Yansab posts lower net profit at SAR 667.1m in Q1 of 2013

31/03/2013 Argaam Exclusive

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Share Price

Yanbu National Petrochemical Co. (YANSAB)

Yanbu National Petrochemical Company (YANSAB), which is 51% owned by SABIC, reported SAR 667.1m net profit at the end of the first quarter of 2013, a 7% decrease compared to the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 2,445.86 2,168.52 (11.3 %)
Gross Income 906.99 800.29 (11.8 %)
Operating Income 845.49 744.45 (12.0 %)
Net Income 720.27 667.07 (7.4 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 1.28 1.19 (7.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2004 - - - - - - -
Q2 2004 - - - - - - -
Q3 2004 - - - - - - -
Q4 2004 - - - - - - -
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - 81.38 - 0.14
Q2 2006 - - - - (125.68) - (0.22)
Q3 2006 - - - - 17.15 - 0.03
Q4 2006 - - - - 167.45 - 0.30
Q1 2007 - - - - (4.88) (106.0 %) (0.01)
Q2 2007 - - - - (9.25) 92.6 % (0.02)
Q3 2007 - - - - (8.19) (147.7 %) (0.01)
Q4 2007 - - - - (8.11) (104.8 %) (0.01)
Q1 2008 - - - - (6.88) (41.0 %) (0.01)
Q2 2008 - - - - (6.19) 33.2 % (0.01)
Q3 2008 - - - - (4.94) 39.7 % (0.01)
Q4 2008 - - - - (7.59) 6.4 % (0.01)
Q1 2009 - - - - (8.24) (19.8 %) (0.01)
Q2 2009 - - - - (6.65) (7.6 %) (0.01)
Q3 2009 - - - - (7.00) (41.9 %) (0.01)
Q4 2009 - - - - (7.32) 3.6 % (0.01)
Q1 2010 688.59 - 325.43 - 259.43 3249.6 % 0.46
Q2 2010 1,638.22 - 632.13 - 502.38 7650.1 % 0.89
Q3 2010 1,602.88 - 501.85 - 356.20 5187.8 % 0.63
Q4 2010 1,891.84 - 710.15 - 554.76 7677.7 % 0.99
Q1 2011 2,077.28 201.7 % 891.46 173.9 % 717.85 176.7 % 1.28
Q2 2011 2,659.86 62.4 % 1,139.46 80.3 % 963.67 91.8 % 1.71
Q3 2011 2,497.80 55.8 % 975.77 94.4 % 827.94 132.4 % 1.47
Q4 2011 2,424.41 28.2 % 786.41 10.7 % 664.88 19.8 % 1.18
Q1 2012 2,445.86 17.7 % 906.99 1.7 % 720.27 0.3 % 1.28
Q2 2012 2,332.26 (12.3 %) 824.89 (27.6 %) 649.61 (32.6 %) 1.15
Q3 2012 2,017.60 (19.2 %) 588.27 (39.7 %) 435.73 (47.4 %) 0.77
Q4 2012 2,503.31 3.3 % 788.85 0.3 % 640.77 (3.6 %) 1.14
Q1 2013 2,168.52 (11.3 %) 800.29 (11.8 %) 667.07 (7.4 %) 1.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
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 47.26 % 53.80 % 34.63 %
Q2 2010 41.15 % 52.45 % 32.13 %
Q3 2010 37.14 % 49.57 % 28.26 %
Q4 2010 37.27 % 49.49 % 28.73 %
Q1 2011 37.94 % 49.61 % 29.56 %
Q2 2011 39.39 % 49.60 % 31.49 %
Q3 2011 40.72 % 50.12 % 33.57 %
Q4 2011 39.27 % 47.99 % 32.86 %
Q1 2012 37.98 % 46.34 % 31.68 %
Q2 2012 36.02 % 47.12 % 29.51 %
Q3 2012 33.69 % 50.53 % 26.79 %
Q4 2012 33.43 % 58.26 % 26.31 %
Q1 2013 33.28 % 59.12 % 26.53 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 562.50 - - 10.13
Q2 2006 562.50 - - 10.19
Q3 2006 562.50 - - 10.23
Q4 2006 562.50 0.25 0.25 10.23
Q1 2007 562.50 0.10 0.10 10.22
Q2 2007 562.50 0.30 0.30 10.20
Q3 2007 562.50 0.26 0.26 10.19
Q4 2007 562.50 (0.05) (0.05) 10.17
Q1 2008 562.50 (0.06) (0.06) 10.16
Q2 2008 562.50 (0.05) (0.05) 10.15
Q3 2008 562.50 (0.05) (0.05) 10.14
Q4 2008 562.50 (0.05) (0.05) 10.13
Q1 2009 562.50 (0.05) (0.05) 10.11
Q2 2009 562.50 (0.05) (0.05) 10.10
Q3 2009 562.50 (0.05) (0.05) 10.09
Q4 2009 562.50 (0.05) (0.05) 10.08
Q1 2010 562.50 0.42 0.42 10.54
Q2 2010 562.50 1.33 1.33 11.43
Q3 2010 562.50 1.97 1.97 12.06
Q4 2010 562.50 2.97 2.97 13.05
Q1 2011 562.50 3.79 3.79 14.33
Q2 2011 562.50 4.61 4.61 16.04
Q3 2011 562.50 5.45 5.45 17.51
Q4 2011 562.50 5.64 5.64 18.69
Q1 2012 562.50 5.65 5.65 19.97
Q2 2012 562.50 5.09 5.09 21.13
Q3 2012 562.50 4.39 4.39 21.90
Q4 2012 562.50 4.35 4.35 23.04
Q1 2013 562.50 4.25 4.25 24.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - 7.30
Q2 2006 - - 5.17
Q3 2006 - - 3.86
Q4 2006 More than 50 More than 50 2.42
Q1 2007 More than 50 More than 50 2.74
Q2 2007 More than 50 More than 50 2.47
Q3 2007 More than 50 More than 50 3.31
Q4 2007 NEG NEG 5.19
Q1 2008 NEG NEG 5.54
Q2 2008 NEG NEG 5.59
Q3 2008 NEG NEG 3.34
Q4 2008 NEG NEG 1.46
Q1 2009 NEG NEG 1.89
Q2 2009 NEG NEG 2.64
Q3 2009 NEG NEG 3.27
Q4 2009 NEG NEG 3.31
Q1 2010 More than 50 More than 50 3.69
Q2 2010 28.67 28.67 3.33
Q3 2010 19.55 19.55 3.20
Q4 2010 16.01 16.01 3.65
Q1 2011 12.72 12.72 3.36
Q2 2011 10.26 10.26 2.95
Q3 2011 8.30 8.30 2.58
Q4 2011 7.80 7.80 2.35
Q1 2012 9.21 9.21 2.60
Q2 2012 8.65 8.65 2.08
Q3 2012 10.18 10.18 2.04
Q4 2012 10.88 10.88 2.05
Q1 2013 12.40 12.40 2.18

Current
Market Cap (M Riyal) 20,756.25
Enterprise Value (EV) (M) 18,417.72
Shares Outstanding ((M)) 562.50
EPS ( Riyal) (TTM) (0.03)
Book Value (BV) ( Riyal) 21.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.73
Return on Average Assets (%) (TTM) (0.11 )
Return on Average Equity (%) (TTM) (0.13 )

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