Yansab posts lower net profit at SAR 1168.7m in I2 of 2014

30/06/2014 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 1168.7m net profit at the end of the first half of 2014, a 13% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 4,381.36 4,727.20 7.9 %
Gross Income 1,607.44 1,469.06 (8.6 %)
Operating Income 1,500.64 1,345.95 (10.3 %)
Net Income 1,337.59 1,168.71 (12.6 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 2.38 2.08 (12.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 2,212.84 2,409.31 8.9 %
Gross Income 807.15 760.78 (5.7 %)
Operating Income 756.19 700.71 (7.3 %)
Net Income 670.52 613.03 (8.6 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 1.19 1.09 (8.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Current
Market Cap (M Riyal) 21,290.63
Enterprise Value (EV) (M) 18,952.10
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 1.77
Return on Average Assets (%) (TTM) (0.11 )
Return on Average Equity (%) (TTM) (0.13 )

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