Yansab net profit plummets 56% to SAR 814.4 mln in nine-months 2015

15/10/2015 Argaam Exclusive

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Share Price

Yanbu National Petrochemical Co.
36.85
(0.20) (0.54 %)

Yanbu National Petrochemical Co. (YANSAB)

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Yanbu National Petrochemical Co. (YANSAB), which is 51 percent owned by SABIC, reported a net profit of SAR 814.3 million for the first nine months of 2015; marking a 56 percent drop year-on-year (YOY) due to lower production and sales volume, as well as lower average sale prices.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 7,220.93 5,080.37 (29.6 %)
Gross Income 2,313.82 1,220.40 (47.3 %)
Operating Income 2,130.41 1,061.84 (50.2 %)
Net Income 1,859.99 814.26 (56.2 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 3.31 1.45 (56.2 %)

 

The company reported a net profit of SAR 301.7 million during Q3-2015; also a 56 percent drop compared to the same quarter of the previous year on lower prices of sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 2,493.73 1,800.27 (27.8 %)
Gross Income 844.76 434.61 (48.6 %)
Operating Income 784.45 381.43 (51.4 %)
Net Income 691.28 301.72 (56.4 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 1.23 0.54 (56.4 %)


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
Q3 2015 1,800.27 (27.8 %) 434.61 (48.6 %) 301.72 (56.4 %) 0.54

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 %
Q3 2015 27.05 % 39.84 % 19.44 %


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
Q3 2015 562.50 2.55 2.55 26.59

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 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
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
Q3 2015 16.92 16.91 1.62

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 340.26 301.72 (11.3 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
Alistithmar Capital 305.00 301.72 (1.1) %
KASB Capital 311.40 301.72 (3.1) %
Riyad Capital 312.00 301.72 (3.3) %
Albilad Capital 285.00 301.72 5.9 %
AlJazira Capital 333.40 301.72 (9.5) %
SFC 335.00 301.72 (9.9) %
SNB Capital 500.00 301.72 (39.7) %


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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