Sipchem’s net profit drops 45% in nine-months 2015

20/10/2015 Argaam Exclusive

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Share Price

Sahara International Petrochemical Co. (SIPCHEM)

Saudi International Petrochemical Co. (Sipchem) reported a net profit of SAR 262.3 million during the first nine months of 2015, a 45 percent year-on-year (YOY) drop due to lower selling prices of company products.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	3,124.42	2,643.07	(15.4 %)
Gross Income	1,073.72	730.85	(31.9 %)
Operating Income	916.98	560.98	(38.8 %)
Net Income	473.83	262.26	(44.6 %)
Average Shares	366.67	366.67	-
EPS (Riyals)	1.29	0.72	(44.6 %)

Sipchem reported a net profit of SAR 71.6 million during Q3-2015, marking a 55 percent drop compared to the same quarter of the previous year, and a 35 percent drop quarter-on-quarter (QOQ).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	1,019.33	809.93	(20.5 %)
Gross Income	317.91	209.37	(34.1 %)
Operating Income	270.04	156.89	(41.9 %)
Net Income	160.57	71.58	(55.4 %)
Average Shares	366.67	366.67	-
EPS (Riyals)	0.44	0.20	(55.4 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	1,006.95	809.93	(19.6 %)
Gross Income	287.40	209.37	(27.2 %)
Operating Income	227.47	156.89	(31.0 %)
Net Income	110.07	71.58	(35.0 %)
Average Shares	366.67	366.67	-
EPS (Riyals)	0.30	0.20	(35.0 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	202.42	(4.0 %)	141.70	(3.3 %)	97.05	9.8 %	0.31
Q2 2006	352.83	79.9 %	195.27	45.5 %	122.53	42.2 %	0.40
Q3 2006	298.29	82.3 %	170.57	65.4 %	98.47	25.9 %	0.32
Q4 2006	480.44	209.2 %	314.18	240.7 %	175.64	143.3 %	0.57
2006	1,333.99	83.7 %	821.72	72.6 %	493.70	51.9 %	1.59
Q1 2007	369.98	82.8 %	254.83	79.8 %	150.18	54.7 %	0.49
Q2 2007	330.81	(6.2 %)	183.27	(6.1 %)	100.08	(18.3 %)	0.32
Q3 2007	324.86	8.9 %	156.78	(8.1 %)	87.03	(11.6 %)	0.28
Q4 2007	502.03	4.5 %	357.82	13.9 %	254.08	44.7 %	0.82
2007	1,527.68	14.5 %	952.69	15.9 %	593.97	20.3 %	1.92
Q1 2008	584.46	58.0 %	391.43	53.6 %	231.59	54.2 %	0.63
Q2 2008	413.05	24.9 %	242.12	32.1 %	133.74	33.6 %	0.36
Q3 2008	474.56	46.1 %	272.92	74.1 %	136.72	57.1 %	0.37
Q4 2008	236.51	(52.9 %)	108.33	(69.7 %)	34.72	(86.3 %)	0.09
2008	1,708.58	11.8 %	1,014.81	6.5 %	536.78	(9.6 %)	1.46
Q1 2009	159.74	(72.7 %)	22.80	(94.2 %)	29.17	(87.4 %)	0.08
Q2 2009	175.76	(57.4 %)	25.13	(89.6 %)	0.50	(99.6 %)	0.00
Q3 2009	196.78	(58.5 %)	48.91	(82.1 %)	54.67	(60.0 %)	0.15
Q4 2009	298.13	26.1 %	138.91	28.2 %	56.54	62.8 %	0.15
2009	830.40	(51.4 %)	235.74	(76.8 %)	140.88	(73.8 %)	0.38
Q1 2010	305.61	91.3 %	148.84	552.9 %	81.20	178.3 %	0.22
Q2 2010	371.88	111.6 %	189.10	652.7 %	87.66	17326.6 %	0.24
Q3 2010	508.59	158.5 %	201.19	311.4 %	84.11	53.8 %	0.23
Q4 2010	806.46	170.5 %	322.22	132.0 %	125.12	121.3 %	0.34
2010	1,992.54	139.9 %	861.35	265.4 %	378.08	168.4 %	1.03
Q1 2011	693.04	126.8 %	267.26	79.6 %	120.90	48.9 %	0.33
Q2 2011	831.65	123.6 %	316.49	67.4 %	165.38	88.7 %	0.45
Q3 2011	865.04	70.1 %	417.16	107.3 %	208.45	147.8 %	0.57
Q4 2011	934.65	15.9 %	425.86	32.2 %	211.18	68.8 %	0.58
2011	3,324.39	66.8 %	1,426.77	65.6 %	705.90	86.7 %	1.93
Q1 2012	1,058.04	52.7 %	334.73	25.2 %	151.61	25.4 %	0.41
Q2 2012	904.47	8.8 %	314.22	(0.7 %)	136.07	(17.7 %)	0.37
Q3 2012	914.39	5.7 %	314.84	(24.5 %)	155.84	(25.2 %)	0.43
Q4 2012	1,044.97	11.8 %	303.75	(28.7 %)	157.65	(25.3 %)	0.43
2012	3,921.88	18.0 %	1,267.55	(11.2 %)	601.17	(14.8 %)	1.64
Q1 2013	857.39	(19.0 %)	180.54	(46.1 %)	64.45	(57.5 %)	0.18
Q2 2013	912.42	0.9 %	368.77	17.4 %	174.02	27.9 %	0.47
Q3 2013	998.84	9.2 %	345.65	9.8 %	185.19	18.8 %	0.51
Q4 2013	1,302.97	24.7 %	469.59	54.6 %	196.79	24.8 %	0.54
2013	4,071.61	3.8 %	1,364.56	7.7 %	620.45	3.2 %	1.69
Q1 2014	927.45	8.2 %	233.36	29.3 %	68.66	6.5 %	0.19
Q2 2014	1,177.63	29.1 %	522.46	41.7 %	244.60	40.6 %	0.67
Q3 2014	1,019.33	2.1 %	317.91	(8.0 %)	160.57	(13.3 %)	0.44
Q4 2014	999.99	(23.3 %)	322.92	(31.2 %)	132.40	(32.7 %)	0.36
2014	4,124.41	1.3 %	1,396.64	2.4 %	606.23	(2.3 %)	1.65
Q1 2015	802.03	(13.5 %)	234.08	0.3 %	80.62	17.4 %	0.22
Q2 2015	1,006.95	(14.5 %)	287.40	(45.0 %)	110.07	(55.0 %)	0.30
Q3 2015	809.93	(20.5 %)	209.37	(34.1 %)	71.58	(55.4 %)	0.20

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	726.09	9200.5 %	476.05	8432.9 %	324.96	5218.5 %	2.42
2006	1,333.99	83.7 %	821.72	72.6 %	493.70	51.9 %	1.59
2007	1,527.68	14.5 %	952.69	15.9 %	593.97	20.3 %	1.92
2008	1,708.58	11.8 %	1,014.81	6.5 %	536.78	(9.6 %)	1.46
2009	830.40	(51.4 %)	235.74	(76.8 %)	140.88	(73.8 %)	0.38
2010	1,992.54	139.9 %	861.35	265.4 %	378.08	168.4 %	1.03
2011	3,324.39	66.8 %	1,426.77	65.6 %	705.90	86.7 %	1.93
2012	3,921.88	18.0 %	1,267.55	(11.2 %)	601.17	(14.8 %)	1.64
2013	4,071.61	3.8 %	1,364.56	7.7 %	620.45	3.2 %	1.69
2014	4,124.41	1.3 %	1,396.64	2.4 %	606.23	(2.3 %)	1.65

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	65.68 %	77.54 %	46.49 %
Q2 2006	60.89 %	72.79 %	42.32 %
Q3 2006	59.44 %	71.06 %	38.68 %
Q4 2006	61.60 %	71.57 %	37.01 %
2006	61.60 %	71.57 %	37.01 %
Q1 2007	62.26 %	72.40 %	36.42 %
Q2 2007	62.37 %	73.27 %	35.44 %
Q3 2007	60.36 %	69.97 %	34.06 %
Q4 2007	62.36 %	71.18 %	38.71 %
2007	62.36 %	71.35 %	38.88 %
Q1 2008	62.53 %	69.73 %	38.62 %
Q2 2008	62.93 %	69.42 %	38.72 %
Q3 2008	64.04 %	70.68 %	40.58 %
Q4 2008	59.39 %	67.28 %	35.37 %
2008	59.39 %	67.28 %	35.37 %
Q1 2009	50.33 %	60.37 %	29.36 %
Q2 2009	41.01 %	53.17 %	23.29 %
Q3 2009	26.69 %	38.77 %	8.67 %
Q4 2009	28.39 %	40.42 %	7.93 %
2009	28.39 %	40.42 %	7.93 %
Q1 2010	37.06 %	46.47 %	14.64 %
Q2 2010	44.85 %	52.51 %	19.62 %
Q3 2010	45.68 %	58.87 %	20.85 %
Q4 2010	43.23 %	53.67 %	18.97 %
2010	43.23 %	53.67 %	18.97 %
Q1 2011	41.17 %	52.62 %	17.55 %
Q2 2011	38.99 %	50.44 %	17.45 %
Q3 2011	41.40 %	50.97 %	19.39 %
Q4 2011	42.92 %	53.18 %	21.23 %
2011	42.92 %	53.18 %	21.23 %
Q1 2012	40.50 %	49.59 %	19.97 %
Q2 2012	39.66 %	48.73 %	18.80 %
Q3 2012	36.46 %	45.19 %	17.18 %
Q4 2012	32.32 %	42.08 %	15.33 %
2012	32.32 %	42.08 %	15.33 %
Q1 2013	29.92 %	40.69 %	13.81 %
Q2 2013	31.32 %	42.52 %	14.80 %
Q3 2013	31.43 %	42.98 %	15.24 %
Q4 2013	33.51 %	42.25 %	15.24 %
2013	33.51 %	42.25 %	15.24 %
Q1 2014	34.22 %	42.01 %	15.08 %
Q2 2014	35.65 %	42.65 %	15.78 %
Q3 2014	34.86 %	41.78 %	15.15 %
Q4 2014	33.86 %	42.36 %	15.61 %
2014	33.86 %	42.36 %	15.61 %
Q1 2015	34.94 %	44.44 %	16.40 %
Q2 2015	30.36 %	40.88 %	13.61 %
Q3 2015	29.12 %	40.95 %	11.94 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	65.56 %	76.60 %	44.76 %
2006	61.60 %	71.57 %	37.01 %
2007	62.36 %	71.35 %	38.88 %
2008	59.39 %	67.28 %	35.37 %
2009	28.39 %	40.42 %	7.93 %
2010	43.23 %	53.67 %	18.97 %
2011	42.92 %	53.18 %	21.23 %
2012	32.32 %	42.08 %	15.33 %
2013	33.51 %	42.25 %	15.24 %
2014	33.86 %	42.36 %	15.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	70.00 %	82.92 %	47.95 %
Q2 2006	55.34 %	64.57 %	34.73 %
Q3 2006	57.18 %	70.48 %	33.01 %
Q4 2006	65.39 %	72.61 %	36.56 %
Q1 2007	68.88 %	81.13 %	40.59 %
Q2 2007	55.40 %	67.95 %	30.25 %
Q3 2007	48.26 %	55.42 %	26.79 %
Q4 2007	71.27 %	76.16 %	50.61 %
Q1 2008	66.97 %	73.16 %	39.63 %
Q2 2008	58.62 %	66.95 %	32.38 %
Q3 2008	57.51 %	65.07 %	38.29 %
Q4 2008	45.81 %	57.76 %	24.24 %
Q1 2009	14.27 %	33.27 %	2.61 %
Q2 2009	14.30 %	32.94 %	0.29 %
Q3 2009	24.85 %	25.60 %	2.37 %
Q4 2009	46.59 %	58.43 %	18.96 %
Q1 2010	48.70 %	56.01 %	26.57 %
Q2 2010	50.85 %	59.12 %	23.57 %
Q3 2010	39.56 %	60.66 %	16.54 %
Q4 2010	39.95 %	45.86 %	15.51 %
Q1 2011	38.56 %	51.09 %	17.44 %
Q2 2011	38.06 %	48.11 %	19.89 %
Q3 2011	48.22 %	58.38 %	24.10 %
Q4 2011	45.56 %	54.43 %	22.59 %
Q1 2012	31.64 %	39.30 %	14.33 %
Q2 2012	34.74 %	44.62 %	15.04 %
Q3 2012	34.43 %	43.11 %	17.04 %
Q4 2012	29.07 %	41.79 %	15.09 %
Q1 2013	21.06 %	32.61 %	7.52 %
Q2 2013	40.42 %	52.06 %	19.07 %
Q3 2013	34.61 %	44.84 %	18.54 %
Q4 2013	36.04 %	39.73 %	15.10 %
Q1 2014	25.16 %	32.27 %	7.40 %
Q2 2014	44.36 %	52.19 %	20.77 %
Q3 2014	31.19 %	41.03 %	15.75 %
Q4 2014	32.29 %	41.51 %	16.99 %
Q1 2015	29.19 %	41.05 %	10.05 %
Q2 2015	28.54 %	39.96 %	10.93 %
Q3 2015	25.85 %	41.40 %	8.84 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	309.60	1.08	1.08	6.49
Q2 2006	309.60	1.20	1.20	6.88
Q3 2006	309.60	1.26	1.26	7.20
Q4 2006	309.60	1.59	1.59	7.77
Q1 2007	309.60	1.77	1.77	8.25
Q2 2007	309.60	1.69	1.69	8.58
Q3 2007	309.60	1.66	1.66	8.86
Q4 2007	309.60	1.91	1.91	9.68
Q1 2008	366.67	1.83	1.83	14.17
Q2 2008	366.67	1.93	1.93	14.53
Q3 2008	366.67	2.06	2.18	13.99
Q4 2008	366.67	1.46	1.65	13.54
Q1 2009	366.67	0.91	1.03	13.67
Q2 2009	366.67	0.55	0.66	13.09
Q3 2009	366.67	0.32	0.18	13.21
Q4 2009	366.67	0.38	0.18	13.42
Q1 2010	366.67	0.53	0.39	12.71
Q2 2010	366.67	0.76	0.63	12.82
Q3 2010	366.67	0.84	0.84	12.98
Q4 2010	366.67	1.03	1.03	13.42
Q1 2011	366.67	1.14	1.14	13.79
Q2 2011	366.67	1.35	1.35	14.21
Q3 2011	366.67	1.69	1.69	14.74
Q4 2011	366.67	1.93	1.93	15.36
Q1 2012	366.67	2.01	2.01	14.56
Q2 2012	366.67	1.93	1.93	14.93
Q3 2012	366.67	1.79	1.79	14.87
Q4 2012	366.67	1.64	1.64	15.34
Q1 2013	366.67	1.40	1.40	14.80
Q2 2013	366.67	1.51	1.51	15.31
Q3 2013	366.67	1.59	1.59	15.23
Q4 2013	366.67	1.69	1.69	15.80
Q1 2014	366.67	1.70	1.70	15.35
Q2 2014	366.67	1.90	1.90	15.45
Q3 2014	366.67	1.83	1.83	15.90
Q4 2014	366.67	1.65	1.76	16.28
Q1 2015	366.67	1.69	1.79	15.85
Q2 2015	366.67	1.32	1.42	15.59
Q3 2015	366.67	1.08	1.18	15.78

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	134.16	2.42	2.42	14.25
2006	309.60	1.59	1.59	7.77
2007	309.60	1.92	1.92	9.68
2008	366.67	1.46	1.65	13.54
2009	366.67	0.38	0.18	13.42
2010	366.67	1.03	1.03	13.42
2011	366.67	1.93	1.93	15.36
2012	366.67	1.64	1.64	15.34
2013	366.67	1.69	1.69	15.80
2014	366.67	1.65	1.76	16.28

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	31.76	31.76	6.52
Q1 2007	36.81	36.81	7.88
Q2 2007	33.66	33.66	6.65
Q3 2007	35.11	35.11	6.57
Q4 2007	49.69	49.69	9.81
Q1 2008	36.42	36.42	4.72
Q2 2008	39.87	39.87	5.29
Q3 2008	24.42	23.05	3.60
Q4 2008	19.25	17.10	2.08
Q1 2009	34.10	30.25	2.27
Q2 2009	More than 50	More than 50	2.61
Q3 2009	More than 50	More than 50	2.95
Q4 2009	More than 50	More than 50	3.23
Q1 2010	More than 50	More than 50	3.36
Q2 2010	49.52	More than 50	2.95
Q3 2010	More than 50	More than 50	3.44
Q4 2010	49.01	49.01	3.77
Q1 2011	39.06	39.06	3.23
Q2 2011	31.89	31.89	3.03
Q3 2011	21.36	21.36	2.45
Q4 2011	20.47	20.47	2.57
Q1 2012	23.10	23.10	3.19
Q2 2012	18.77	18.77	2.42
Q3 2012	21.39	21.39	2.57
Q4 2012	23.30	23.30	2.49
Q1 2013	27.25	27.25	2.58
Q2 2013	30.16	30.16	2.97
Q3 2013	31.47	31.47	3.28
Q4 2013	37.59	37.59	4.03
Q1 2014	38.15	38.15	4.23
Q2 2014	33.35	33.35	4.09
Q3 2014	46.97	46.97	5.40
Q4 2014	32.10	30.23	3.26
Q1 2015	33.93	31.99	3.61
Q2 2015	47.97	44.52	4.06
Q3 2015	35.01	31.97	2.39

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	31.76	31.76	6.52
2007	49.47	49.47	9.81
2008	19.25	17.10	2.08
2009	More than 50	More than 50	3.23
2010	49.01	49.01	3.77
2011	20.47	20.47	2.57
2012	23.30	23.30	2.49
2013	37.59	37.59	4.03
2014	32.10	30.23	3.26

Business Segments (Million)

Compared With The

Period	Marketing activities	Petrochemical sector
Q1 2011	-	693.04
Q2 2011	-	831.65
Q3 2011	-	865.04
Q4 2011	-	934.65
Q1 2012	220.26	837.79
Q2 2012	182.65	721.82
Q3 2012	151.79	762.60
Q4 2012	192.98	851.98
Q1 2013	214.24	643.15
Q2 2013	176.39	736.03
Q3 2013	208.84	790.00
Q4 2013	196.75	1,106.22
Q1 2014	225.80	701.65
Q2 2014	143.30	1,034.33
Q3 2014	128.72	890.61
Q4 2014	226.62	773.37
Q1 2015	59.50	742.53
Q2 2015	99.40	907.55
Q3 2015	64.73	745.20

Period	Marketing activities	Petrochemical sector
2011	-	3,324.39
2012	747.69	3,174.19
2013	796.21	3,275.40
2014	724.45	3,399.96

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	122.73	71.58	(41.7 %)

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
SFC	91.00	71.58	(21.3) %
SNB Capital	130.00	71.58	(44.9) %
Riyad Capital	132.00	71.58	(45.8) %
AlJazira Capital	137.90	71.58	(48.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	23,466.56
Enterprise Value (EV) (M)	24,962.10
Shares Outstanding ((M))	733.33
EPS ( Riyal) (TTM)	1.21
Book Value (BV) ( Riyal)	21.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.79
P/E (TTM)	26.48
Price/book	1.49
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	5.5

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Sipchem’s net profit drops 45% in nine-months 2015

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Share Price

Sahara International Petrochemical Co. (SIPCHEM)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Sipchem’s net profit drops 45% in nine-months 2015

View other reports

Share Price

Sahara International Petrochemical Co. (SIPCHEM)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)