Financial Results : Petrochem reports a net profit of SAR 774.8 mln for 2014

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.



Current Quarter Comparison (M)

Compared With The
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 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - (0.86) -
Q3 2008 - - - - (0.26) -
Q4 2008 - - - - (0.73) -
Q1 2009 - - - - (0.66) -
Q2 2009 - - - - (1.10) (28.1 %)
Q3 2009 - - - - (2.13) (736.9 %)
Q4 2009 - - - - (7.12) (877.3 %)
Q1 2010 - - - - (3.35) (403.8 %)
Q2 2010 - - - - (2.33) (111.0 %)
Q3 2010 - - - - (1.93) 9.4 %
Q4 2010 - - - - (6.60) 7.2 %
Q1 2011 - - - - (4.21) (25.7 %)
Q2 2011 - - - - (6.79) (191.8 %)
Q3 2011 - - - - (5.39) (178.7 %)
Q4 2011 - - - - (30.75) (365.7 %)
Q1 2012 - - - - (22.64) (438.2 %)
Q2 2012 - - - - (41.82) (516.3 %)
Q3 2012 - - - - (32.71) (506.9 %)
Q4 2012 857.88 - (478.86) - (585.13) (1,803.0 %)
Q1 2013 689.10 - 172.39 - 61.30 370.8 %
Q2 2013 1,144.23 - 222.85 - 83.47 299.6 %
Q3 2013 1,117.37 - (38.76) - (170.86) (422.3 %)
Q4 2013 1,485.98 73.2 % 370.03 177.3 % 191.52 132.7 %
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 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 4.13 - 0.01 (16.00) 20.12 0.04
Q3 2008 5.40 - 0.01 (6.00) 11.40 0.02
Q4 2008 8.27 - 0.02 (2.77) 11.03 0.02
Q1 2009 (7.87) - (0.02) - (7.87) (0.02)
Q2 2009 (12.36) (399.3 %) (0.03) - (12.36) (0.03)
Q3 2009 (19.21) (455.5 %) (0.04) (5.55) (13.66) (0.03)
Q4 2009 (21.15) (355.9 %) (0.04) (8.61) (12.55) (0.03)
Q1 2010 (42.94) (445.6 %) (0.09) - (42.94) (0.09)
Q2 2010 (37.62) (204.3 %) (0.08) - (37.62) (0.08)
Q3 2010 (3.45) 82.0 % (0.01) - (3.45) (0.01)
Q4 2010 41.38 295.6 % 0.09 - 41.38 0.09
Q1 2011 (10.52) 75.5 % (0.02) - (10.52) (0.02)
Q2 2011 (12.37) 67.1 % (0.03) - (12.37) (0.03)
Q3 2011 (12.59) (264.5 %) (0.03) - (12.59) (0.03)
Q4 2011 (28.63) (169.2 %) (0.06) - (28.63) (0.06)
Q1 2012 (21.63) (105.6 %) (0.05) - (21.63) (0.05)
Q2 2012 (35.79) (189.4 %) (0.07) - (35.79) (0.07)
Q3 2012 (0.13) 99.0 % 0.00 - (0.13) 0.00
Q4 2012 (405.99) (1,318.2 %) (0.85) - (405.99) (0.85)
Q1 2013 (1.33) 93.8 % 0.00 - (1.33) 0.00
Q2 2013 10.84 130.3 % 0.02 - 10.84 0.02
Q3 2013 (150.21) (120,064.0 %) (0.31) - (150.21) (0.31)
Q4 2013 74.57 118.4 % 0.16 - 74.57 0.16
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 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 (55.82 %) (56.03 %) (54.03 %)
Q1 2013 (19.81 %) (12.88 %) (28.65 %)
Q2 2013 (3.11 %) 5.55 % (14.74 %)
Q3 2013 (3.21 %) 5.64 % (14.35 %)
Q4 2013 16.38 % 22.19 % (1.49 %)
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 480.00 - - 4.59
Q3 2008 480.00 - - 4.60
Q4 2008 480.00 - - 4.62
Q1 2009 480.00 0.02 0.07 4.60
Q2 2009 480.00 (0.01) 0.00 4.58
Q3 2009 480.00 (0.06) (0.05) 9.95
Q4 2009 480.00 (0.13) (0.10) 9.91
Q1 2010 480.00 (0.20) (0.17) 9.82
Q2 2010 480.00 (0.25) (0.22) 9.74
Q3 2010 480.00 (0.22) (0.20) 9.74
Q4 2010 480.00 (0.09) (0.09) 9.82
Q1 2011 480.00 (0.02) (0.02) 9.80
Q2 2011 480.00 0.03 0.03 9.77
Q3 2011 480.00 0.01 0.01 9.75
Q4 2011 480.00 (0.13) (0.13) 9.69
Q1 2012 480.00 (0.16) (0.16) 9.64
Q2 2012 480.00 (0.21) (0.21) 9.57
Q3 2012 480.00 (0.18) (0.18) 9.57
Q4 2012 480.00 (0.97) (0.97) 8.72
Q1 2013 480.00 (0.92) (0.92) 8.72
Q2 2013 480.00 (0.83) (0.83) 8.74
Q3 2013 480.00 (1.14) (1.14) 8.43
Q4 2013 480.00 (0.14) (0.14) 8.59
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)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 NEG NEG 1.53
Q4 2009 NEG NEG 1.57
Q1 2010 NEG NEG 1.55
Q2 2010 NEG NEG 1.53
Q3 2010 NEG NEG 1.82
Q4 2010 NEG NEG 2.29
Q1 2011 NEG NEG 2.46
Q2 2011 More than 100 More than 100 2.27
Q3 2011 More than 100 More than 100 2.30
Q4 2011 NEG NEG 2.12
Q1 2012 NEG NEG 2.70
Q2 2012 NEG NEG 2.08
Q3 2012 NEG NEG 2.29
Q4 2012 NEG NEG 2.29
Q1 2013 NEG NEG 2.33
Q2 2013 NEG NEG 2.60
Q3 2013 NEG NEG 2.49
Q4 2013 NEG NEG 2.98
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


Financial Ratios
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
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Share Price

National Petrochemical Co.
45.45
(0.60) (1.30 %)

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