Petrochem’s net profit drops 42% in 9M 2019

28/10/2019 Argaam Exclusive

View other reports

National Petrochemical Co. (Petrochem) posted a net profit after zakat and tax of SAR 542 million for the first nine months of 2019, a fall of 41.7 percent year-on-year (YoY) due to lower average selling prices.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 6,747.17 5,628.85 (16.6 %)
Gross Income 2,238.34 1,473.12 (34.2 %)
Operating Income 1,748.09 1,031.98 (41.0 %)
Net Income 929.37 541.74 (41.7 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 1.94 1.13 (41.7 %)

In the third quarter, net profit after zakat and tax slid 44.3 percent YoY to SAR 171 million hit by a decline in average selling prices and other income.

 

On a sequential basis, profit decreased 6.6 percent on higher sales and distribution expenses, increase in zakat expenses and lower other income.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 2,297.25 1,957.97 (14.8 %)
Gross Income 735.97 495.12 (32.7 %)
Operating Income 569.32 334.85 (41.2 %)
Net Income 307.41 171.05 (44.4 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 0.64 0.36 (44.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 423.76 (25.0 %)
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) 402.66 (32.0 %)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) (90.43) (124.3 %)
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 353.61 26.4 %
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 263.72 (37.8 %)
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 403.84 0.3 %
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 605.04 769.1 %
Q1 2018 2,210.53 31.2 % 763.14 51.9 % 605.84 71.3 %
Q2 2018 2,239.39 27.7 % 739.23 75.7 % 572.93 117.2 %
Q3 2018 2,297.25 30.9 % 735.97 33.3 % 569.32 41.0 %
Q4 2018 2,183.25 0.7 % 447.12 (43.3 %) 260.74 (56.9 %)
Q1 2019 2,020.11 (8.6 %) 525.76 (31.1 %) 375.71 (38.0 %)
Q2 2019 1,650.76 (26.3 %) 452.25 (38.8 %) 321.42 (43.9 %)
Q3 2019 1,957.97 (14.8 %) 495.12 (32.7 %) 334.85 (41.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2016 208.01 (31.9 %) 0.43 - 208.01 0.43
Q3 2016 191.61 (40.3 %) 0.40 - 191.61 0.40
Q4 2016 (123.68) (169.4 %) (0.26) - (123.68) (0.26)
Q1 2017 167.90 38.3 % 0.35 - 167.90 0.35
Q2 2017 132.28 (36.4 %) 0.28 - 132.28 0.28
Q3 2017 196.94 2.8 % 0.41 - 196.94 0.41
Q4 2017 391.19 416.3 % 0.81 65.00 326.19 0.68
Q1 2018 333.94 98.9 % 0.70 - 333.94 0.70
Q2 2018 288.02 117.7 % 0.60 - 288.02 0.60
Q3 2018 307.41 56.1 % 0.64 - 307.41 0.64
Q4 2018 236.02 (39.7 %) 0.49 186.79 49.23 0.10
Q1 2019 187.24 (43.9 %) 0.39 - 187.24 0.39
Q2 2019 183.45 (36.3 %) 0.38 - 183.45 0.38
Q3 2019 171.05 (44.4 %) 0.36 - 171.05 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2016 33.53 % 36.34 % 12.07 %
Q3 2016 32.07 % 35.00 % 10.66 %
Q4 2016 26.52 % 30.44 % 6.55 %
Q1 2017 27.68 % 31.99 % 7.29 %
Q2 2017 24.72 % 29.22 % 5.93 %
Q3 2017 24.02 % 28.93 % 5.87 %
Q4 2017 30.74 % 34.49 % 11.18 %
Q1 2018 32.00 % 35.27 % 12.54 %
Q2 2018 33.94 % 36.82 % 13.67 %
Q3 2018 33.94 % 36.32 % 14.08 %
Q4 2018 30.07 % 34.98 % 10.96 %
Q1 2019 28.01 % 33.04 % 9.52 %
Q2 2019 26.51 % 32.32 % 8.92 %
Q3 2019 24.58 % 30.68 % 7.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2016 480.00 1.73 1.73 12.70
Q3 2016 480.00 1.46 1.46 13.10
Q4 2016 480.00 0.83 0.83 12.83
Q1 2017 480.00 0.92 0.92 13.18
Q2 2017 480.00 0.77 0.77 12.95
Q3 2017 480.00 0.78 0.78 13.36
Q4 2017 480.00 1.85 1.72 14.16
Q1 2018 480.00 2.20 2.06 14.86
Q2 2018 480.00 2.52 2.39 14.96
Q3 2018 480.00 2.75 2.62 15.60
Q4 2018 480.00 2.43 2.04 16.13
Q1 2019 480.00 2.12 1.73 16.52
Q2 2019 480.00 1.90 1.52 16.40
Q3 2019 480.00 1.62 1.23 16.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 9.82 9.82 1.33
Q3 2016 10.00 10.00 1.11
Q4 2016 25.66 25.66 1.66
Q1 2017 22.05 22.05 1.55
Q2 2017 23.58 23.58 1.40
Q3 2017 23.39 23.39 1.36
Q4 2017 10.01 10.80 1.31
Q1 2018 11.25 11.99 1.66
Q2 2018 11.82 12.49 1.99
Q3 2018 10.12 10.65 1.79
Q4 2018 10.01 11.92 1.51
Q1 2019 12.79 15.67 1.64
Q2 2019 13.09 16.45 1.52
Q3 2019 14.69 19.33 1.42

Analysts Estimates (Million)

Item Q3 2019 (e) Q3 2019 (a) Change‬
Average 149.10 171.05 14.72 %

Estimates vs Actual (Million)

Item Q3 2019 (e) Q3 2019 (a) Change
OSOOL AND BAKHEET 158.00 171.05 8.3 %
AlJazira Capital 153.40 171.05 11.5 %
Riyad Capital 149.00 171.05 14.8 %
SNB Capital 136.00 171.05 25.8 %

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

45.45
(0.60) (1.30 %)

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.