Nama Chemicals swings to profit in Q1 as sales rise

09/05/2018 Argaam Exclusive

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Nama Chemicals Co. posted a net profit of SAR 28.16 million for the first quarter of 2018, versus net losses of SAR 3.84 million in the year-earlier period, driven by higher sales, lower selling and marketing expenses, despite higher cost of raw materials.

When compared to the previous quarter, net profit more than tripled, boosted by higher sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 130.15 181.84 39.7 %
Gross Income 16.90 52.41 210.1 %
Operating Income 2.38 36.69 1444.9 %
Net Income (3.85) 28.16 832.1 %
Average Shares 23.52 23.52 -
EPS (Riyals) (0.16) 1.20 832.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 101.89 (38.2 %) (19.04) (180.6 %) (32.41) (363.1 %) (1.38)
Q2 2009 98.09 (42.6 %) 4.43 (78.2 %) (3.36) (164.2 %) (0.14)
Q3 2009 100.21 (42.5 %) 17.21 (34.2 %) 7.36 20.8 % 0.31
Q4 2009 97.47 (12.8 %) 9.09 957.8 % (21.39) 76.5 % (0.91)
Q1 2010 129.98 27.6 % 15.26 180.2 % 2.11 106.5 % 0.09
Q2 2010 162.16 65.3 % 35.84 709.5 % 10.56 414.1 % 0.45
Q3 2010 154.59 54.3 % 30.75 78.7 % 12.79 73.7 % 0.54
Q4 2010 181.52 86.2 % 30.28 233.0 % 9.02 142.2 % 0.38
Q1 2011 204.94 57.7 % 10.81 (29.2 %) (4.35) (306.7 %) (0.19)
Q2 2011 216.55 33.5 % 47.05 31.3 % 16.84 59.5 % 0.72
Q3 2011 162.99 5.4 % 3.16 (89.7 %) (29.27) (328.9 %) (1.24)
Q4 2011 143.06 (21.2 %) (33.47) (210.5 %) (229.75) (2647.4 %) (9.77)
Q1 2012 205.40 0.2 % 24.94 130.8 % (4.45) (2.3 %) (0.19)
Q2 2012 182.18 (15.9 %) 17.93 (61.9 %) (9.18) (154.5 %) (0.39)
Q3 2012 146.77 (10.0 %) 8.45 167.0 % (13.20) 54.9 % (0.56)
Q4 2012 183.05 28.0 % 34.39 202.7 % 3.59 101.6 % 0.15
Q1 2013 205.59 0.1 % 8.10 (67.5 %) (25.42) (470.9 %) (1.08)
Q2 2013 178.72 (1.9 %) 32.42 80.8 % 9.54 203.9 % 0.41
Q3 2013 180.35 22.9 % 8.15 (3.5 %) (12.02) 8.9 % (0.51)
Q4 2013 179.42 (2.0 %) 12.94 (62.4 %) (16.32) (554.1 %) (0.69)
Q1 2014 178.54 (13.2 %) 4.21 (48.1 %) (14.87) 41.5 % (0.63)
Q2 2014 153.32 (14.2 %) (4.42) (113.6 %) (28.37) (397.2 %) (1.21)
Q3 2014 164.65 (8.7 %) (1.40) (117.2 %) (23.36) (94.3 %) (0.99)
Q4 2014 178.88 (0.3 %) (14.98) (215.8 %) (45.89) (181.2 %) (1.95)
Q1 2015 127.00 (28.9 %) (6.45) (253.4 %) (31.15) (109.5 %) (1.32)
Q2 2015 114.62 (25.2 %) 9.06 305.0 % 6.45 122.7 % 0.27
Q3 2015 110.47 (32.9 %) (11.99) (753.8 %) (23.97) (2.6 %) (1.02)
Q4 2015 107.58 (39.9 %) (15.56) (3.9 %) (25.36) 44.7 % (1.08)
Q1 2016 112.90 (11.1 %) (1.84) 71.5 % (21.94) 29.6 % (0.93)
Q2 2016 122.21 6.6 % (6.61) (172.9 %) (31.45) (587.5 %) (1.34)
Q3 2016 102.15 (7.5 %) (8.46) 29.4 % (30.92) (29.0 %) (1.31)
Q4 2016 115.62 7.5 % 5.02 132.2 % (727.12) (2,766.7 %) (30.91)
Q1 2017 130.15 15.3 % 16.90 1020.1 % (3.85) 82.5 % (0.16)
Q2 2017 160.04 31.0 % 23.48 455.4 % (2.76) 91.2 % (0.12)
Q3 2017 145.64 42.6 % 19.58 331.3 % (2.02) 93.5 % (0.09)
Q4 2017 162.85 40.9 % 31.13 520.7 % 7.11 101.0 % 0.30
Q1 2018 181.84 39.7 % 52.41 210.1 % 28.16 832.1 % 1.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 4.72 % 0.34 % (20.08 %)
Q2 2009 2.16 % (2.66 %) (24.85 %)
Q3 2009 0.37 % (4.19 %) (29.02 %)
Q4 2009 2.94 % (1.22 %) (8.67 %)
Q1 2010 10.80 % 7.59 % 0.01 %
Q2 2010 15.80 % 12.40 % 2.85 %
Q3 2010 16.71 % 12.73 % 3.56 %
Q4 2010 17.85 % 13.34 % 5.49 %
Q1 2011 15.31 % 12.19 % 3.98 %
Q2 2011 15.69 % 15.74 % 4.53 %
Q3 2011 11.92 % 17.23 % (1.01 %)
Q4 2011 3.79 % 17.24 % (12.86 %)
Q1 2012 5.73 % 19.15 % (12.87 %)
Q2 2012 1.81 % 16.43 % (17.26 %)
Q3 2012 2.63 % 18.21 % (15.30 %)
Q4 2012 11.95 % 27.03 % (3.24 %)
Q1 2013 9.60 % 24.75 % (6.16 %)
Q2 2013 11.67 % 27.85 % (3.57 %)
Q3 2013 11.11 % 27.18 % (3.25 %)
Q4 2013 8.28 % 25.66 % (5.94 %)
Q1 2014 8.05 % 26.57 % (4.69 %)
Q2 2014 3.02 % 23.03 % (10.35 %)
Q3 2014 1.67 % 24.22 % (12.27 %)
Q4 2014 (2.46 %) 22.47 % (16.65 %)
Q1 2015 (4.37 %) 24.12 % (20.64 %)
Q2 2015 (2.36 %) 29.07 % (17.93 %)
Q3 2015 (4.59 %) 31.04 % (20.97 %)
Q4 2015 (5.43 %) 37.53 % (21.58 %)
Q1 2016 (4.56 %) 38.93 % (20.20 %)
Q2 2016 (7.94 %) 33.71 % (25.80 %)
Q3 2016 (7.30 %) 33.90 % (26.54 %)
Q4 2016 (2.63 %) 29.10 % (30.54 %)
Q1 2017 1.46 % 30.53 % (25.57 %)
Q2 2017 7.27 % 30.71 % (18.02 %)
Q3 2017 11.78 % 27.90 % (11.35 %)
Q4 2017 15.22 % 27.75 % (0.25 %)
Q1 2018 19.47 % 30.87 % 4.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 23.52 (4.77) (4.77) 65.18
Q2 2009 23.52 (5.14) (5.14) 66.38
Q3 2009 23.52 (5.08) (5.08) 67.39
Q4 2009 23.52 (2.12) (1.47) 66.55
Q1 2010 23.52 (0.65) 0.00 67.21
Q2 2010 23.52 (0.06) 0.59 67.21
Q3 2010 23.52 0.17 0.82 67.73
Q4 2010 23.52 1.47 1.47 69.30
Q1 2011 23.52 1.19 1.19 68.85
Q2 2011 23.52 1.46 1.46 69.47
Q3 2011 23.52 (0.33) (0.33) 67.80
Q4 2011 23.52 (10.48) (3.98) 58.77
Q1 2012 23.52 (10.49) (3.98) 59.53
Q2 2012 23.52 (11.59) (5.09) 58.25
Q3 2012 23.52 (10.91) (4.41) 57.81
Q4 2012 23.52 (0.99) (0.99) 58.18
Q1 2013 23.52 (1.88) (1.88) 57.67
Q2 2013 23.52 (1.08) (1.08) 58.45
Q3 2013 23.52 (1.03) (1.03) 58.68
Q4 2013 23.52 (1.88) (1.88) 59.06
Q1 2014 23.52 (1.43) (1.43) 58.43
Q2 2014 23.52 (3.04) (3.04) 57.27
Q3 2014 23.52 (3.52) (3.52) 56.76
Q4 2014 23.52 (4.78) (4.78) 52.18
Q1 2015 23.52 (5.47) (5.47) 50.54
Q2 2015 23.52 (3.99) (4.46) 51.46
Q3 2015 23.52 (4.02) (4.73) 49.19
Q4 2015 23.52 (3.15) (4.22) 46.61
Q1 2016 23.52 (2.76) (3.83) 44.08
Q2 2016 23.52 (4.37) (4.97) 42.99
Q3 2016 23.52 (4.66) (5.02) 41.79
Q4 2016 23.52 (34.50) (5.88) 11.83
Q1 2017 23.52 (33.73) (5.11) 11.94
Q2 2017 23.52 (32.51) (3.89) 11.69
Q3 2017 23.52 (31.28) (2.66) 11.91
Q4 2017 23.52 (0.06) (0.06) 11.66
Q1 2018 23.52 1.30 1.30 14.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 NEG NEG 0.68
Q2 2009 NEG NEG 0.95
Q3 2009 NEG NEG 0.91
Q4 2009 NEG NEG 0.89
Q1 2010 NEG More than 100 0.85
Q2 2010 NEG 87.55 0.77
Q3 2010 More than 100 65.35 0.79
Q4 2010 41.58 41.58 0.88
Q1 2011 49.78 49.78 0.86
Q2 2011 41.41 41.41 0.87
Q3 2011 NEG NEG 0.75
Q4 2011 NEG NEG 0.93
Q1 2012 NEG NEG 1.54
Q2 2012 NEG NEG 1.33
Q3 2012 NEG NEG 1.38
Q4 2012 NEG NEG 1.21
Q1 2013 NEG NEG 1.25
Q2 2013 NEG NEG 1.13
Q3 2013 NEG NEG 1.13
Q4 2013 NEG NEG 1.30
Q1 2014 NEG NEG 1.46
Q2 2014 NEG NEG 1.49
Q3 2014 NEG NEG 1.60
Q4 2014 NEG NEG 1.12
Q1 2015 NEG NEG 1.19
Q2 2015 NEG NEG 1.15
Q3 2015 NEG NEG 0.93
Q4 2015 NEG NEG 0.84
Q1 2016 NEG NEG 0.72
Q2 2016 NEG NEG 0.81
Q3 2016 NEG NEG 0.63
Q4 2016 NEG NEG 2.87
Q1 2017 NEG NEG 1.81
Q2 2017 0.00 NEG 1.19
Q3 2017 NEG NEG 1.79
Q4 2017 NEG NEG 1.51
Q1 2018 13.59 13.59 1.24

Business Segments (Million)

Compared With The
Period Epoxy Resins Products Chlor Alkali Products Others.. Consolidation adjustments & eliminations
Q1 2012 188.84 49.91 - (33.34)
Q2 2012 165.63 44.97 - (28.42)
Q3 2012 121.57 48.99 - (23.80)
Q4 2012 166.10 58.38 - (41.42)
Q1 2013 199.44 52.87 - (46.72)
Q2 2013 182.91 58.21 - (62.40)
Q3 2013 185.91 57.23 - (62.79)
Q4 2013 170.80 52.01 - (43.38)
Q1 2014 156.88 54.53 - (32.87)
Q2 2014 136.64 50.15 - (33.48)
Q3 2014 141.44 49.33 - (26.12)
Q4 2014 159.55 53.99 - (34.65)
Q1 2015 98.10 37.91 - (9.01)
Q2 2015 96.67 40.66 - (22.71)
Q3 2015 82.51 41.67 - (13.71)
Q4 2015 65.48 43.09 - (0.99)
Q1 2016 70.08 41.97 5.18 (4.33)
Q2 2016 78.57 43.70 5.18 (5.24)
Q3 2016 60.58 41.61 5.18 (5.21)
Q4 2016 71.33 42.86 5.18 (3.75)
Q1 2017 79.13 56.07 5.18 (10.23)
Q2 2017 99.62 65.98 5.18 (10.74)
Q3 2017 87.17 58.67 5.18 (5.38)
Q4 2017 88.33 81.34 5.22 (12.04)
Q1 2018 125.21 55.77 5.26 (4.40)

Current
Market Cap (M Riyal) 652.68
Enterprise Value (EV) (M) 1,167.25
Shares Outstanding ((M)) 23.52
EPS ( Riyal) (TTM) (6.94)
Book Value (BV) ( Riyal) 8.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.19
Return on Average Assets (%) (TTM) (15.52 )
Return on Average Equity (%) (TTM) (57.15 )

Share Price

27.75
0.10 0.36 %

Nama Chemicals Co. (NAMA CHEMICALS)


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