Advanced Petrochemical’s net profit rises 3% in nine-months 2015

06/10/2015 Argaam Exclusive

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Advanced Petrochemical Co. (ADVANCED)

 

Advanced Petrochemical Company, a producer of polypropylene, reported a net profit of SAR 566.95 million in the first nine-month period of 2015, a three percent increase compared to the same period last year on higher sales quantities and lower feedstock prices.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 2,296.56 1,835.29 (20.1 %)
Gross Income 548.96 623.43 13.6 %
Operating Income 518.69 594.42 14.6 %
Net Income 550.82 566.95 2.9 %
Average Shares 260.00 260.00 -
EPS (Riyals) 2.12 2.18 2.9 %

 

Third quarter net profit, however, came 3.8 percent lower than second quarter's SAR 243.2 million due to slightly lower selling prices and a slight decrease in quantity of sales, the Saudi-based company said.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 819.76 631.98 (22.9 %)
Gross Income 205.69 248.32 20.7 %
Operating Income 196.90 240.55 22.2 %
Net Income 228.74 234.18 2.4 %
Average Shares 260.00 260.00 -
EPS (Riyals) 0.88 0.90 2.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 - - - - - - -
Q2 2006 - - - - 2.00 - 0.01
Q3 2006 - - - - - - -
Q4 2006 - - - - 1.74 - 0.01
Q1 2007 - - - - 1.69 - 0.01
Q2 2007 - - - - 0.61 (69.4 %) 0.00
Q3 2007 - - - - (0.06) - 0.00
Q4 2007 - - - - (0.08) (104.6 %) 0.00
Q1 2008 - - - - (0.05) (102.9 %) 0.00
Q2 2008 319.83 - 89.11 - 75.90 12281.2 % 0.29
Q3 2008 682.50 - 230.29 - 210.42 334096.8 % 0.81
Q4 2008 456.85 - (39.87) - (76.12) (95,045.0 %) (0.29)
Q1 2009 369.52 - 63.52 - 42.87 87591.8 % 0.16
Q2 2009 344.26 7.6 % 60.92 (31.6 %) 34.63 (54.4 %) 0.13
Q3 2009 361.50 (47.0 %) 41.02 (82.2 %) 20.88 (90.1 %) 0.08
Q4 2009 391.55 (14.3 %) 52.47 231.6 % 28.74 137.8 % 0.11
Q1 2010 464.49 25.7 % 69.23 9.0 % 52.57 22.6 % 0.20
Q2 2010 450.82 31.0 % 81.56 33.9 % 65.26 88.4 % 0.25
Q3 2010 545.20 50.8 % 136.90 233.7 % 121.14 480.0 % 0.47
Q4 2010 570.45 45.7 % 107.81 105.5 % 89.36 211.0 % 0.34
Q1 2011 667.51 43.7 % 145.05 109.5 % 131.11 149.4 % 0.50
Q2 2011 742.50 64.7 % 170.14 108.6 % 155.61 138.5 % 0.60
Q3 2011 717.07 31.5 % 150.68 10.1 % 135.49 11.9 % 0.52
Q4 2011 663.84 16.4 % 109.88 1.9 % 90.60 1.4 % 0.35
Q1 2012 586.24 (12.2 %) 69.36 (52.2 %) 57.09 (56.5 %) 0.22
Q2 2012 456.91 (38.5 %) 67.84 (60.1 %) 53.88 (65.4 %) 0.21
Q3 2012 649.29 (9.5 %) 114.76 (23.8 %) 100.26 (26.0 %) 0.39
Q4 2012 780.00 17.5 % 134.53 22.4 % 117.01 29.2 % 0.45
Q1 2013 641.52 9.4 % 132.77 91.4 % 117.94 106.6 % 0.45
Q2 2013 685.67 50.1 % 150.60 122.0 % 136.67 153.7 % 0.53
Q3 2013 694.25 6.9 % 154.12 34.3 % 140.96 40.6 % 0.54
Q4 2013 764.17 (2.0 %) 173.96 29.3 % 161.29 37.9 % 0.62
Q1 2014 669.17 4.3 % 150.42 13.3 % 137.45 16.5 % 0.53
Q2 2014 807.63 17.8 % 192.85 28.0 % 184.63 35.1 % 0.71
Q3 2014 819.76 18.1 % 205.69 33.5 % 228.74 62.3 % 0.88
Q4 2014 739.82 (3.2 %) 231.78 33.2 % 200.13 24.1 % 0.77
Q1 2015 467.94 (30.1 %) 111.12 (26.1 %) 89.63 (34.8 %) 0.34
Q2 2015 735.37 (8.9 %) 264.00 36.9 % 243.15 31.7 % 0.94
Q3 2015 631.98 (22.9 %) 248.32 20.7 % 234.18 2.4 % 0.90

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 27.86 % 34.47 % 23.67 %
Q3 2008 31.87 % 37.22 % 28.55 %
Q4 2008 19.16 % 25.06 % 14.40 %
Q1 2009 18.76 % 25.27 % 13.84 %
Q2 2009 16.99 % 24.08 % 11.43 %
Q3 2009 8.20 % 17.20 % 1.45 %
Q4 2009 14.86 % 24.34 % 8.67 %
Q1 2010 14.32 % 23.63 % 8.76 %
Q2 2010 14.64 % 23.92 % 10.04 %
Q3 2010 18.37 % 27.17 % 14.45 %
Q4 2010 19.47 % 28.05 % 16.17 %
Q1 2011 21.10 % 29.07 % 18.21 %
Q2 2011 22.17 % 29.22 % 19.69 %
Q3 2011 21.27 % 27.74 % 18.96 %
Q4 2011 20.63 % 26.92 % 18.37 %
Q1 2012 18.45 % 24.84 % 16.19 %
Q2 2012 16.41 % 22.93 % 13.90 %
Q3 2012 15.36 % 22.01 % 12.81 %
Q4 2012 15.63 % 21.99 % 13.28 %
Q1 2013 17.80 % 24.04 % 15.39 %
Q2 2013 19.32 % 25.56 % 17.12 %
Q3 2013 20.42 % 26.53 % 18.30 %
Q4 2013 21.95 % 27.75 % 19.99 %
Q1 2014 22.36 % 28.05 % 20.45 %
Q2 2014 22.87 % 28.30 % 21.08 %
Q3 2014 23.62 % 28.85 % 21.95 %
Q4 2014 25.71 % 31.08 % 23.84 %
Q1 2015 26.15 % 31.74 % 23.89 %
Q2 2015 29.41 % 35.36 % 26.79 %
Q3 2015 33.21 % 39.71 % 30.30 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 260.00 - - 2.89
Q3 2006 - - - -
Q4 2006 260.00 - - 5.44
Q1 2007 260.00 - - 5.45
Q2 2007 260.00 - - 5.45
Q3 2007 260.00 0.02 0.02 5.45
Q4 2007 260.00 0.01 0.01 5.45
Q1 2008 260.00 0.00 0.00 5.45
Q2 2008 260.00 0.29 0.29 5.73
Q3 2008 260.00 1.10 1.10 6.52
Q4 2008 260.00 0.81 0.81 6.22
Q1 2009 260.00 0.97 0.97 6.38
Q2 2009 260.00 0.81 0.81 6.51
Q3 2009 260.00 0.09 0.09 6.32
Q4 2009 260.00 0.49 0.49 6.42
Q1 2010 260.00 0.53 0.53 6.35
Q2 2010 260.00 0.64 0.64 6.19
Q3 2010 260.00 1.03 1.03 6.64
Q4 2010 260.00 1.26 1.26 6.97
Q1 2011 260.00 1.56 1.56 6.91
Q2 2011 260.00 1.91 1.91 6.95
Q3 2011 260.00 1.97 1.97 7.46
Q4 2011 260.00 1.97 1.97 7.80
Q1 2012 260.00 1.69 1.69 7.47
Q2 2012 260.00 1.30 1.30 7.04
Q3 2012 260.00 1.16 1.16 7.42
Q4 2012 260.00 1.26 1.26 7.86
Q1 2013 260.00 1.50 1.50 7.67
Q2 2013 260.00 1.81 1.81 7.55
Q3 2013 260.00 1.97 1.97 8.08
Q4 2013 260.00 2.14 2.14 8.67
Q1 2014 260.00 2.22 2.21 8.42
Q2 2014 260.00 2.40 2.38 8.31
Q3 2014 260.00 2.74 2.58 8.51
Q4 2014 260.00 2.89 2.78 9.14
Q1 2015 260.00 2.70 2.60 8.58
Q2 2015 260.00 2.93 2.85 9.04
Q3 2015 260.00 2.95 3.00 9.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - 2.17
Q2 2007 - - 2.22
Q3 2007 More than 50 More than 50 3.52
Q4 2007 More than 50 More than 50 4.82
Q1 2008 More than 50 More than 50 4.94
Q2 2008 More than 50 More than 50 5.44
Q3 2008 17.14 17.14 2.90
Q4 2008 10.36 10.36 1.35
Q1 2009 9.53 9.53 1.45
Q2 2009 17.36 17.36 2.17
Q3 2009 More than 50 More than 50 2.28
Q4 2009 27.69 27.69 2.11
Q1 2010 23.72 23.72 1.97
Q2 2010 17.36 17.36 1.81
Q3 2010 10.46 10.46 1.62
Q4 2010 11.71 11.71 2.12
Q1 2011 10.74 10.74 2.43
Q2 2011 9.73 9.73 2.67
Q3 2011 7.93 7.93 2.09
Q4 2011 7.89 7.89 1.99
Q1 2012 11.70 11.70 2.64
Q2 2012 12.21 12.21 2.25
Q3 2012 14.13 14.13 2.21
Q4 2012 13.09 13.09 2.10
Q1 2013 12.31 12.31 2.40
Q2 2013 11.05 11.05 2.66
Q3 2013 10.69 10.69 2.61
Q4 2013 12.02 12.02 2.97
Q1 2014 12.12 12.15 3.19
Q2 2014 11.62 11.73 3.36
Q3 2014 13.77 14.59 4.43
Q4 2014 8.78 9.11 2.77
Q1 2015 9.69 10.06 3.05
Q2 2015 12.08 12.43 3.91
Q3 2015 9.76 9.59 3.09

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 174.16 234.18 34.46 %

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
AlJazira Capital 183.96 234.18 27.3 %
SFC 182.00 234.18 28.7 %
OSOOL AND BAKHEET 175.00 234.18 33.8 %
Alistithmar Capital 172.00 234.18 36.1 %
SNB Capital 170.00 234.18 37.8 %
Riyad Capital 162.00 234.18 44.6 %

Current
Market Cap (M Riyal) 10,491.00
Enterprise Value (EV) (M) 16,853.77
Shares Outstanding ((M)) 260.00
EPS ( Riyal) (TTM) 0.27
Book Value (BV) ( Riyal) 12.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 3.26
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 2.2

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