Yansab’s H1 profit drops 56% to SAR 513 mln

14/07/2015 Argaam Exclusive

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Share Price

Yanbu National Petrochemical Co.
36.95
(0.55) (1.47 %)

Yanbu National Petrochemical Co. (YANSAB)

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Yanbu National Petrochemical Co. (Yansab), which is 51 percent owned by SABIC, said its profit in H1-2015 fell 56 percent to SAR 512.5 million compared to the same period last year, mainly attributed to lower production and sales volumes due to preventive maintenance and lower sales prices. 

 

The company’s inventory and lower feedstock prices helped it keep profit from dropping further.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 4,727.20 3,280.10 (30.6 %)
Gross Income 1,469.06 785.79 (46.5 %)
Operating Income 1,345.95 680.42 (49.4 %)
Net Income 1,168.71 512.54 (56.1 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 2.08 0.91 (56.1 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 2,409.31 1,563.32 (35.1 %)
Gross Income 760.78 373.04 (51.0 %)
Operating Income 700.71 316.42 (54.8 %)
Net Income 613.03 227.40 (62.9 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 1.09 0.40 (62.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q2 2013 2,212.84 (5.1 %) 807.15 (2.2 %) 670.52 3.2 % 1.19
Q3 2013 2,888.72 43.2 % 1,027.75 74.7 % 864.83 98.5 % 1.54
Q4 2013 2,083.57 (16.8 %) 589.60 (25.3 %) 442.23 (31.0 %) 0.79
Q1 2014 2,317.89 6.9 % 708.29 (11.5 %) 555.68 (16.7 %) 0.99
Q2 2014 2,409.31 8.9 % 760.78 (5.7 %) 613.03 (8.6 %) 1.09
Q3 2014 2,493.73 (13.7 %) 844.76 (17.8 %) 691.28 (20.1 %) 1.23
Q4 2014 2,290.10 9.9 % 773.20 31.1 % 617.75 39.7 % 1.10
Q1 2015 1,716.78 (25.9 %) 412.75 (41.7 %) 285.14 (48.7 %) 0.51
Q2 2015 1,563.32 (35.1 %) 373.04 (51.0 %) 227.40 (62.9 %) 0.40

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 - - -
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 %
Q2 2013 33.53 % 57.16 % 27.12 %
Q3 2013 35.03 % 51.30 % 29.09 %
Q4 2013 34.48 % 43.54 % 28.27 %
Q1 2014 32.97 % 42.38 % 26.66 %
Q2 2014 31.82 % 41.45 % 25.52 %
Q3 2014 31.20 % 41.94 % 24.74 %
Q4 2014 32.46 % 43.45 % 26.05 %
Q1 2015 31.33 % 42.95 % 24.77 %
Q2 2015 29.81 % 42.15 % 22.59 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2013 562.50 4.29 4.29 24.42
Q3 2013 562.50 5.05 5.05 25.96
Q4 2013 562.50 4.70 4.70 26.74
Q1 2014 562.50 4.50 4.50 25.73
Q2 2014 562.50 4.40 4.40 25.32
Q3 2014 562.50 4.09 4.09 26.55
Q4 2014 562.50 4.40 4.40 27.65
Q1 2015 562.50 3.92 3.92 26.65
Q2 2015 562.50 3.24 3.24 26.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - 7.30
Q2 2006 - - 5.17
Q3 2006 - - 3.86
Q4 2006 99.23 99.23 2.42
Q1 2007 More than 100 More than 100 2.74
Q2 2007 83.32 83.32 2.47
Q3 2007 More than 100 More than 100 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 91.76 91.76 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
Q2 2013 12.93 12.93 2.27
Q3 2013 12.32 12.32 2.40
Q4 2013 15.69 15.69 2.76
Q1 2014 15.71 15.71 2.75
Q2 2014 16.11 16.11 2.80
Q3 2014 17.59 17.59 2.71
Q4 2014 10.82 10.82 1.72
Q1 2015 10.76 10.76 1.58
Q2 2015 16.75 16.75 2.08

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 239.54 227.40 (5.1 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
Riyad Capital 238.00 227.40 (4.5) %
Albilad Capital 284.00 227.40 (19.9) %
Al Rajhi Capital 172.00 227.40 32.2 %
AlJazira Capital 167.30 227.40 35.9 %
Alistithmar Capital 399.00 227.40 (43.0) %
KASB Capital 450.00 227.40 (49.5) %
SFC 115.00 227.40 97.7 %
SNB Capital 91.00 227.40 149.9 %


Financial Ratios
Current
Market Cap (M Riyal) 20,784.38
Enterprise Value (EV) (M) 18,445.85
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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