SAFCO net profit falls 44% in Q1

26/04/2018 Argaam Exclusive

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Saudi Arabian Fertilizers Co. (SAFCO) posted a net profit of SAR 237.2 million in Q1 2018, a drop of 43.9 percent year-on-year (YoY), on the back of higher costs due to the company’s restructuring.

The company’s lower profit share from Ibn Al Baytar along with increased depreciation costs also weighed on the results.

The first-quarter profit more than tripled when compared to Q4 2017, backed by a rise in sales volumes as the company has accomplished the turnaround for SAFCO 4 in the previous quarter to perform the reliability project.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	846.65	810.76	(4.2 %)
Gross Income	479.52	358.32	(25.3 %)
Operating Income	394.56	241.58	(38.8 %)
Net Income	423.36	237.20	(44.0 %)
Average Shares	416.67	416.67	-
EPS (Riyals)	1.02	0.57	(44.0 %)

Item	Q4 2017	Q1 2018	Change‬
Revenues	616.05	810.76	31.6 %
Gross Income	148.65	358.32	141.1 %
Operating Income	50.80	241.58	375.6 %
Net Income	62.51	237.20	279.5 %
Average Shares	416.67	416.67	-
EPS (Riyals)	0.15	0.57	279.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2015	962.42	(18.3 %)	603.11	(26.4 %)	589.98	(30.0 %)	1.42
Q2 2015	883.75	(5.6 %)	553.99	(8.0 %)	595.76	(6.8 %)	1.43
Q3 2015	887.43	(28.9 %)	567.64	(36.2 %)	566.15	(38.0 %)	1.36
Q4 2015	813.67	(25.6 %)	360.31	(52.2 %)	378.55	(51.4 %)	0.91
2015	3,547.27	(20.4 %)	2,085.05	(32.1 %)	2,130.43	(32.9 %)	5.11
Q1 2016	691.23	(28.2 %)	354.12	(41.3 %)	279.01	(52.7 %)	0.67
Q2 2016	709.85	(19.7 %)	329.53	(40.5 %)	302.32	(49.3 %)	0.73
Q3 2016	689.53	(22.3 %)	293.49	(48.3 %)	186.22	(67.1 %)	0.45
Q4 2016	765.32	(5.9 %)	372.09	3.3 %	268.40	(29.1 %)	0.64
2016	2,855.92	(19.5 %)	1,366.75	(34.4 %)	1,035.95	(51.4 %)	2.49
Q1 2017	846.65	22.5 %	479.52	35.4 %	423.36	51.7 %	1.02
Q2 2017	679.48	(4.3 %)	288.65	(12.4 %)	204.34	(32.4 %)	0.49
Q3 2017	617.28	(10.5 %)	268.55	(8.5 %)	188.42	1.2 %	0.45
Q4 2017	616.05	(19.5 %)	148.65	(60.1 %)	62.51	(76.7 %)	0.15
2017	2,759.46	(3.4 %)	1,199.20	(12.3 %)	878.63	(15.2 %)	2.11
Q1 2018	810.76	(4.2 %)	358.32	(25.3 %)	237.20	(44.0 %)	0.57

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	3,547.27	(20.4 %)	2,085.05	(32.1 %)	2,130.43	(32.9 %)	5.11
2016	2,855.92	(19.5 %)	1,366.75	(34.4 %)	1,035.95	(51.4 %)	2.49
2017	2,759.46	(3.4 %)	1,199.20	(12.3 %)	878.63	(15.2 %)	2.11

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2015	67.22 %	73.44 %	67.88 %
Q2 2015	66.90 %	73.61 %	67.69 %
Q3 2015	64.78 %	72.83 %	65.01 %
Q4 2015	58.78 %	68.07 %	60.06 %
2015	58.78 %	68.07 %	60.06 %
Q1 2016	56.04 %	64.77 %	55.54 %
Q2 2016	51.95 %	63.60 %	49.19 %
Q3 2016	46.05 %	52.74 %	39.46 %
Q4 2016	47.24 %	50.45 %	36.27 %
2016	47.86 %	50.45 %	36.27 %
Q1 2017	48.97 %	51.41 %	39.20 %
Q2 2017	48.10 %	46.97 %	36.31 %
Q3 2017	48.43 %	50.96 %	37.29 %
Q4 2017	42.96 %	47.55 %	31.84 %
2017	43.46 %	47.55 %	31.84 %
Q1 2018	39.07 %	44.19 %	25.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	58.78 %	68.07 %	60.06 %
2016	47.86 %	50.45 %	36.27 %
2017	43.46 %	47.55 %	31.84 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q1 2015	62.67 %	68.40 %	61.30 %
Q2 2015	62.69 %	71.17 %	67.41 %
Q3 2015	63.96 %	72.84 %	63.80 %
Q4 2015	44.28 %	59.09 %	46.52 %
Q1 2016	51.23 %	52.92 %	40.36 %
Q2 2016	46.42 %	67.59 %	42.59 %
Q3 2016	42.56 %	29.78 %	27.01 %
Q4 2016	48.62 %	50.93 %	35.07 %
Q1 2017	56.64 %	55.88 %	50.00 %
Q2 2017	42.48 %	48.87 %	30.07 %
Q3 2017	43.51 %	46.55 %	30.52 %
Q4 2017	24.13 %	35.67 %	10.15 %
Q1 2018	44.20 %	44.96 %	29.26 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2015	416.67	7.01	6.91	20.16
Q2 2015	416.67	6.91	6.80	19.46
Q3 2015	416.67	6.07	5.97	17.57
Q4 2015	416.67	5.11	5.11	18.23
Q1 2016	416.67	4.37	4.37	16.07
Q2 2016	416.67	3.66	3.66	15.35
Q3 2016	416.67	2.75	2.75	15.81
Q4 2016	416.67	2.49	2.49	16.00
Q1 2017	416.67	2.83	2.83	16.09
Q2 2017	416.67	2.60	2.60	16.55
Q3 2017	416.67	2.60	2.60	16.31
Q4 2017	416.67	2.11	2.11	16.47
Q1 2018	416.67	1.66	1.66	16.40

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	416.67	5.11	5.11	18.23
2016	416.67	2.49	2.49	16.00
2017	416.67	2.11	2.11	16.47

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2015	19.54	19.83	6.79
Q2 2015	19.52	19.82	6.93
Q3 2015	17.94	18.25	6.21
Q4 2015	18.36	18.36	5.15
Q1 2016	17.34	17.34	4.71
Q2 2016	18.51	18.51	4.42
Q3 2016	27.52	27.52	4.79
Q4 2016	34.30	34.30	5.33
Q1 2017	27.66	27.66	4.87
Q2 2017	27.66	27.66	4.34
Q3 2017	26.89	26.89	4.29
Q4 2017	35.27	35.27	4.52
Q1 2018	48.81	48.81	4.95

Period	P/E	Adjusted P/E	Price/book
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
2015	18.36	18.36	5.15
2016	34.30	34.30	5.33
2017	35.27	35.27	4.52

Analysts Estimates (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change‬
Average	391.70	237.20	(39.4 %)

Estimates vs Actual (Million)

Item	Q1 2018 (e)	Q1 2018 (a)	Change
Al Rajhi Capital	363.00	237.20	(34.7) %
Sico	368.00	237.20	(35.5) %
OSOOL AND BAKHEET	370.00	237.20	(35.9) %
AlJazira Capital	392.90	237.20	(39.6) %
SNB Capital	403.00	237.20	(41.1) %
Riyad Capital	415.00	237.20	(42.8) %
Albilad Capital	430.00	237.20	(44.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	52,650.02
Enterprise Value (EV) (M)	42,942.54
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)	14.42
P/E (TTM)	14.96
Price/book	2.84
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	19.8

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

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SAFCO net profit falls 44% in Q1

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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 net profit falls 44% in Q1

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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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