Financial Results : Petrochem’s Q1 profit jumps 20% to SAR 122 mln

Petrochem’s Q1 profit jumps 20% to SAR 122 mln

20/04/2016 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a net profit of SAR 122.3 million for the first quarter of 2016, a 20 percent rise year-on-year (YoY) attributed to higher profit margins, lower general and administrative expenses, as well as a decline in distribution costs.

 

Net profit for Q1 fell 31 percent when compared to the previous quarter, due to lower product prices and higher production costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 1,770.75 1,659.96 (6.3 %)
Gross Income 439.57 425.14 (3.3 %)
Operating Income 233.11 279.83 20.0 %
Net Income 101.84 121.43 19.2 %
Average Shares 480.00 480.00 -
EPS (Riyals) 0.21 0.25 19.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 233.11 (17.0 %)
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 565.00 54.7 %
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 591.93 30.6 %
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 372.54 (8.4 %)
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 279.83 20.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2015 101.84 (27.8 %) 0.21 - 101.84 0.21
Q2 2015 305.39 55.0 % 0.64 - 305.39 0.64
Q3 2015 321.10 31.5 % 0.67 - 321.10 0.67
Q4 2015 178.30 (7.4 %) 0.37 - 178.30 0.37
Q1 2016 121.43 19.2 % 0.25 - 121.43 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2015 28.82 % 28.79 % 9.29 %
Q2 2015 31.05 % 31.20 % 10.66 %
Q3 2015 32.35 % 33.43 % 11.69 %
Q4 2015 33.98 % 35.38 % 12.41 %
Q1 2016 34.30 % 36.58 % 12.88 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 480.00 1.53 1.53 10.41
Q2 2015 480.00 1.76 1.76 11.05
Q3 2015 480.00 1.92 1.92 11.72
Q4 2015 480.00 1.89 1.89 12.09
Q1 2016 480.00 1.93 1.93 12.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 14.36 14.36 2.11
Q2 2015 14.21 14.21 2.26
Q3 2015 9.67 9.67 1.58
Q4 2015 8.84 8.84 1.38
Q1 2016 8.60 8.60 1.35

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 171.70 121.43 (29.3 %)

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
Riyad Capital 159.00 121.43 (23.6) %
AlJazira Capital 161.10 121.43 (24.6) %
SNB Capital 195.00 121.43 (37.7) %


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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