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

Argaam Report: Last Updated Date (28/10/2018)

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 Highlights (M)

Item 9m-2017 9m -2018 Change‬
Revenues 109,437.73 128,858.13 17.7 %
Gross Income 37,435.04 44,950.17 20.1 %
Operating Income 22,424.07 31,105.50 38.7 %
Net Income 14,727.76 18,301.29 24.3 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyal) 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.

Historical Performance (M)

Period Revenues Gross Income Net Income EPS (Riyal) Earnings Growth
2018 169,128.34 57,607.87 21,520.68 7.17 16.76 %
2018 - Q4 40,129.37 12,240.25 3,242.17 1.08 (12.47 %)
2018 - Q3 43,711.93 14,898.37 6,097.89 2.03 5.36 %
2018 - Q2 43,284.60 15,864.54 6,695.32 2.23 80.68 %
2018 - Q1 41,861.60 14,531.51 5,508.08 1.84 5.23 %
2017 - Q4 40,328.24 12,472.69 3,704.09 1.23 (17.95 %)
2017 - Q3 38,678.75 13,587.03 5,787.55 1.93 10.66 %
2017 - Q2 34,438.19 10,345.55 3,705.70 1.24 (25.27 %)
2017 - Q1 36,320.80 13,534.02 5,234.52 1.74 79.89 %
2016 - Q4 37,475.21 11,089.73 4,514.62 1.50 46.80 %
2016 - Q3 35,797.36 13,221.21 5,230.26 1.74 (6.66 %)
2016 - Q2 36,258.34 12,895.61 4,958.84 1.65 (19.64 %)
2016 - Q1 33,467.91 10,107.66 2,909.90 0.97 (26.04 %)
2015 - Q4 34,156.59 9,074.93 3,075.27 1.03 (29.41 %)
2015 - Q3 37,351.85 11,830.42 5,603.55 1.87 (9.31 %)
2015 - Q2 42,094.99 12,721.92 6,170.75 2.06 (4.43 %)
2015 - Q1 34,563.66 9,415.16 3,934.65 1.31 (38.92 %)
2014 - Q4 43,741.90 11,099.25 4,356.31 1.45 (29.82 %)
2014 - Q3 48,070.62 13,740.65 6,178.79 2.06 (4.43 %)
2014 - Q2 48,171.67 13,432.88 6,456.47 2.15 6.86 %
2014 - Q1 49,220.59 14,112.50 6,441.74 2.15 (1.85 %)
2013 - Q4 48,433.88 13,805.23 6,207.65 2.07 5.33 %
2013 - Q3 48,820.23 14,429.15 6,465.14 2.16 2.42 %
2013 - Q2 44,993.01 13,049.15 6,042.14 2.01 13.93 %
2013 - Q1 46,738.92 14,015.38 6,563.44 2.19 (9.73 %)
2012 - Q4 49,345.60 13,673.60 5,893.56 1.96 11.91 %
2012 - Q3 44,806.32 12,881.14 6,312.41 2.10 (22.88 %)
2012 - Q2 46,528.08 12,516.82 5,303.28 1.77 (34.53 %)
2012 - Q1 48,345.54 14,321.77 7,271.01 2.42 (5.44 %)
2011 - Q4 47,009.05 13,398.12 5,266.42 1.76 (8.48 %)
2011 - Q3 48,929.99 16,812.63 8,185.29 2.73 53.67 %
2011 - Q2 49,085.83 16,494.46 8,100.75 2.70 61.50 %
2011 - Q1 44,873.39 15,425.16 7,689.30 2.56 41.55 %
2010 - Q4 41,107.80 12,769.26 5,754.16 1.92 25.22 %
2010 - Q3 37,882.14 11,723.36 5,326.41 1.78 46.02 %
2010 - Q2 38,853.88 11,837.07 5,015.91 1.67 177.94 %
2010 - Q1 34,126.21 12,216.99 5,432.18 1.81 657.77 %
2009 - Q4 31,952.30 10,209.36 4,595.21 1.53 1,344.24 %
2009 - Q3 27,585.71 8,567.89 3,647.77 1.22 (49.61 %)
2009 - Q2 23,750.07 6,219.23 1,804.66 0.60 (76.09 %)
2009 - Q1 19,817.08 3,622.51 (973.91) (0.32) (114.07 %)

Business Segments - Revenues (M)

Period Chemicals Fertilizers Metals Headquarters & Others Adjustments
2018 - Q1 36,868.48 1,724.61 3,268.50 - -
2018 - Q2 - - - - -
2018 - Q3 - - - - -
2018 - Q4 - - - - -
2018 150,422.06 7,938.05 10,768.23 - -
more

Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

Average Analysts Estimates

2018 - Q3 (e) 2018 - Q3 (a) Change
Average 5,912.33 6,097.89 3.1 %

Estimates vs Actual Results

Company 2018 - Q3 (e) 2018 - Q3 (a) Difference
OBIC 6,000.00 6,097.89 1.6 %
AlJazira Capital 6,197.00 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 %

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Saudi Basic Industries Corp.
112.60
(1.60) (1.40 %)
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Financials Highlights (M)

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Business Segments

Valuation Data (Latest Share Price)

P/E (TTM) 17.37
P/E Before Unusual Items (TTM) 17.37
P/BV 1.93
Dividend Yield 3.79 %
Market Cap. (M) 337,800.00
Return on Average Assets 5.84 %
Return on Average Equity 11.23 %

Quarterly Actuals vs Estimates

Estimates Accuracy

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