.50 4.40 4.40 25.32
Q3 2014 562.50 4.09 4.09 26.55
Q4 2014 562.50 4.40 4.40 27.65
Q1 2015 562.50 3.92 3.92 26.65
Q2 2015 562.50 3.24 3.24 26.06
Q3 2015 562.50 2.55 2.55 26.59
Q4 2015 562.50 2.15 2.16 27.29
Q1 2016 562.50 2.39 2.40 27.00
Q2 2016 562.50 3.31 3.32 26.73
Q3 2016 562.50 3.79 3.79 27.81
Q4 2016 562.50 4.17 4.17 28.54
Q1 2017 562.50 4.50 4.50 28.12
Q2 2017 562.50 3.79 3.79 27.24
Q3 2017 562.50 3.92 3.92 28.37
Q4 2017 562.50 4.22 4.22 29.76
Q1 2018 562.50 4.26 4.26 30.91
Q2 2018 562.50 5.11 5.11 28.87
Q3 2018 562.50 5.26 5.26 30.17
Q4 2018 562.50 4.29 4.29 30.68
Q1 2019 562.50 3.86 3.86 31.34
Q2 2019 562.50 2.97 2.97 28.12
Q3 2019 562.50 2.05 2.05 28.38
Q4 2019 562.50 1.94 1.94 28.70
Q1 2020 562.50 1.43 1.43 27.13
Q2 2020 562.50 0.95 0.95 25.92
Q3 2020 562.50 0.92 0.92 26.23
Q4 2020 562.50 1.20 1.21 26.64
Q1 2021 562.50 1.77 1.88 26.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 9.21 9.21 2.60
Q2 2012 8.65 8.65 2.08
Q3 2012 10.18 10.18 2.04
Q4 2012 10.88 10.88 2.05
Q1 2013 12.40 12.40 2.18
Q2 2013 12.93 12.93 2.27
Q3 2013 12.32 12.32 2.40
Q4 2013 15.69 15.69 2.76
Q1 2014 15.71 15.71 2.75
Q2 2014 16.11 16.11 2.80
Q3 2014 17.59 17.59 2.71
Q4 2014 10.82 10.82 1.72
Q1 2015 10.76 10.76 1.58
Q2 2015 16.75 16.75 2.08
Q3 2015 16.92 16.91 1.62
Q4 2015 15.10 15.04 1.19
Q1 2016 16.32 16.26 1.44
Q2 2016 12.65 12.61 1.57
Q3 2016 11.41 11.39 1.55
Q4 2016 12.97 12.97 1.89
Q1 2017 12.72 12.72 2.04
Q2 2017 14.74 14.74 2.05
Q3 2017 15.13 15.13 2.09
Q4 2017 13.93 13.93 1.98
Q1 2018 17.13 17.13 2.36
Q2 2018 14.58 14.58 2.58
Q3 2018 13.48 13.48 2.35
Q4 2018 14.87 14.87 2.08
Q1 2019 19.22 19.22 2.37
Q2 2019 21.47 21.47 2.26
Q3 2019 26.12 26.12 1.88
Q4 2019 28.85 28.85 1.95
Q1 2020 29.12 29.12 1.53
Q2 2020 54.11 54.11 1.98
Q3 2020 64.01 64.01 2.24
Q4 2020 53.05 52.88 2.40
Q1 2021 39.18 36.75 2.63

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 275.74 420.29 52.42 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
Riyad Capital 309.00 420.29 36.0 %
OSOOL AND BAKHEET 301.00 420.29 39.6 %
SNB Capital 285.00 420.29 47.5 %
AlJazira Capital 277.70 420.29 51.3 %
Al Rajhi Capital 206.00 420.29 104.0 %

Current
Market Cap (M Riyal) 21,290.63
Enterprise Value (EV) (M) 18,581.05
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) 0.84
Book Value (BV) ( Riyal) 20.94
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 44.98
P/E (TTM) 44.98
Price/book 1.81
Return on Average Assets (%) (TTM) 3.3
Return on Average Equity (%) (TTM) 3.9

Share Price

Yanbu National Petrochemical Co. (YANSAB)


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