Petrochem reports a net profit of SAR 774.8 mln for 2014
18/01/2015
Argaam Exclusive
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The National Petrochemicals Company (Petrochem) reported 2014 net profit of SAR 774.8 million, compared to a net loss of SAR 66.2 million for the last year.
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 4,436.68 | 7,858.52 | 77.1 % |
| Gross Income | 726.52 | 2,299.06 | 216.5 % |
| Operating Income | 165.43 | 1,505.61 | 810.1 % |
| Net Income | (66.13) | 774.45 | 1271.1 % |
| Average Shares | 480.00 | 480.00 | - |
| EPS (Riyals) | (0.14) | 1.61 | 1271.1 % |
A net profit of SAR 192.5 million was reported for Q4-2014 compared to SAR 244.0 for Q3.
The company attributed the increase of 2014’s net profit, compared to the previous year, to the improvement of the operational performance of its affiliate, Saudi Polymers Company.
The decline of Q4’s net profit compared to the previous quarter (Q3) is attributed to:
- The severe decline in products prices globally, due to the fall in crude price.
- The revaluation of finished goods prices based on lower of cost or market rule.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 1,485.98 | 2,230.28 | 50.1 % |
| Gross Income | 370.03 | 613.39 | 65.8 % |
| Operating Income | 191.52 | 406.50 | 112.3 % |
| Net Income | 74.57 | 192.53 | 158.2 % |
| Average Shares | 480.00 | 480.00 | - |
| EPS (Riyals) | 0.16 | 0.40 | 158.2 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 1,709.95 | 148.1 % | 456.16 | 164.6 % | 280.85 | 358.1 % |
| Q2 2014 | 1,965.81 | 71.8 % | 560.99 | 151.7 % | 365.21 | 337.5 % |
| Q3 2014 | 1,952.47 | 74.7 % | 668.53 | 1824.8 % | 453.22 | 365.3 % |
| Q4 2014 | 2,230.28 | 50.1 % | 613.39 | 65.8 % | 406.50 | 112.3 % |
| 2014 | 7,858.52 | 77.1 % | 2,299.06 | 216.5 % | 1,505.61 | 810.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2014 | 141.02 | 10678.9 % | 0.29 | - | 141.02 | 0.29 |
| Q2 2014 | 197.03 | 1717.8 % | 0.41 | - | 197.03 | 0.41 |
| Q3 2014 | 244.19 | 262.6 % | 0.51 | - | 244.19 | 0.51 |
| Q4 2014 | 192.53 | 158.2 % | 0.40 | - | 192.53 | 0.40 |
| 2014 | 774.45 | 1271.1 % | 1.61 | - | 774.45 | 1.61 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2014 | 18.51 % | 22.23 % | 1.40 % |
| Q2 2014 | 21.47 % | 23.54 % | 4.18 % |
| Q3 2014 | 28.90 % | 29.39 % | 9.23 % |
| Q4 2014 | 29.26 % | 29.67 % | 9.86 % |
| 2014 | 29.26 % | 29.66 % | 9.85 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2014 | 480.00 | 0.16 | 0.16 | 8.88 |
| Q2 2014 | 480.00 | 0.55 | 0.55 | 9.29 |
| Q3 2014 | 480.00 | 1.37 | 1.37 | 9.80 |
| Q4 2014 | 480.00 | 1.61 | 1.61 | 10.20 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2014 | More than 100 | More than 100 | 3.18 |
| Q2 2014 | 59.70 | 59.70 | 3.51 |
| Q3 2014 | 26.09 | 26.09 | 3.64 |
| Q4 2014 | 13.57 | 13.57 | 2.15 |
| Current | |
| Market Cap (M Riyal) | 21,816.00 |
| Enterprise Value (EV) (M) | - |
| Shares Outstanding ((M)) | 480.00 |
| EPS ( Riyal) (TTM) | 2.85 |
| Book Value (BV) ( Riyal) | 19.02 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 15.96 |
| P/E (TTM) | 15.96 |
| Price/book | 2.39 |
| Return on Average Assets (%) (TTM) | 15.3 |
| Return on Average Equity (%) (TTM) | 15.9 |
Share Price
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