.SAFCO’s 2014 net profit slightly up to SAR 3174 mln

12/01/2015 Argaam Exclusive

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SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

Saudi Arabia Fertilizers Company (SAFCO), one of the largest Urea producers in the world, reported 2014 net profit of SAR 3174 million compared to SAR 3161 million last year.

Financials (M)

Item	2013	2014	Change‬
Revenues	4,240.40	4,456.13	5.1 %
Gross Income	2,878.62	3,072.42	6.7 %
Operating Income	2,797.48	2,974.99	6.3 %
Net Income	3,160.48	3,174.04	0.4 %
Average Shares	416.67	416.67	-
EPS (Riyals)	7.59	7.62	0.4 %

A net profit of SAR 779 million was reported for Q4-2014 compared to SAR 913.4 million for Q3.

The company attributed the increase of 2014’s net profit compared to the last year to the increased sales volume despite the decrease of Urea selling prices and the decline of the company’s profit share in its affiliated company (Ibn Al-Baytar).

The decline of Q4-2014’s net profit compared to the same period last year and to the previous period (Q3-2014) was due to the declined Ammonia’s sales volume and the decline of the company’s profit share in its affiliated company (Ibn Al-Baytar) despite the increase of sales prices.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	1,007.88	1,093.39	8.5 %
Gross Income	678.47	754.48	11.2 %
Operating Income	658.33	727.87	10.6 %
Net Income	802.00	779.18	(2.8 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	1.92	1.87	(2.8 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	1,248.62	1,093.39	(12.4 %)
Gross Income	890.35	754.48	(15.3 %)
Operating Income	865.60	727.87	(15.9 %)
Net Income	913.37	779.18	(14.7 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	2.19	1.87	(14.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	456.67	50.9 %	241.48	89.4 %	236.37	102.3 %	0.57
Q2 2005	425.27	47.7 %	247.40	137.9 %	237.85	183.0 %	0.57
Q3 2005	484.67	29.0 %	321.06	52.1 %	344.57	65.9 %	0.83
Q4 2005	457.38	17.2 %	264.72	16.4 %	281.36	11.9 %	0.68
2005	1,823.99	34.5 %	1,074.67	60.4 %	1,100.15	66.7 %	2.64
Q1 2006	440.41	(3.6 %)	246.93	2.3 %	275.44	16.5 %	0.66
Q2 2006	463.65	9.0 %	282.86	14.3 %	290.01	21.9 %	0.70
Q3 2006	417.13	(13.9 %)	242.49	(24.5 %)	271.36	(21.2 %)	0.65
Q4 2006	510.06	11.5 %	317.97	20.1 %	314.52	11.8 %	0.75
2006	1,831.25	0.4 %	1,090.25	1.5 %	1,151.32	4.7 %	2.76
Q1 2007	521.50	18.4 %	311.18	26.0 %	319.79	16.1 %	0.77
Q2 2007	815.13	75.8 %	569.75	101.4 %	530.32	82.9 %	1.27
Q3 2007	1,013.15	142.9 %	648.51	167.4 %	616.17	127.1 %	1.48
Q4 2007	1,046.02	105.1 %	783.30	146.3 %	741.58	135.8 %	1.78
2007	3,104.72	69.5 %	2,288.78	109.9 %	2,209.23	91.9 %	5.30
Q1 2008	825.44	58.3 %	643.92	106.9 %	723.38	126.2 %	1.74
Q2 2008	1,347.23	65.3 %	1,101.60	93.3 %	1,190.94	124.6 %	2.86
Q3 2008	2,202.95	117.4 %	1,920.32	196.1 %	1,821.92	195.7 %	4.37
Q4 2008	976.32	(6.7 %)	659.83	(15.8 %)	535.86	(27.7 %)	1.29
2008	5,235.76	68.6 %	4,340.66	89.6 %	4,279.79	93.7 %	10.27
Q1 2009	739.47	(10.4 %)	452.74	(29.7 %)	524.53	(27.5 %)	1.26
Q2 2009	685.74	(49.1 %)	456.16	(58.6 %)	480.35	(59.7 %)	1.15
Q3 2009	714.39	(67.6 %)	450.72	(76.5 %)	464.15	(74.5 %)	1.11
Q4 2009	601.11	(38.4 %)	358.75	(45.6 %)	335.26	(37.4 %)	0.80
2009	2,740.71	(47.7 %)	1,709.75	(60.6 %)	1,804.29	(57.8 %)	4.33
Q1 2010	863.79	16.8 %	642.97	42.0 %	698.26	33.1 %	1.68
Q2 2010	732.66	6.8 %	578.93	26.9 %	907.20	88.9 %	2.18
Q3 2010	890.73	24.7 %	549.99	22.0 %	603.82	30.1 %	1.45
Q4 2010	1,302.29	116.6 %	918.08	155.9 %	1,025.34	205.8 %	2.46
2010	3,789.47	38.3 %	2,689.96	57.3 %	3,234.62	79.3 %	7.76
Q1 2011	1,037.85	20.1 %	775.20	20.6 %	832.63	19.2 %	2.00
Q2 2011	1,129.51	54.2 %	778.07	34.4 %	789.93	(12.9 %)	1.90
Q3 2011	1,378.89	54.8 %	1,083.97	97.1 %	1,210.58	100.5 %	2.91
Q4 2011	1,504.99	15.6 %	1,128.01	22.9 %	1,276.63	24.5 %	3.06
2011	5,051.24	33.3 %	3,765.26	40.0 %	4,109.76	27.1 %	9.86
Q1 2012	1,061.50	2.3 %	753.60	(2.8 %)	786.91	(5.5 %)	1.89
Q2 2012	1,115.96	(1.2 %)	743.75	(4.4 %)	783.93	(0.8 %)	1.88
Q3 2012	1,398.10	1.4 %	1,063.56	(1.9 %)	1,149.00	(5.1 %)	2.76
Q4 2012	1,404.84	(6.7 %)	1,047.40	(7.1 %)	1,146.38	(10.2 %)	2.75
2012	4,980.40	(1.4 %)	3,608.31	(4.2 %)	3,866.22	(5.9 %)	9.28
Q1 2013	1,177.76	11.0 %	852.82	13.2 %	931.59	18.4 %	2.24
Q2 2013	982.88	(11.9 %)	651.93	(12.3 %)	692.88	(11.6 %)	1.66
Q3 2013	1,071.88	(23.3 %)	695.40	(34.6 %)	734.01	(36.1 %)	1.76
Q4 2013	1,007.88	(28.3 %)	678.47	(35.2 %)	802.00	(30.0 %)	1.92
2013	4,240.40	(14.9 %)	2,878.62	(20.2 %)	3,160.48	(18.3 %)	7.59
Q1 2014	1,178.36	0.1 %	819.80	(3.9 %)	842.50	(9.6 %)	2.02
Q2 2014	935.77	(4.8 %)	602.24	(7.6 %)	638.99	(7.8 %)	1.53
Q3 2014	1,248.62	16.5 %	890.35	28.0 %	913.37	24.4 %	2.19
Q4 2014	1,093.39	8.5 %	754.48	11.2 %	779.18	(2.8 %)	1.87
2014	4,456.13	5.1 %	3,072.42	6.7 %	3,174.04	0.4 %	7.62

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	1,823.99	34.5 %	1,074.67	60.4 %	1,100.15	66.7 %	2.64
2006	1,831.25	0.4 %	1,090.25	1.5 %	1,151.32	4.7 %	2.76
2007	3,104.72	69.5 %	2,288.78	109.9 %	2,209.23	91.9 %	5.30
2008	5,235.76	68.6 %	4,340.66	89.6 %	4,279.79	93.7 %	10.27
2009	2,740.71	(47.7 %)	1,709.75	(60.6 %)	1,804.29	(57.8 %)	4.33
2010	3,789.47	38.3 %	2,689.96	57.3 %	3,234.62	79.3 %	7.76
2011	5,051.24	33.3 %	3,765.26	40.0 %	4,109.76	27.1 %	9.86
2012	4,980.40	(1.4 %)	3,608.31	(4.2 %)	3,866.22	(5.9 %)	9.28
2013	4,240.40	(14.9 %)	2,878.62	(20.2 %)	3,160.48	(18.3 %)	7.59
2014	4,456.13	5.1 %	3,072.42	6.7 %	3,174.04	0.4 %	7.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	51.91 %	60.37 %	51.62 %
Q2 2005	56.28 %	63.23 %	56.65 %
Q3 2005	59.05 %	65.47 %	60.92 %
Q4 2005	58.92 %	64.57 %	60.32 %
2005	58.92 %	64.57 %	60.32 %
Q1 2006	59.75 %	65.39 %	63.02 %
Q2 2006	60.43 %	66.15 %	64.53 %
Q3 2006	58.31 %	64.32 %	62.87 %
Q4 2006	59.54 %	64.58 %	62.87 %
2006	59.54 %	64.58 %	62.87 %
Q1 2007	60.37 %	65.00 %	62.52 %
Q2 2007	63.67 %	68.40 %	63.43 %
Q3 2007	64.60 %	68.25 %	62.27 %
Q4 2007	68.11 %	72.37 %	65.32 %
2007	73.72 %	78.85 %	71.48 %
Q1 2008	71.50 %	76.41 %	70.18 %
Q2 2008	75.08 %	79.21 %	77.38 %
Q3 2008	82.06 %	85.15 %	82.64 %
Q4 2008	80.82 %	84.78 %	83.93 %
2008	82.90 %	87.39 %	86.53 %
Q1 2009	78.51 %	82.40 %	81.50 %
Q2 2009	75.78 %	80.50 %	77.36 %
Q3 2009	64.81 %	72.13 %	70.04 %
Q4 2009	62.70 %	68.93 %	63.24 %
2009	62.38 %	68.93 %	63.24 %
Q1 2010	66.62 %	72.45 %	67.47 %
Q2 2010	69.76 %	75.51 %	70.71 %
Q3 2010	68.99 %	74.50 %	71.91 %
Q4 2010	70.99 %	77.07 %	77.39 %
2010	70.99 %	77.07 %	77.39 %
Q1 2011	71.20 %	77.27 %	77.38 %
Q2 2011	69.29 %	74.95 %	74.59 %
Q3 2011	73.33 %	78.93 %	79.59 %
Q4 2011	74.54 %	78.96 %	81.36 %
2011	74.54 %	78.96 %	81.36 %
Q1 2012	73.77 %	78.19 %	80.08 %
Q2 2012	73.29 %	77.86 %	80.18 %
Q3 2012	72.61 %	77.33 %	78.66 %
Q4 2012	72.45 %	77.69 %	77.63 %
2012	72.45 %	77.69 %	77.63 %
Q1 2013	72.74 %	77.97 %	78.70 %
Q2 2013	72.84 %	78.17 %	78.97 %
Q3 2013	70.03 %	76.05 %	75.58 %
Q4 2013	67.89 %	74.79 %	74.45 %
2013	67.89 %	74.79 %	73.49 %
Q1 2014	67.10 %	73.89 %	72.34 %
Q2 2014	66.67 %	73.41 %	71.87 %
Q3 2014	68.43 %	74.29 %	73.07 %
Q4 2014	68.82 %	74.90 %	70.26 %
2014	68.95 %	75.02 %	70.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	58.92 %	64.57 %	60.32 %
2006	59.54 %	64.58 %	62.87 %
2007	73.72 %	78.85 %	71.48 %
2008	82.90 %	87.39 %	86.53 %
2009	62.38 %	68.93 %	63.24 %
2010	70.99 %	77.07 %	77.39 %
2011	74.54 %	78.96 %	81.36 %
2012	72.45 %	77.69 %	77.63 %
2013	67.89 %	74.79 %	73.49 %
2014	68.95 %	75.02 %	70.38 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	52.88 %	59.34 %	51.76 %
Q2 2005	58.18 %	63.48 %	55.93 %
Q3 2005	66.24 %	71.75 %	71.09 %
Q4 2005	57.88 %	63.22 %	61.51 %
Q1 2006	56.07 %	62.49 %	62.54 %
Q2 2006	61.01 %	66.65 %	62.55 %
Q3 2006	58.13 %	64.85 %	65.05 %
Q4 2006	62.34 %	64.28 %	61.66 %
Q1 2007	59.67 %	64.35 %	61.32 %
Q2 2007	69.90 %	75.40 %	65.06 %
Q3 2007	64.01 %	66.51 %	60.82 %
Q4 2007	74.88 %	79.67 %	71.86 %
Q1 2008	78.01 %	85.44 %	84.59 %
Q2 2008	81.77 %	84.60 %	89.69 %
Q3 2008	87.17 %	87.98 %	82.70 %
Q4 2008	67.58 %	77.23 %	78.18 %
Q1 2009	61.23 %	68.58 %	67.39 %
Q2 2009	66.52 %	74.01 %	69.80 %
Q3 2009	63.09 %	67.03 %	61.89 %
Q4 2009	59.68 %	65.81 %	52.25 %
Q1 2010	74.44 %	80.31 %	80.84 %
Q2 2010	79.02 %	86.07 %	82.53 %
Q3 2010	61.75 %	65.21 %	67.79 %
Q4 2010	70.50 %	77.97 %	78.77 %
Q1 2011	74.69 %	80.52 %	80.23 %
Q2 2011	68.89 %	74.04 %	69.94 %
Q3 2011	78.61 %	82.65 %	87.79 %
Q4 2011	74.95 %	78.20 %	84.83 %
Q1 2012	70.99 %	76.80 %	74.13 %
Q2 2012	66.65 %	72.48 %	70.25 %
Q3 2012	76.07 %	80.65 %	82.18 %
Q4 2012	74.56 %	79.57 %	81.60 %
Q1 2013	72.41 %	78.09 %	79.10 %
Q2 2013	66.33 %	72.72 %	70.49 %
Q3 2013	64.88 %	72.23 %	68.48 %
Q4 2013	67.32 %	75.67 %	79.23 %
Q1 2014	69.57 %	74.84 %	71.50 %
Q2 2014	64.36 %	70.54 %	68.28 %
Q3 2014	71.31 %	75.45 %	73.15 %
Q4 2014	69.00 %	78.05 %	67.30 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	416.67	1.87	1.87	9.42
Q2 2005	416.67	2.24	2.24	9.99
Q3 2005	416.67	2.57	2.57	10.82
Q4 2005	416.67	2.64	2.64	11.49
Q1 2006	416.67	2.73	2.73	12.15
Q2 2006	416.67	2.86	2.86	9.63
Q3 2006	416.67	2.68	2.68	10.28
Q4 2006	416.67	2.76	2.76	11.37
Q1 2007	416.67	2.87	2.87	12.22
Q2 2007	416.67	3.45	3.45	11.99
Q3 2007	416.67	4.27	4.27	12.22
Q4 2007	416.67	5.30	5.32	14.43
Q1 2008	416.67	6.27	6.23	16.25
Q2 2008	416.67	7.85	7.86	18.16
Q3 2008	416.67	10.75	10.75	18.43
Q4 2008	416.67	10.25	10.78	19.28
Q1 2009	416.67	9.78	10.30	16.44
Q2 2009	416.67	8.07	8.55	17.76
Q3 2009	416.67	4.81	5.24	16.02
Q4 2009	416.67	4.33	4.16	16.84
Q1 2010	416.67	4.75	4.64	14.44
Q2 2010	416.67	5.77	4.94	13.00
Q3 2010	416.67	6.11	5.33	14.46
Q4 2010	416.67	7.76	7.04	17.12
Q1 2011	416.67	8.09	7.36	19.13
Q2 2011	416.67	7.80	7.81	17.41
Q3 2011	416.67	9.26	9.26	16.67
Q4 2011	416.67	9.86	9.86	19.70
Q1 2012	416.67	9.75	9.75	21.77
Q2 2012	416.67	9.74	9.74	19.27
Q3 2012	416.67	9.59	9.59	18.45
Q4 2012	416.67	9.28	9.28	21.26
Q1 2013	416.67	9.63	9.63	23.62
Q2 2013	416.67	9.41	9.41	20.54
Q3 2013	416.67	8.41	8.41	17.66
Q4 2013	416.67	7.59	7.58	19.85
Q1 2014	416.67	7.37	7.36	17.00
Q2 2014	416.67	7.24	7.23	15.34
Q3 2014	416.67	7.67	7.66	17.55
Q4 2014	416.67	7.62	7.51	18.87

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	416.67	2.64	2.64	11.49
2006	416.67	2.76	2.76	11.37
2007	416.67	5.30	5.33	14.43
2008	416.67	10.27	10.87	19.28
2009	416.67	4.33	4.16	16.84
2010	416.67	7.76	7.04	17.12
2011	416.67	9.86	9.86	19.70
2012	416.67	9.28	9.28	21.26
2013	416.67	7.59	7.48	19.85
2014	416.67	7.62	7.53	18.87

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	36.45	36.45	7.24
Q2 2005	45.53	45.53	10.21
Q3 2005	43.21	43.21	10.26
Q4 2005	More than 50	More than 50	12.74
Q1 2006	37.55	37.55	8.45
Q2 2006	34.33	34.33	10.19
Q3 2006	29.94	29.94	7.81
Q4 2006	22.63	22.63	5.50
Q1 2007	26.18	26.18	6.15
Q2 2007	21.24	21.24	6.11
Q3 2007	16.78	16.78	5.87
Q4 2007	20.54	20.45	7.54
Q1 2008	20.37	20.48	7.85
Q2 2008	22.48	22.46	9.72
Q3 2008	12.34	12.34	7.20
Q4 2008	6.00	5.71	3.19
Q1 2009	6.43	6.11	3.83
Q2 2009	9.64	9.10	4.38
Q3 2009	17.81	16.36	5.35
Q4 2009	19.15	19.94	4.93
Q1 2010	21.19	21.69	6.97
Q2 2010	15.26	17.82	6.78
Q3 2010	16.16	18.52	6.83
Q4 2010	14.11	15.56	6.40
Q1 2011	15.90	17.46	6.72
Q2 2011	16.60	16.60	7.44
Q3 2011	13.47	13.47	7.49
Q4 2011	12.23	12.23	6.12
Q1 2012	13.39	13.39	6.00
Q2 2012	11.97	11.97	6.05
Q3 2012	13.33	13.33	6.93
Q4 2012	15.00	15.00	6.55
Q1 2013	15.07	15.07	6.14
Q2 2013	13.99	13.99	6.41
Q3 2013	16.05	16.05	7.65
Q4 2013	18.86	18.88	7.21
Q1 2014	19.84	19.86	8.60
Q2 2014	20.27	20.29	9.57
Q3 2014	19.51	19.53	8.53
Q4 2014	16.90	17.13	6.82

Period	P/E	Adjusted P/E	Price/book
2005	More than 50	More than 50	12.74
2006	22.63	22.63	5.50
2007	20.53	20.44	7.54
2008	5.99	5.66	3.19
2009	19.15	19.94	4.93
2010	14.11	15.56	6.40
2011	12.23	12.23	6.12
2012	15.00	15.00	6.55
2013	18.86	19.12	7.21
2014	16.90	17.10	6.82

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	832.50	779.18	(6.4 %)

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
Alistithmar Capital	768.60	779.18	1.4 %
OSOOL AND BAKHEET	896.40	779.18	(13.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	53,411.69
Enterprise Value (EV) (M)	43,704.20
Shares Outstanding ((M))	476.04
EPS ( Riyal) (TTM)	7.39
Book Value (BV) ( Riyal)	38.92
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	14.63
P/E (TTM)	15.17
Price/book	2.88
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	19.8

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.SAFCO’s 2014 net profit slightly up to SAR 3174 mln

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Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

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Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

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Analysts Estimates (Million)

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.SAFCO’s 2014 net profit slightly up to SAR 3174 mln

View other reports

Share Price

SABIC Agri-Nutrients Co. (SABIC AGRI-NUTRIENTS)

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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