Sipchem’s profit doubles on higher sales, prices in 9M 2018

21/10/2018 Argaam Exclusive

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Share Price

Sahara International Petrochemical Co. (SIPCHEM)

Saudi International Petrochemical Co. (Sipchem) reported a net profit after zakat and tax of SAR 543 million for the first nine months of 2018, a surge of 98.9 percent year-on-year (YoY).

The strong performance was mainly attributed to higher revenue and an increase in average selling prices of the company’s products.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	3,180.86	3,983.14	25.2 %
Gross Income	1,000.38	1,430.21	43.0 %
Operating Income	659.71	1,021.78	54.9 %
Net Income	272.99	543.03	98.9 %
Average Shares	366.67	366.67	-
EPS (Riyals)	0.74	1.48	98.9 %

The third-quarter net profit after zakat and tax jumped 48.3 percent YoY to SAR 180.3 million, driven by a rise in revenue and improved operating efficiency.

When compared to the previous quarter, Q3 net profit dropped 14.7 percent on a decline in average selling prices and lower sales volumes after the shutdown of Sipchem’s methanol plant for planned maintenance.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	1,063.57	1,337.75	25.8 %
Gross Income	367.04	470.38	28.2 %
Operating Income	253.50	327.98	29.4 %
Net Income	121.55	180.27	48.3 %
Average Shares	366.67	366.67	-
EPS (Riyals)	0.33	0.49	48.3 %

Item	Q2 2018	Q3 2018	Change‬
Revenues	1,474.46	1,337.75	(9.3 %)
Gross Income	545.06	470.38	(13.7 %)
Operating Income	410.23	327.98	(20.1 %)
Net Income	211.37	180.27	(14.7 %)
Average Shares	366.67	366.67	-
EPS (Riyals)	0.58	0.49	(14.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	159.74	(72.7 %)	22.80	(94.2 %)	29.17	(87.4 %)	0.08
Q2 2009	175.76	(57.4 %)	25.13	(89.6 %)	0.50	(99.6 %)	0.00
Q3 2009	196.78	(58.5 %)	48.91	(82.1 %)	54.67	(60.0 %)	0.15
Q4 2009	298.13	26.1 %	138.91	28.2 %	56.54	62.8 %	0.15
2009	830.40	(51.4 %)	235.74	(76.8 %)	140.88	(73.8 %)	0.38
Q1 2010	305.61	91.3 %	148.84	552.9 %	81.20	178.3 %	0.22
Q2 2010	371.88	111.6 %	189.10	652.7 %	87.66	17326.6 %	0.24
Q3 2010	508.59	158.5 %	201.19	311.4 %	84.11	53.8 %	0.23
Q4 2010	806.46	170.5 %	322.22	132.0 %	125.12	121.3 %	0.34
2010	1,992.54	139.9 %	861.35	265.4 %	378.08	168.4 %	1.03
Q1 2011	693.04	126.8 %	267.26	79.6 %	120.90	48.9 %	0.33
Q2 2011	831.65	123.6 %	316.49	67.4 %	165.38	88.7 %	0.45
Q3 2011	865.04	70.1 %	417.16	107.3 %	208.45	147.8 %	0.57
Q4 2011	934.65	15.9 %	425.86	32.2 %	211.18	68.8 %	0.58
2011	3,324.39	66.8 %	1,426.77	65.6 %	705.90	86.7 %	1.93
Q1 2012	1,058.04	52.7 %	334.73	25.2 %	151.61	25.4 %	0.41
Q2 2012	904.47	8.8 %	314.22	(0.7 %)	136.07	(17.7 %)	0.37
Q3 2012	914.39	5.7 %	314.84	(24.5 %)	155.84	(25.2 %)	0.43
Q4 2012	1,044.97	11.8 %	303.75	(28.7 %)	157.65	(25.3 %)	0.43
2012	3,921.88	18.0 %	1,267.55	(11.2 %)	601.17	(14.8 %)	1.64
Q1 2013	857.39	(19.0 %)	180.54	(46.1 %)	64.45	(57.5 %)	0.18
Q2 2013	912.42	0.9 %	368.77	17.4 %	174.02	27.9 %	0.47
Q3 2013	998.84	9.2 %	345.65	9.8 %	185.19	18.8 %	0.51
Q4 2013	1,302.97	24.7 %	469.59	54.6 %	196.79	24.8 %	0.54
2013	4,071.61	3.8 %	1,364.56	7.7 %	620.45	3.2 %	1.69
Q1 2014	927.45	8.2 %	233.36	29.3 %	68.66	6.5 %	0.19
Q2 2014	1,177.63	29.1 %	522.46	41.7 %	244.60	40.6 %	0.67
Q3 2014	1,019.33	2.1 %	317.91	(8.0 %)	160.57	(13.3 %)	0.44
Q4 2014	999.99	(23.3 %)	322.92	(31.2 %)	132.40	(32.7 %)	0.36
2014	4,124.41	1.3 %	1,396.64	2.4 %	606.23	(2.3 %)	1.65
Q1 2015	802.03	(13.5 %)	234.08	0.3 %	80.62	17.4 %	0.22
Q2 2015	1,006.95	(14.5 %)	287.40	(45.0 %)	110.07	(55.0 %)	0.30
Q3 2015	809.93	(20.5 %)	209.37	(34.1 %)	71.58	(55.4 %)	0.20
Q4 2015	871.77	(12.8 %)	102.15	(68.4 %)	25.98	(80.4 %)	0.07
2015	3,514.84	(14.8 %)	832.99	(40.4 %)	288.24	(52.5 %)	0.79
Q1 2016	923.99	15.2 %	268.86	14.9 %	49.23	(38.9 %)	0.13
Q2 2016	923.62	(8.3 %)	215.25	(25.1 %)	11.37	(89.7 %)	0.03
Q3 2016	717.85	(11.4 %)	128.24	(38.8 %)	(49.38)	(169.0 %)	(0.13)
Q4 2016	949.59	8.9 %	249.11	143.9 %	31.87	22.7 %	0.09
2016	3,515.04	0.0 %	861.45	3.4 %	43.08	(85.1 %)	0.12
Q1 2017	1,199.01	29.8 %	352.28	31.0 %	91.65	86.2 %	0.25
Q2 2017	918.28	(0.6 %)	281.06	30.6 %	59.79	425.9 %	0.16
Q3 2017	1,063.57	48.2 %	367.04	186.2 %	121.55	346.1 %	0.33
Q4 2017	1,278.63	34.6 %	425.67	70.9 %	164.40	415.9 %	0.45
2017	4,459.49	26.9 %	1,426.05	65.5 %	437.39	915.2 %	1.19
Q1 2018	1,170.94	(2.3 %)	414.77	17.7 %	151.39	65.2 %	0.41
Q2 2018	1,474.46	60.6 %	545.06	93.9 %	211.37	253.5 %	0.58
Q3 2018	1,337.75	25.8 %	470.38	28.2 %	180.27	48.3 %	0.49

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	1,708.58	11.8 %	1,014.81	6.5 %	536.78	(9.6 %)	1.46
2009	830.40	(51.4 %)	235.74	(76.8 %)	140.88	(73.8 %)	0.38
2010	1,992.54	139.9 %	861.35	265.4 %	378.08	168.4 %	1.03
2011	3,324.39	66.8 %	1,426.77	65.6 %	705.90	86.7 %	1.93
2012	3,921.88	18.0 %	1,267.55	(11.2 %)	601.17	(14.8 %)	1.64
2013	4,071.61	3.8 %	1,364.56	7.7 %	620.45	3.2 %	1.69
2014	4,124.41	1.3 %	1,396.64	2.4 %	606.23	(2.3 %)	1.65
2015	3,514.84	(14.8 %)	832.99	(40.4 %)	288.24	(52.5 %)	0.79
2016	3,515.04	0.0 %	861.45	3.4 %	43.08	(85.1 %)	0.12
2017	4,459.49	26.9 %	1,426.05	65.5 %	437.39	915.2 %	1.19

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	50.33 %	60.37 %	29.36 %
Q2 2009	41.01 %	53.17 %	23.29 %
Q3 2009	26.69 %	38.77 %	8.67 %
Q4 2009	28.39 %	40.42 %	7.93 %
2009	28.39 %	40.42 %	7.93 %
Q1 2010	37.06 %	46.47 %	14.64 %
Q2 2010	44.85 %	52.51 %	19.62 %
Q3 2010	45.68 %	58.87 %	20.85 %
Q4 2010	43.23 %	53.67 %	18.97 %
2010	43.23 %	53.67 %	18.97 %
Q1 2011	41.17 %	52.62 %	17.55 %
Q2 2011	38.99 %	50.44 %	17.45 %
Q3 2011	41.40 %	50.97 %	19.39 %
Q4 2011	42.92 %	53.18 %	21.23 %
2011	42.92 %	53.18 %	21.23 %
Q1 2012	40.50 %	49.59 %	19.97 %
Q2 2012	39.66 %	48.73 %	18.80 %
Q3 2012	36.46 %	45.19 %	17.18 %
Q4 2012	32.32 %	42.08 %	15.33 %
2012	32.32 %	42.08 %	15.33 %
Q1 2013	29.92 %	40.69 %	13.81 %
Q2 2013	31.32 %	42.52 %	14.80 %
Q3 2013	31.43 %	42.98 %	15.24 %
Q4 2013	33.51 %	42.25 %	15.24 %
2013	33.51 %	42.25 %	15.24 %
Q1 2014	34.22 %	42.01 %	15.08 %
Q2 2014	35.65 %	42.65 %	15.78 %
Q3 2014	34.86 %	41.78 %	15.15 %
Q4 2014	33.86 %	42.36 %	15.61 %
2014	33.86 %	42.36 %	15.61 %
Q1 2015	34.94 %	44.44 %	16.40 %
Q2 2015	30.36 %	40.88 %	13.61 %
Q3 2015	29.12 %	40.95 %	11.94 %
Q4 2015	23.86 %	36.22 %	8.26 %
2015	23.70 %	35.97 %	8.20 %
Q1 2016	24.02 %	36.37 %	7.70 %
Q2 2016	22.54 %	33.34 %	5.09 %
Q3 2016	20.79 %	27.62 %	1.71 %
Q4 2016	24.51 %	33.63 %	1.84 %
2016	24.51 %	33.63 %	1.84 %
Q1 2017	24.93 %	31.95 %	2.26 %
Q2 2017	26.70 %	34.06 %	3.54 %
Q3 2017	30.25 %	38.89 %	7.38 %
Q4 2017	31.98 %	37.10 %	9.81 %
2017	31.98 %	37.10 %	9.81 %
Q1 2018	33.59 %	39.50 %	11.15 %
Q2 2018	35.14 %	40.29 %	13.23 %
Q3 2018	35.27 %	39.61 %	13.93 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	59.39 %	67.28 %	35.37 %
2009	28.39 %	40.42 %	7.93 %
2010	43.23 %	53.67 %	18.97 %
2011	42.92 %	53.18 %	21.23 %
2012	32.32 %	42.08 %	15.33 %
2013	33.51 %	42.25 %	15.24 %
2014	33.86 %	42.36 %	15.61 %
2015	23.70 %	35.97 %	8.20 %
2016	24.51 %	33.63 %	1.84 %
2017	31.98 %	37.10 %	9.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	14.27 %	33.27 %	2.61 %
Q2 2009	14.30 %	32.94 %	0.29 %
Q3 2009	24.85 %	25.60 %	2.37 %
Q4 2009	46.59 %	58.43 %	18.96 %
Q1 2010	48.70 %	56.01 %	26.57 %
Q2 2010	50.85 %	59.12 %	23.57 %
Q3 2010	39.56 %	60.66 %	16.54 %
Q4 2010	39.95 %	45.86 %	15.51 %
Q1 2011	38.56 %	51.09 %	17.44 %
Q2 2011	38.06 %	48.11 %	19.89 %
Q3 2011	48.22 %	58.38 %	24.10 %
Q4 2011	45.56 %	54.43 %	22.59 %
Q1 2012	31.64 %	39.30 %	14.33 %
Q2 2012	34.74 %	44.62 %	15.04 %
Q3 2012	34.43 %	43.11 %	17.04 %
Q4 2012	29.07 %	41.79 %	15.09 %
Q1 2013	21.06 %	32.61 %	7.52 %
Q2 2013	40.42 %	52.06 %	19.07 %
Q3 2013	34.61 %	44.84 %	18.54 %
Q4 2013	36.04 %	39.73 %	15.10 %
Q1 2014	25.16 %	32.27 %	7.40 %
Q2 2014	44.36 %	52.19 %	20.77 %
Q3 2014	31.19 %	41.03 %	15.75 %
Q4 2014	32.29 %	41.51 %	16.99 %
Q1 2015	29.19 %	41.05 %	10.05 %
Q2 2015	28.54 %	39.96 %	10.93 %
Q3 2015	25.85 %	41.40 %	8.84 %
Q4 2015	11.72 %	22.65 %	2.98 %
Q1 2016	29.10 %	41.00 %	7.65 %
Q2 2016	23.30 %	28.72 %	1.23 %
Q3 2016	17.86 %	15.00 %	(6.88 %)
Q4 2016	26.23 %	45.31 %	3.36 %
Q1 2017	29.38 %	34.00 %	7.64 %
Q2 2017	30.61 %	37.42 %	6.51 %
Q3 2017	34.51 %	39.96 %	11.43 %
Q4 2017	33.29 %	37.41 %	12.86 %
Q1 2018	35.42 %	43.01 %	12.68 %
Q2 2018	36.97 %	40.87 %	15.30 %
Q3 2018	35.16 %	37.34 %	14.52 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	366.67	0.91	1.03	13.67
Q2 2009	366.67	0.55	0.66	13.09
Q3 2009	366.67	0.32	0.18	13.21
Q4 2009	366.67	0.38	0.18	13.42
Q1 2010	366.67	0.53	0.39	12.71
Q2 2010	366.67	0.76	0.63	12.82
Q3 2010	366.67	0.84	0.84	12.98
Q4 2010	366.67	1.03	1.03	13.42
Q1 2011	366.67	1.14	1.14	13.79
Q2 2011	366.67	1.35	1.35	14.21
Q3 2011	366.67	1.69	1.69	14.74
Q4 2011	366.67	1.93	1.93	15.36
Q1 2012	366.67	2.01	2.01	14.56
Q2 2012	366.67	1.93	1.93	14.93
Q3 2012	366.67	1.79	1.79	14.87
Q4 2012	366.67	1.64	1.64	15.34
Q1 2013	366.67	1.40	1.40	14.80
Q2 2013	366.67	1.51	1.51	15.31
Q3 2013	366.67	1.59	1.59	15.23
Q4 2013	366.67	1.69	1.69	15.80
Q1 2014	366.67	1.70	1.70	15.35
Q2 2014	366.67	1.90	1.90	15.45
Q3 2014	366.67	1.83	1.83	15.90
Q4 2014	366.67	1.65	1.76	16.28
Q1 2015	366.67	1.69	1.79	15.85
Q2 2015	366.67	1.32	1.42	15.59
Q3 2015	366.67	1.08	1.18	15.78
Q4 2015	366.67	0.79	0.79	15.85
Q1 2016	366.67	0.70	0.76	14.36
Q2 2016	366.67	0.43	0.49	14.38
Q3 2016	366.67	0.10	0.16	14.25
Q4 2016	366.67	0.12	0.18	14.36
Q1 2017	366.67	0.23	0.23	14.61
Q2 2017	366.67	0.37	0.37	14.77
Q3 2017	366.67	0.83	0.83	15.10
Q4 2017	366.67	1.19	1.19	15.55
Q1 2018	366.67	1.36	1.35	15.97
Q2 2018	366.67	1.77	1.80	16.05
Q3 2018	366.67	1.93	2.00	16.04

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	366.67	1.46	1.65	13.54
2009	366.67	0.38	0.18	13.42
2010	366.67	1.03	1.03	13.42
2011	366.67	1.93	1.93	15.36
2012	366.67	1.64	1.64	15.34
2013	366.67	1.69	1.69	15.80
2014	366.67	1.65	1.76	16.28
2015	366.67	0.79	0.79	15.85
2016	366.67	0.12	0.18	14.36
2017	366.67	1.19	1.19	15.55

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	34.10	30.25	2.27
Q2 2009	62.31	51.42	2.61
Q3 2009	More than 100	More than 100	2.95
Q4 2009	More than 100	More than 100	3.23
Q1 2010	81.20	More than 100	3.36
Q2 2010	49.52	60.28	2.95
Q3 2010	52.89	52.89	3.44
Q4 2010	49.01	49.01	3.77
Q1 2011	39.06	39.06	3.23
Q2 2011	31.89	31.89	3.03
Q3 2011	21.36	21.36	2.45
Q4 2011	20.47	20.47	2.57
Q1 2012	23.10	23.10	3.19
Q2 2012	18.77	18.77	2.42
Q3 2012	21.39	21.39	2.57
Q4 2012	23.30	23.30	2.49
Q1 2013	27.25	27.25	2.58
Q2 2013	30.16	30.16	2.97
Q3 2013	31.47	31.47	3.28
Q4 2013	37.59	37.59	4.03
Q1 2014	38.15	38.15	4.23
Q2 2014	33.35	33.35	4.09
Q3 2014	46.97	46.97	5.40
Q4 2014	32.10	30.23	3.26
Q1 2015	33.93	31.99	3.61
Q2 2015	47.97	44.52	4.06
Q3 2015	35.01	31.97	2.39
Q4 2015	35.64	35.64	1.77
Q1 2016	37.63	34.72	1.84
Q2 2016	60.60	53.35	1.82
Q3 2016	More than 100	More than 100	1.86
Q4 2016	More than 100	More than 100	2.63
Q1 2017	More than 100	More than 100	2.43
Q2 2017	77.10	77.10	1.91
Q3 2017	37.93	37.93	2.09
Q4 2017	29.26	29.26	2.24
Q1 2018	31.26	31.44	2.65
Q2 2018	25.34	24.91	2.79
Q3 2018	23.41	22.60	2.82

Period	P/E	Adjusted P/E	Price/book
2008	19.25	17.10	2.08
2009	More than 100	More than 100	3.23
2010	49.01	49.01	3.77
2011	20.47	20.47	2.57
2012	23.30	23.30	2.49
2013	37.59	37.59	4.03
2014	32.10	30.23	3.26
2015	35.64	35.64	1.77
2016	More than 100	More than 100	2.63
2017	29.26	29.26	2.24

Business Segments (Million)

Compared With The

Period	Marketing activities	Intermediate chemicals	Basic chemicals	Polymers	Corporate and others	Petrochemical sector	Eliminations
Q1 2011	-	-	-	-	-	693.04	-
Q2 2011	-	-	-	-	-	831.65	-
Q3 2011	-	-	-	-	-	865.04	-
Q4 2011	-	-	-	-	-	934.65	-
Q1 2012	220.26	-	-	-	-	837.79	-
Q2 2012	182.65	-	-	-	-	721.82	-
Q3 2012	151.79	-	-	-	-	762.60	-
Q4 2012	192.98	-	-	-	-	851.98	-
Q1 2013	214.24	-	-	-	-	643.15	-
Q2 2013	176.39	-	-	-	-	736.03	-
Q3 2013	208.84	-	-	-	-	790.00	-
Q4 2013	196.75	-	-	-	-	1,106.22	-
Q1 2014	225.80	-	-	-	-	701.65	-
Q2 2014	143.30	-	-	-	-	1,034.33	-
Q3 2014	128.72	-	-	-	-	890.61	-
Q4 2014	226.62	-	-	-	-	773.37	-
Q1 2015	59.50	-	-	-	-	742.53	-
Q2 2015	99.40	-	-	-	-	907.55	-
Q3 2015	64.73	-	-	-	-	745.20	-
Q4 2015	279.26	-	-	-	-	592.51	-
Q1 2016	-	565.13	341.67	271.08	51.78	-	(305.68)
Q2 2016	928.40	603.96	337.22	260.71	-	-	(1156.44)
Q3 2016	391.59	385.17	276.06	251.18	-	-	(584.60)
Q4 2016	569.76	416.92	372.05	290.91	1.55	-	(701.59)
Q1 2017	899.09	606.65	508.76	318.09	2.55	-	(1136.12)
Q2 2017	616.75	513.05	359.97	228.20	74.44	-	(874.13)
Q3 2017	599.04	435.32	498.62	285.49	33.22	-	(788.11)
Q4 2017	774.81	747.67	494.99	266.44	14.89	-	(1020.16)
Q1 2018	731.01	565.18	540.95	296.35	41.82	-	(1004.36)
Q2 2018	825.69	693.27	536.49	298.43	40.58	-	(920.00)
Q3 2018	781.59	810.39	384.43	407.53	44.84	-	(1091.03)

Period	Marketing activities	Intermediate chemicals	Basic chemicals	Polymers	Corporate and others	Petrochemical sector	Eliminations
2011	-	-	-	-	-	3,324.39	-
2012	747.69	-	-	-	-	3,174.19	-
2013	796.21	-	-	-	-	3,275.40	-
2014	724.45	-	-	-	-	3,399.96	-
2015	502.89	-	-	-	-	3,011.95	-
2016	1,889.74	1,971.19	1,326.99	1,073.88	1.55	-	(2748.31)
2017	2,889.69	2,302.69	1,861.84	1,093.17	125.10	-	(3812.99)

Financial Ratios

	Current
Market Cap (M Riyal)	21,706.57
Enterprise Value (EV) (M)	23,202.11
Shares Outstanding ((M))	733.33
EPS ( Riyal) (TTM)	1.21
Book Value (BV) ( Riyal)	21.49
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.40
P/E (TTM)	24.49
Price/book	1.38
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	5.5

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Sipchem’s profit doubles on higher sales, prices in 9M 2018

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Sahara International Petrochemical Co. (SIPCHEM)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

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Sipchem’s profit doubles on higher sales, prices in 9M 2018

View other reports

Share Price

Sahara International Petrochemical Co. (SIPCHEM)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Financial Ratios

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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Business Segments (Million)