Yansab net profit jumps 91% in FY16

10/01/2017 Argaam Exclusive

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Yanbu National Petrochemical Co. (YANSAB)

 

Yanbu National Petrochemical Co. (Yansab), which is majority owned by SABIC, reported a net profit of SAR 2.3 billion for the fiscal year 2016, a 91 percent year-on-year (YoY) jump attributed to lower cost of sales as some feedstock prices declined. The increase was also supported by higher production and sales volumes due to the completion of turnaround activities in Q2-2015.



Financials (M)

Item 2015 2016 Change‬
Revenues 6,911.42 6,230.64 (9.8 %)
Gross Income 1,757.60 2,881.29 63.9 %
Operating Income 1,540.06 2,422.91 57.3 %
Net Income 1,207.32 2,344.36 94.2 %
Average Shares 562.50 562.50 -
EPS (Riyals) 2.15 4.17 94.2 %

Net profit for the fourth quarter rose 53 percent YoY to SAR 602.9 million, due to an increase in average sales prices for some products and decrease in provision for slow movement of spare parts. The firm also noted an increase in Murabaha investment return, along with lower financial charges.

 

The Q4 profit was 0.8 percent lower compared to the previous quarter because of higher average prices of feedstock materials.



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 1,831.05 1,645.07 (10.2 %)
Gross Income 537.20 732.63 36.4 %
Operating Income 478.22 587.71 22.9 %
Net Income 393.06 607.00 54.4 %
Average Shares 562.50 562.50 -
EPS (Riyals) 0.70 1.08 54.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2015 1,831.05 (20.0 %) 537.20 (30.5 %) 393.06 (36.4 %) 0.70
Q1 2016 1,346.43 (21.6 %) 607.27 47.1 % 421.74 47.9 % 0.75
Q2 2016 1,722.34 10.2 % 852.67 128.6 % 747.34 228.6 % 1.33
Q3 2016 1,516.80 (15.7 %) 688.73 58.5 % 568.28 88.3 % 1.01
Q4 2016 1,645.07 (10.2 %) 732.63 36.4 % 607.00 54.4 % 1.08
2016 6,230.64 (9.8 %) 2,881.29 63.9 % 2,344.36 94.2 % 4.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2015 25.43 % 38.49 % 17.54 %
Q1 2016 29.84 % 42.19 % 20.62 %
Q2 2016 36.29 % 47.23 % 27.89 %
Q3 2016 41.86 % 52.93 % 33.27 %
Q4 2016 46.24 % 56.31 % 37.63 %
2016 46.24 % 56.31 % 37.63 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 562.50 2.15 2.16 27.29
Q1 2016 562.50 2.39 2.40 27.00
Q2 2016 562.50 3.31 3.32 26.73
Q3 2016 562.50 3.79 3.79 27.81
Q4 2016 562.50 4.17 4.17 28.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 15.10 15.04 1.19
Q1 2016 16.32 16.26 1.44
Q2 2016 12.65 12.61 1.57
Q3 2016 11.41 11.39 1.55
Q4 2016 12.97 12.97 1.89

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average 627.14 607.00 (3.2 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
Alistithmar Capital 610.00 607.00 (0.5) %
Al Rajhi Capital 617.00 607.00 (1.6) %
KASB Capital 617.10 607.00 (1.6) %
AlJazira Capital 624.00 607.00 (2.7) %
Sico 586.00 607.00 3.6 %
Albilad Capital 635.00 607.00 (4.4) %
Riyad Capital 638.00 607.00 (4.9) %
SNB Capital 690.00 607.00 (12.0) %

Current
Market Cap (M Riyal) 20,868.75
Enterprise Value (EV) (M) 18,530.22
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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