SABIC’s net profit jumps 24% in 9M on higher prices

28/10/2018 Argaam Exclusive

Saudi Basic Industries Corp. (SABIC) posted a 24.2 percent increase year-on-year (YoY) in net profit after zakat and tax for the first nine months of 2018 to SAR 18.3 billion, mainly due to higher average selling prices and sales volumes.

Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 109,437.73 128,858.13 17.7 %
Gross Income 37,435.04 45,646.08 21.9 %
Operating Income 22,424.07 31,111.25 38.7 %
Net Income 14,727.76 18,301.29 24.3 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 4.91 6.10 24.3 %

The third-quarter net profit after zakat and tax grew by 5.3 percent YoY to SAR 6.1 billion, backed also by a rise in average selling prices and sales volumes.

 

The Q3 net profit, however, dropped 9 percent, when compared with the previous quarter, on higher feedstock costs.

Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 38,678.75 43,711.93 13.0 %
Gross Income 13,587.03 15,126.31 11.3 %
Operating Income 8,502.77 9,955.59 17.1 %
Net Income 5,787.55 6,097.89 5.4 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 1.93 2.03 5.4 %

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Share Price

Saudi Basic Industries Corp.
88.90
0.40 0.45 %

Financial Ratios
Current
Market Cap (M Riyal) 266,700.00
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 0.40
Book Value (BV) ( Riyal) 55.65
P/E (TTM) HIGH
Price/book 1.60
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 0.7
Enterprise Value (EV) (M Riyal) 256,156.33
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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS (Riyal)
Q1 2009 19,817.08 (50.4 %) 3,622.51 (73.7 %) (973.91) (114.1 %) (0.32)
Q2 2009 23,750.07 (45.2 %) 6,219.23 (58.1 %) 1,804.66 (76.1 %) 0.60
Q3 2009 27,585.71 (37.8 %) 8,567.89 (46.0 %) 3,647.77 (49.6 %) 1.22
Q4 2009 31,952.30 38.4 % 10,209.36 270.7 % 4,595.21 1344.2 % 1.53
Q1 2010 34,126.21 72.2 % 12,216.99 237.3 % 5,432.18 657.8 % 1.81
Q2 2010 38,853.88 63.6 % 11,837.07 90.3 % 5,015.91 177.9 % 1.67
Q3 2010 37,882.14 37.3 % 11,723.36 36.8 % 5,326.41 46.0 % 1.78
Q4 2010 41,107.80 28.7 % 12,769.26 25.1 % 5,754.16 25.2 % 1.92
Q1 2011 44,873.39 31.5 % 15,425.16 26.3 % 7,689.30 41.6 % 2.56
Q2 2011 49,085.83 26.3 % 16,494.46 39.3 % 8,100.75 61.5 % 2.70
Q3 2011 48,929.99 29.2 % 16,812.63 43.4 % 8,185.29 53.7 % 2.73
Q4 2011 47,009.05 14.4 % 13,398.12 4.9 % 5,266.42 (8.5 %) 1.76
Q1 2012 48,345.54 7.7 % 14,321.77 (7.2 %) 7,271.01 (5.4 %) 2.42
Q2 2012 46,528.08 (5.2 %) 12,516.82 (24.1 %) 5,303.28 (34.5 %) 1.77
Q3 2012 44,806.32 (8.4 %) 12,881.14 (23.4 %) 6,312.41 (22.9 %) 2.10
Q4 2012 49,345.60 5.0 % 13,673.60 2.1 % 5,893.56 11.9 % 1.96
Q1 2013 46,738.92 (3.3 %) 14,015.38 (2.1 %) 6,563.44 (9.7 %) 2.19
Q2 2013 44,993.01 (3.3 %) 13,049.15 4.3 % 6,042.14 13.9 % 2.01
Q3 2013 48,820.23 9.0 % 14,429.15 12.0 % 6,465.14 2.4 % 2.16
Q4 2013 48,433.88 (1.8 %) 13,805.23 1.0 % 6,207.65 5.3 % 2.07
Q1 2014 49,220.59 5.3 % 14,112.50 0.7 % 6,441.74 (1.9 %) 2.15
Q2 2014 48,171.67 7.1 % 13,432.88 2.9 % 6,456.47 6.9 % 2.15
Q3 2014 48,070.62 (1.5 %) 13,740.65 (4.8 %) 6,178.79 (4.4 %) 2.06
Q4 2014 43,741.90 (9.7 %) 11,099.25 (19.6 %) 4,356.31 (29.8 %) 1.45
Q1 2015 34,563.66 (29.8 %) 9,415.16 (33.3 %) 3,934.65 (38.9 %) 1.31
Q2 2015 42,094.99 (12.6 %) 12,721.92 (5.3 %) 6,170.75 (4.4 %) 2.06
Q3 2015 37,351.85 (22.3 %) 11,830.42 (13.9 %) 5,603.55 (9.3 %) 1.87
Q4 2015 34,156.59 (21.9 %) 9,074.93 (18.2 %) 3,075.27 (29.4 %) 1.03
Q1 2016 33,467.91 (3.2 %) 10,107.66 7.4 % 2,909.90 (26.0 %) 0.97
Q2 2016 36,258.34 (13.9 %) 12,895.61 1.4 % 4,958.84 (19.6 %) 1.65
Q3 2016 35,797.36 (4.2 %) 13,221.21 11.8 % 5,230.26 (6.7 %) 1.74
Q4 2016 37,475.21 9.7 % 11,089.73 22.2 % 4,514.62 46.8 % 1.50
Q1 2017 36,320.80 8.5 % 13,534.02 33.9 % 5,234.52 79.9 % 1.74
Q2 2017 34,438.19 (5.0 %) 10,345.55 (19.8 %) 3,705.70 (25.3 %) 1.24
Q3 2017 38,678.75 8.0 % 13,587.03 2.8 % 5,787.55 10.7 % 1.93
Q4 2017 40,328.24 7.6 % 12,472.69 12.5 % 3,704.09 (18.0 %) 1.23
Q1 2018 41,861.60 15.3 % 14,531.51 7.4 % 5,508.08 5.2 % 1.84
Q2 2018 43,284.60 25.7 % 16,100.12 55.6 % 6,695.32 80.7 % 2.23
Q3 2018 43,711.93 13.0 % 15,126.31 11.3 % 6,097.89 5.4 % 2.03

Profitability

Period Gross Margin Net Margin
Q1 2009 18.28 % (4.91 %)
Q2 2009 26.19 % 7.60 %
Q3 2009 31.06 % 13.22 %
Q4 2009 31.95 % 14.38 %
Q1 2010 35.80 % 15.92 %
Q2 2010 30.47 % 12.91 %
Q3 2010 30.95 % 14.06 %
Q4 2010 31.06 % 14.00 %
Q1 2011 34.37 % 17.14 %
Q2 2011 33.60 % 16.50 %
Q3 2011 34.36 % 16.73 %
Q4 2011 28.50 % 11.20 %
Q1 2012 29.62 % 15.04 %
Q2 2012 26.90 % 11.40 %
Q3 2012 28.75 % 14.09 %
Q4 2012 27.71 % 11.94 %
Q1 2013 29.99 % 14.04 %
Q2 2013 29.00 % 13.43 %
Q3 2013 29.56 % 13.24 %
Q4 2013 28.50 % 12.82 %
Q1 2014 28.67 % 13.09 %
Q2 2014 27.89 % 13.40 %
Q3 2014 28.58 % 12.85 %
Q4 2014 25.37 % 9.96 %
Q1 2015 27.24 % 11.38 %
Q2 2015 30.22 % 14.66 %
Q3 2015 31.67 % 15.00 %
Q4 2015 26.57 % 9.00 %
Q1 2016 30.20 % 8.69 %
Q2 2016 35.57 % 13.68 %
Q3 2016 36.93 % 14.61 %
Q4 2016 29.59 % 12.05 %
Q1 2017 37.26 % 14.41 %
Q2 2017 30.04 % 10.76 %
Q3 2017 35.13 % 14.96 %
Q4 2017 30.93 % 9.18 %
Q1 2018 34.71 % 13.16 %
Q2 2018 37.20 % 15.47 %
Q3 2018 34.60 % 13.95 %

Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS Adjusted EPS Book Value (BV)
Q1 2009 3,000.00 4.71 5.10 33.99
Q2 2009 3,000.00 2.80 3.19 33.34
Q3 2009 3,000.00 1.60 1.99 34.55
Q4 2009 3,000.00 3.02 3.42 36.08
Q1 2010 3,000.00 5.16 5.16 37.90
Q2 2010 3,000.00 6.23 6.23 38.07
Q3 2010 3,000.00 6.79 6.79 38.34
Q4 2010 3,000.00 7.18 7.18 40.26
Q1 2011 3,000.00 7.93 7.93 42.82
Q2 2011 3,000.00 8.96 8.96 43.52
Q3 2011 3,000.00 9.91 9.91 44.25
Q4 2011 3,000.00 9.75 9.75 46.01
Q1 2012 3,000.00 9.61 9.61 47.89
Q2 2012 3,000.00 8.68 8.68 46.57
Q3 2012 3,000.00 8.05 8.05 46.59
Q4 2012 3,000.00 8.26 8.26 48.47
Q1 2013 3,000.00 8.02 8.02 50.66
Q2 2013 3,000.00 8.27 8.27 49.81
Q3 2013 3,000.00 8.32 8.32 49.94
Q4 2013 3,000.00 8.43 8.43 52.09
Q1 2014 3,000.00 8.39 8.39 54.16
Q2 2014 3,000.00 8.52 8.52 53.42
Q3 2014 3,000.00 8.43 8.43 52.72
Q4 2014 3,000.00 7.81 7.81 53.78
Q1 2015 3,000.00 6.98 6.98 54.49
Q2 2015 3,000.00 6.88 6.88 53.81
Q3 2015 3,000.00 6.69 6.69 52.93
Q4 2015 3,000.00 6.26 6.39 53.97
Q1 2016 3,000.00 5.92 6.04 55.32
Q2 2016 3,000.00 5.52 5.76 53.63
Q3 2016 3,000.00 5.39 5.64 53.13
Q4 2016 3,000.00 5.87 6.11 52.51
Q1 2017 3,000.00 6.65 6.88 54.32
Q2 2017 3,000.00 6.23 6.43 52.20
Q3 2017 3,000.00 6.41 6.62 53.93
Q4 2017 3,000.00 6.14 6.40 54.64
Q1 2018 3,000.00 6.24 6.95 57.11
Q2 2018 3,000.00 7.23 7.85 54.44
Q3 2018 3,000.00 7.34 7.96 56.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 8.87 8.19 1.23
Q2 2009 22.44 19.67 1.88
Q3 2009 HIGH 40.15 2.32
Q4 2009 27.28 24.13 2.29
Q1 2010 19.28 19.28 2.63
Q2 2010 13.76 13.76 2.25
Q3 2010 13.22 13.22 2.34
Q4 2010 14.60 14.60 2.60
Q1 2011 13.27 13.27 2.46
Q2 2011 11.61 11.61 2.39
Q3 2011 9.33 9.33 2.09
Q4 2011 9.87 9.87 2.09
Q1 2012 11.24 11.24 2.26
Q2 2012 10.69 10.69 1.99
Q3 2012 11.30 11.30 1.95
Q4 2012 10.87 10.87 1.85
Q1 2013 11.96 11.96 1.90
Q2 2013 11.06 11.06 1.84
Q3 2013 11.57 11.57 1.93
Q4 2013 13.23 13.23 2.14
Q1 2014 14.01 14.01 2.17
Q2 2014 13.46 13.46 2.15
Q3 2014 15.57 15.57 2.49
Q4 2014 10.69 10.69 1.55
Q1 2015 11.46 11.46 1.47
Q2 2015 13.82 13.82 1.77
Q3 2015 11.76 11.76 1.49
Q4 2015 12.22 11.98 1.42
Q1 2016 12.64 12.38 1.35
Q2 2016 14.71 14.08 1.51
Q3 2016 14.97 14.32 1.52
Q4 2016 15.58 14.98 1.74
Q1 2017 14.57 14.07 1.78
Q2 2017 16.43 15.90 1.96
Q3 2017 16.03 15.53 1.91
Q4 2017 16.59 15.93 1.87
Q1 2018 18.67 16.75 2.04
Q2 2018 17.45 16.07 2.32
Q3 2018 17.10 15.76 2.22

Business Segments (Million)

Compared With The
Period Chemicals Fertilizers Metals Headquarters & Others Adjustments
Q1 2009 21,871.08 1,325.63 2,516.29 1,182.31 (7078.23)
Q2 2009 25,313.90 1,349.44 2,687.20 1,173.51 (6773.98)
Q3 2009 30,487.36 1,129.54 2,439.70 1,804.05 (8274.92)
Q4 2009 34,303.58 1,296.16 2,668.88 1,979.14 (8295.46)
Q1 2010 37,913.16 1,515.19 3,040.29 2,626.17 (10968.61)
Q2 2010 39,749.88 1,439.74 3,748.96 2,612.43 (8697.12)
Q3 2010 41,417.63 1,593.85 3,250.73 2,955.80 (11335.86)
Q4 2010 48,824.43 2,226.99 3,317.72 3,998.59 (17259.93)
Q1 2011 51,918.16 1,842.35 4,008.72 3,578.36 (16474.20)
Q2 2011 55,736.42 1,786.56 4,176.68 5,083.80 (17697.62)
Q3 2011 57,089.31 2,498.04 3,755.39 4,712.41 (19125.16)
Q4 2011 53,981.35 2,527.24 3,591.54 4,502.15 (17593.23)
Q1 2012 55,098.17 1,908.48 4,182.36 3,656.39 (16499.86)
Q2 2012 53,726.78 1,872.52 3,698.15 4,531.69 (17301.06)
Q3 2012 51,562.45 2,325.68 3,433.73 3,511.68 (16027.22)
Q4 2012 57,518.09 2,393.37 3,530.93 4,002.42 (18099.20)
Q1 2013 53,485.63 2,102.58 3,993.24 2,395.35 (15237.88)
Q2 2013 51,386.20 1,614.73 3,837.76 2,646.29 (14491.96)
Q3 2013 58,011.68 1,745.25 3,197.53 2,815.69 (16949.92)
Q4 2013 57,409.57 1,822.33 3,249.14 3,436.61 (17483.77)
Q1 2014 56,362.00 1,809.27 3,729.90 3,382.36 (16062.94)
Q2 2014 55,657.69 1,653.50 3,763.80 2,988.81 (15892.13)
Q3 2014 55,728.15 2,001.26 2,891.70 3,109.06 (15659.54)
Q4 2014 49,169.09 1,783.59 3,121.59 2,605.94 (13154.46)
Q1 2015 38,571.99 1,536.62 3,071.69 2,034.46 (10651.10)
Q2 2015 48,753.89 1,498.62 3,168.16 2,381.16 (12706.56)
Q3 2015 44,576.63 1,516.72 2,276.49 2,207.92 (13225.90)
Q4 2015 38,815.62 1,413.55 2,152.13 1,985.75 (11292.09)
Q1 2016 36,009.96 1,151.04 2,407.64 16,590.12 (22690.85)
Q2 2016 40,144.35 1,196.11 2,612.40 18,495.91 (26190.44)
Q3 2016 41,183.30 1,136.61 1,549.86 18,131.31 (26203.71)
Q4 2016 43,213.13 1,217.55 2,439.43 21,307.70 (30702.59)
Q1 2017 43,365.86 1,342.01 2,062.61 21,132.68 (31582.36)
Q2 2017 40,597.88 1,207.35 1,874.58 19,335.71 (28577.34)
Q3 2017 48,770.97 1,150.65 2,376.33 22,248.45 (35867.65)
Q1 2018 36,868.48 1,724.61 3,268.50 - -
Q2 2018 38,307.47 2,118.96 2,858.17 - -
Q3 2018 39,050.58 2,135.48 2,525.87 - -

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 5,912.33 6,097.89 3.14 %

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
OBIC 6,000.00 6,097.89 1.6 %
Riyad Capital 5,908.00 6,097.89 3.1 %
NCB Capital 5,846.00 6,097.89 4.1 %
Sico 5,817.00 6,097.89 4.6 %
Al Rajhi Capital 5,706.00 6,097.89 6.4 %
AlJazira Capital 6,197.00 6,097.89 (1.6) %

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