Saudi Chemical’s net profit slumps 40% in 9M 2016

19/10/2016 Argaam Exclusive

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Saudi Chemical Co. (CHEMICAL)

Saudi Chemical Co. reported a net profit of SAR 120.4 million for the first nine months of 2016, a 40 percent year-on-year (YoY) drop attributed to lower sales and higher expenses – mainly from one subsidiary since its plant is still in pre-operation stage.

Financials (M)

Item	9m 2015	9m 2016	Change‬
Revenues	1,802.21	1,650.86	(8.4 %)
Gross Income	364.03	301.13	(17.3 %)
Operating Income	219.94	152.25	(30.8 %)
Net Income	200.02	117.34	(41.3 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.24	0.14	(41.3 %)

Net profit for the third quarter plunged 43 percent YoY to SAR 20.2 million also due to lower sales. The Q3 profit was down 58 percent compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2015	Q3 2016	Change‬
Revenues	489.68	444.82	(9.2 %)
Gross Income	85.74	75.31	(12.2 %)
Operating Income	41.49	29.12	(29.8 %)
Net Income	35.75	18.42	(48.5 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.04	0.02	(48.5 %)

Item	Q2 2016	Q3 2016	Change‬
Revenues	617.59	444.82	(28.0 %)
Gross Income	114.15	75.31	(34.0 %)
Operating Income	60.50	29.12	(51.9 %)
Net Income	47.40	18.42	(61.1 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.06	0.02	(61.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	301.26	12.2 %	56.55	6.0 %	39.95	29.1 %	0.05
Q2 2007	293.66	42.2 %	58.28	15.5 %	37.92	10.4 %	0.04
Q3 2007	258.19	21.1 %	43.61	(20.2 %)	12.47	(70.4 %)	0.01
Q4 2007	377.02	11.3 %	47.89	(12.6 %)	21.43	(47.2 %)	0.03
2007	1,230.13	19.8 %	206.33	(3.3 %)	111.76	(24.5 %)	0.13
Q1 2008	407.29	35.2 %	70.72	25.1 %	33.72	(15.6 %)	0.04
Q2 2008	368.01	25.3 %	57.24	(1.8 %)	62.22	64.1 %	0.07
Q3 2008	283.04	9.6 %	60.52	38.8 %	44.89	260.0 %	0.05
Q4 2008	478.82	27.0 %	77.37	61.6 %	59.71	178.7 %	0.07
2008	1,537.16	25.0 %	265.85	28.8 %	200.53	79.4 %	0.24
Q1 2009	422.98	3.9 %	86.46	22.3 %	67.48	100.1 %	0.08
Q2 2009	396.24	7.7 %	86.27	50.7 %	63.76	2.5 %	0.08
Q3 2009	350.64	23.9 %	75.14	24.2 %	104.70	133.2 %	0.12
Q4 2009	473.48	(1.1 %)	98.42	27.2 %	65.10	9.0 %	0.08
2009	1,643.34	6.9 %	346.29	30.3 %	301.03	50.1 %	0.36
Q1 2010	404.20	(4.4 %)	98.12	13.5 %	74.73	10.7 %	0.09
Q2 2010	435.49	9.9 %	106.98	24.0 %	86.47	35.6 %	0.10
Q3 2010	279.73	(20.2 %)	84.51	12.5 %	54.21	(48.2 %)	0.06
Q4 2010	538.90	13.8 %	111.94	13.7 %	87.77	34.8 %	0.10
2010	1,658.32	0.9 %	425.26	22.8 %	303.17	0.7 %	0.36
Q1 2011	469.13	16.1 %	127.36	29.8 %	86.18	15.3 %	0.10
Q2 2011	364.79	(16.2 %)	114.09	6.6 %	76.03	(12.1 %)	0.09
Q3 2011	412.74	47.5 %	86.14	1.9 %	46.73	(13.8 %)	0.06
Q4 2011	620.91	15.2 %	105.82	(5.5 %)	58.46	(33.4 %)	0.07
2011	1,867.57	12.6 %	433.41	1.9 %	267.41	(11.8 %)	0.32
Q1 2012	543.96	16.0 %	125.43	(1.5 %)	87.87	2.0 %	0.10
Q2 2012	464.55	27.3 %	132.00	15.7 %	86.89	14.3 %	0.10
Q3 2012	339.73	(17.7 %)	96.82	12.4 %	50.74	8.6 %	0.06
Q4 2012	653.09	5.2 %	120.26	13.6 %	65.77	12.5 %	0.08
2012	2,001.33	7.2 %	474.51	9.5 %	291.27	8.9 %	0.35
Q1 2013	608.71	11.9 %	118.07	(5.9 %)	88.29	0.5 %	0.10
Q2 2013	561.58	20.9 %	131.45	(0.4 %)	77.19	(11.2 %)	0.09
Q3 2013	412.44	21.4 %	103.64	7.0 %	60.38	19.0 %	0.07
Q4 2013	692.39	6.0 %	130.62	8.6 %	74.75	13.6 %	0.09
2013	2,275.12	13.7 %	479.48	1.0 %	300.60	3.2 %	0.36
Q1 2014	693.05	13.9 %	145.19	23.0 %	90.95	3.0 %	0.11
Q2 2014	651.85	16.1 %	138.73	5.5 %	86.64	12.2 %	0.10
Q3 2014	529.03	28.3 %	99.05	(4.4 %)	39.51	(34.6 %)	0.05
Q4 2014	610.38	(11.8 %)	119.82	(8.3 %)	66.46	(11.1 %)	0.08
2014	2,484.32	9.2 %	502.80	4.9 %	283.56	(5.7 %)	0.34
Q1 2015	678.47	(2.1 %)	139.29	(4.1 %)	86.22	(5.2 %)	0.10
Q2 2015	636.15	(2.4 %)	141.08	1.7 %	78.06	(9.9 %)	0.09
Q3 2015	489.68	(7.4 %)	85.74	(13.4 %)	35.75	(9.5 %)	0.04
Q4 2015	607.57	(0.5 %)	128.97	7.6 %	50.66	(23.8 %)	0.06
2015	2,409.77	(3.0 %)	492.99	(1.9 %)	250.68	(11.6 %)	0.30
Q1 2016	588.45	(13.3 %)	111.67	(19.8 %)	51.52	(40.2 %)	0.06
Q2 2016	617.59	(2.9 %)	114.15	(19.1 %)	47.40	(39.3 %)	0.06
Q3 2016	444.82	(9.2 %)	75.31	(12.2 %)	18.42	(48.5 %)	0.02

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,026.99	7.6 %	213.29	17.6 %	148.05	34.6 %	0.18
2007	1,230.13	19.8 %	206.33	(3.3 %)	111.76	(24.5 %)	0.13
2008	1,537.16	25.0 %	265.85	28.8 %	200.53	79.4 %	0.24
2009	1,643.34	6.9 %	346.29	30.3 %	301.03	50.1 %	0.36
2010	1,658.32	0.9 %	425.26	22.8 %	303.17	0.7 %	0.36
2011	1,867.57	12.6 %	433.41	1.9 %	267.41	(11.8 %)	0.32
2012	2,001.33	7.2 %	474.51	9.5 %	291.27	8.9 %	0.35
2013	2,275.12	13.7 %	479.48	1.0 %	300.60	3.2 %	0.36
2014	2,484.32	9.2 %	502.80	4.9 %	283.56	(5.7 %)	0.34
2015	2,409.77	(3.0 %)	492.99	(1.9 %)	250.68	(11.6 %)	0.30

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	20.43 %	16.53 %	14.82 %
Q2 2007	19.55 %	16.07 %	14.01 %
Q3 2007	17.89 %	14.49 %	10.98 %
Q4 2007	16.77 %	13.45 %	9.09 %
2007	16.77 %	13.45 %	9.09 %
Q1 2008	16.50 %	13.37 %	7.90 %
Q2 2008	15.56 %	12.46 %	9.20 %
Q3 2008	16.47 %	13.18 %	11.30 %
Q4 2008	17.29 %	14.64 %	13.05 %
2008	17.29 %	14.64 %	13.05 %
Q1 2009	18.13 %	15.06 %	15.09 %
Q2 2009	19.65 %	16.67 %	14.92 %
Q3 2009	19.73 %	16.99 %	17.93 %
Q4 2009	21.07 %	17.70 %	18.32 %
2009	21.07 %	17.70 %	18.32 %
Q1 2010	22.03 %	18.87 %	18.98 %
Q2 2010	22.76 %	19.69 %	19.89 %
Q3 2010	24.36 %	20.28 %	17.54 %
Q4 2010	24.21 %	19.99 %	18.22 %
2010	25.64 %	20.06 %	18.28 %
Q1 2011	25.00 %	19.85 %	18.19 %
Q2 2011	26.50 %	20.18 %	18.34 %
Q3 2011	24.62 %	18.50 %	16.62 %
Q4 2011	23.21 %	17.03 %	14.32 %
2011	23.21 %	17.03 %	14.32 %
Q1 2012	22.21 %	16.52 %	13.85 %
Q2 2012	22.01 %	16.23 %	13.71 %
Q3 2012	23.36 %	17.22 %	14.42 %
Q4 2012	23.71 %	17.12 %	14.55 %
2012	23.71 %	17.12 %	14.55 %
Q1 2013	22.61 %	15.90 %	13.37 %
Q2 2013	21.57 %	14.90 %	12.32 %
Q3 2013	21.17 %	14.59 %	12.35 %
Q4 2013	21.26 %	14.70 %	12.53 %
2013	21.07 %	14.69 %	12.53 %
Q1 2014	21.65 %	14.94 %	12.85 %
Q2 2014	21.15 %	14.60 %	12.68 %
Q3 2014	20.01 %	13.27 %	11.29 %
Q4 2014	20.24 %	13.37 %	11.33 %
2014	20.24 %	13.37 %	11.33 %
Q1 2015	20.12 %	13.27 %	11.21 %
Q2 2015	20.34 %	13.11 %	11.01 %
Q3 2015	20.12 %	13.05 %	11.04 %
Q4 2015	20.53 %	12.70 %	10.39 %
2015	20.46 %	12.63 %	10.40 %
Q1 2016	20.13 %	11.88 %	9.30 %
Q2 2016	19.13 %	10.76 %	8.05 %
Q3 2016	19.04 %	10.39 %	7.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	20.77 %	17.19 %	14.42 %
2007	16.77 %	13.45 %	9.09 %
2008	17.29 %	14.64 %	13.05 %
2009	21.07 %	17.70 %	18.32 %
2010	25.64 %	20.06 %	18.28 %
2011	23.21 %	17.03 %	14.32 %
2012	23.71 %	17.12 %	14.55 %
2013	21.07 %	14.69 %	12.53 %
2014	20.24 %	13.37 %	11.33 %
2015	20.46 %	12.63 %	10.40 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	18.77 %	15.91 %	13.26 %
Q2 2007	19.85 %	17.00 %	12.91 %
Q3 2007	16.89 %	14.21 %	4.83 %
Q4 2007	12.70 %	8.19 %	5.68 %
Q1 2008	17.36 %	15.02 %	8.28 %
Q2 2008	15.55 %	12.76 %	16.91 %
Q3 2008	21.38 %	17.70 %	15.86 %
Q4 2008	16.16 %	13.97 %	12.47 %
Q1 2009	20.44 %	16.52 %	15.95 %
Q2 2009	21.77 %	19.37 %	16.09 %
Q3 2009	21.43 %	18.97 %	29.86 %
Q4 2009	20.79 %	16.42 %	13.75 %
Q1 2010	24.28 %	21.14 %	18.49 %
Q2 2010	24.57 %	22.48 %	19.85 %
Q3 2010	30.21 %	22.16 %	18.99 %
Q4 2010	20.77 %	16.00 %	16.29 %
Q1 2011	27.15 %	20.47 %	18.37 %
Q2 2011	31.28 %	24.46 %	20.84 %
Q3 2011	20.87 %	14.27 %	11.32 %
Q4 2011	17.04 %	11.91 %	9.41 %
Q1 2012	23.06 %	18.16 %	16.15 %
Q2 2012	28.41 %	21.49 %	18.70 %
Q3 2012	28.50 %	19.58 %	14.94 %
Q4 2012	18.41 %	11.85 %	10.07 %
Q1 2013	19.40 %	13.92 %	11.97 %
Q2 2013	23.41 %	16.66 %	13.73 %
Q3 2013	25.13 %	17.12 %	14.64 %
Q4 2013	18.87 %	12.36 %	10.80 %
Q1 2014	20.95 %	14.83 %	13.12 %
Q2 2014	21.28 %	15.15 %	12.98 %
Q3 2014	18.72 %	10.12 %	7.47 %
Q4 2014	19.63 %	12.64 %	10.89 %
Q1 2015	20.53 %	14.51 %	12.71 %
Q2 2015	22.18 %	14.55 %	12.27 %
Q3 2015	17.51 %	9.58 %	7.30 %
Q4 2015	21.23 %	11.27 %	8.34 %
Q1 2016	18.98 %	11.55 %	8.76 %
Q2 2016	18.48 %	10.44 %	7.67 %
Q3 2016	16.93 %	7.59 %	4.14 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	843.20	0.19	0.19	1.05
Q2 2007	843.20	0.19	0.19	1.02
Q3 2007	843.20	0.16	0.16	1.04
Q4 2007	843.20	0.13	0.13	1.06
Q1 2008	843.20	0.13	0.13	1.10
Q2 2008	843.20	0.15	0.15	1.18
Q3 2008	843.20	0.19	0.19	1.23
Q4 2008	843.20	0.24	0.24	1.30
Q1 2009	843.20	0.28	0.28	1.38
Q2 2009	843.20	0.28	0.28	1.46
Q3 2009	843.20	0.35	0.35	1.58
Q4 2009	843.20	0.36	0.36	1.47
Q1 2010	843.20	0.37	0.37	1.56
Q2 2010	843.20	0.39	0.39	1.55
Q3 2010	843.20	0.33	0.33	1.61
Q4 2010	843.20	0.36	0.36	1.60
Q1 2011	843.20	0.37	0.37	1.71
Q2 2011	843.20	0.36	0.36	1.65
Q3 2011	843.20	0.35	0.35	1.70
Q4 2011	843.20	0.32	0.32	1.62
Q1 2012	843.20	0.32	0.32	1.73
Q2 2012	843.20	0.33	0.33	1.72
Q3 2012	843.20	0.34	0.34	1.78
Q4 2012	843.20	0.35	0.35	1.69
Q1 2013	843.20	0.35	0.33	1.79
Q2 2013	843.20	0.33	0.32	1.77
Q3 2013	843.20	0.35	0.33	1.84
Q4 2013	843.20	0.36	0.34	1.78
Q1 2014	843.20	0.36	0.36	1.89
Q2 2014	843.20	0.37	0.37	1.86
Q3 2014	843.20	0.35	0.34	1.90
Q4 2014	843.20	0.34	0.33	1.83
Q1 2015	843.20	0.33	0.33	1.93
Q2 2015	843.20	0.32	0.32	1.80
Q3 2015	843.20	0.32	0.32	1.84
Q4 2015	843.20	0.30	0.30	1.90
Q1 2016	843.20	0.26	0.26	1.75
Q2 2016	843.20	0.22	0.22	1.81
Q3 2016	843.20	0.20	0.20	1.83

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	843.20	0.18	0.18	1.00
2007	843.20	0.13	0.13	1.06
2008	843.20	0.24	0.24	1.30
2009	843.20	0.36	0.36	1.47
2010	843.20	0.36	0.36	1.60
2011	843.20	0.32	0.32	1.62
2012	843.20	0.35	0.35	1.69
2013	843.20	0.36	0.34	1.78
2014	843.20	0.34	0.33	1.83
2015	843.20	0.30	0.30	1.90

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	11.98	11.98	2.12
Q2 2007	11.42	11.42	2.13
Q3 2007	15.10	15.10	2.26
Q4 2007	20.51	20.51	2.56
Q1 2008	17.08	17.08	1.94
Q2 2008	22.53	22.53	2.95
Q3 2008	16.95	16.95	2.65
Q4 2008	6.61	6.61	1.21
Q1 2009	5.84	5.84	1.18
Q2 2009	7.48	7.48	1.44
Q3 2009	6.74	6.74	1.50
Q4 2009	8.70	8.70	2.11
Q1 2010	8.80	8.80	2.06
Q2 2010	7.78	7.78	1.97
Q3 2010	10.75	10.80	2.22
Q4 2010	8.68	8.71	1.94
Q1 2011	9.09	9.12	1.99
Q2 2011	9.50	9.54	2.08
Q3 2011	8.76	8.76	1.81
Q4 2011	9.29	9.29	1.82
Q1 2012	9.71	9.71	1.79
Q2 2012	8.67	8.67	1.68
Q3 2012	8.69	8.69	1.65
Q4 2012	9.71	9.71	1.99
Q1 2013	9.19	9.71	1.78
Q2 2013	10.32	10.92	1.95
Q3 2013	10.32	10.90	1.94
Q4 2013	11.57	12.20	2.32
Q1 2014	12.72	12.72	2.42
Q2 2014	14.29	14.38	2.85
Q3 2014	16.47	16.59	2.99
Q4 2014	12.77	12.86	2.35
Q1 2015	15.68	15.79	2.68
Q2 2015	17.04	17.04	3.03
Q3 2015	14.78	14.78	2.53
Q4 2015	14.46	14.46	2.27
Q1 2016	13.72	13.72	2.00
Q2 2016	14.53	14.53	1.76
Q3 2016	11.77	11.77	1.28

Period	P/E	Adjusted P/E	Price/book
2006	12.92	12.92	2.26
2007	20.51	20.51	2.56
2008	6.61	6.61	1.21
2009	8.70	8.70	2.11
2010	8.68	8.68	1.94
2011	9.29	9.29	1.82
2012	9.71	9.71	1.99
2013	11.57	12.20	2.32
2014	12.77	12.86	2.35
2015	14.46	14.46	2.27

Business Segments (Million)

Compared With The

Period	Medicines and medical supplies	Explosives sector	Production of ammonium nitrate
Q1 2007	251.51	49.74	-
Q2 2007	233.73	59.94	-
Q3 2007	208.89	49.30	-
Q4 2007	330.46	46.56	-
Q1 2008	346.00	61.29	-
Q2 2008	300.28	67.74	-
Q3 2008	223.55	59.50	-
Q4 2008	423.99	54.83	-
Q1 2009	351.39	71.60	-
Q2 2009	327.68	68.57	-
Q3 2009	282.02	68.62	-
Q4 2009	394.61	78.87	-
Q1 2010	313.46	76.69	14.06
Q2 2010	329.91	91.05	14.52
Q3 2010	197.06	74.39	8.29
Q4 2010	458.47	71.57	8.86
Q1 2011	368.14	99.55	1.43
Q2 2011	269.28	95.51	-
Q3 2011	334.61	76.50	1.63
Q4 2011	532.27	86.84	1.81
Q1 2012	441.68	102.29	-
Q2 2012	347.97	115.14	1.43
Q3 2012	249.03	90.71	-
Q4 2012	560.94	90.71	1.44
Q1 2013	504.23	99.55	4.94
Q2 2013	454.26	110.50	(3.18)
Q3 2013	305.21	107.23	-
Q4 2013	595.40	97.00	-
Q1 2014	577.21	115.84	-
Q2 2014	513.14	138.71	-
Q3 2014	434.89	91.56	2.58
Q4 2014	500.81	108.14	1.44
Q1 2015	560.46	115.12	2.89
Q2 2015	519.48	113.30	3.37
Q3 2015	407.09	77.87	2.63
Q4 2015	495.40	108.75	3.42
Q1 2016	486.51	100.15	1.79
Q2 2016	523.71	92.30	1.58
Q3 2016	380.20	67.99	-

Period	Medicines and medical supplies	Explosives sector	Production of ammonium nitrate
2007	1,024.60	205.54	-
2008	1,293.81	243.35	-
2009	1,355.69	287.65	-
2010	1,298.90	313.69	45.73
2011	1,504.30	358.40	4.88
2012	1,599.61	398.85	2.87
2013	1,859.09	414.27	1.76
2014	2,026.05	454.25	4.02
2015	1,982.43	415.03	12.31

Financial Ratios

	Current
Market Cap (M Riyal)	7,453.89
Enterprise Value (EV) (M)	8,539.37
Shares Outstanding ((M))	843.20
EPS ( Riyal) (TTM)	0.22
Book Value (BV) ( Riyal)	2.14
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	40.76
P/E (TTM)	40.76
Price/book	4.14
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	10.6

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Saudi Chemical’s net profit slumps 40% in 9M 2016

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Share Price

Saudi Chemical Co. (CHEMICAL)

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

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q3

Financial Ratios

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Saudi Chemical’s net profit slumps 40% in 9M 2016

View other reports

Share Price

Saudi Chemical Co. (CHEMICAL)

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

Business Segments (Million) Q3 2016

Revenue by Business Segment (Latest) 2016 Q3

Financial Ratios

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Business Segments (Million)