Nama Chemicals’ 2014 net loss up to SAR 112.5 mln

20/01/2015 Argaam Exclusive

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Nama Chemicals Company, a producer of caustic Soda and Epoxy resin, reported 2014’ net loss of SAR 112.5 million, compared to SAR 44.3 million in the same period last year.

A net loss of SAR 45.9 million was reported for Q4-2014 compared to SAR 23.4 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Revenues 744.09 675.39 (9.2 %)
Gross Income 61.60 (16.60) (126.9 %)
Operating Income (35.17) (102.40) (191.2 %)
Net Income (44.32) (112.48) (153.8 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (1.88) (4.78) (153.8 %)

 

The company attributed the increase of 2014’s net losses, compared to the same period last year, to the decrease of Epoxy products’ sales by 14% and the decrease of Epoxy’s selling prices by 8%. Financing & depreciation costs of Epoxy expanding (120 thousand tons) were charged to operational accounts of 2014. Increase of financial charges due to the capitalization of Epoxy expansion.

 

In addition to the non-recurring expenses of SAR 5 million for treatment of industrial wastewater and SAR 11 million loss from the fire broke out into the caustic soda prills unit of its affiliate, Arabian Alkali Company (SODA) As well as the increase of other income was attributed to the company’s building rent revenue and Yansab’s returns.

 

The increase of Q4-2014’s net loss compared to the same period last year was attributed to the decrease of sold products by 9% and decrease of Epoxy’s final selling prices by 2%.

 

In addition to the non-recurring expenses of SAR 5 million for treatment of industrial wastewater and SAR 11 million loss from the fire broke out into the caustic soda prills unit of its affiliate, Arabian Alkali Company (SODA) As well as the increase of financial charges due to the capitalization of Epoxy expansion.

 

The increase of Q4-2014’s net loss compared to the previous period (Q3-2014) was attributed to the non-recurring expenses of SAR 5 million for treatment of industrial wastewater and SAR 11 million loss from the fire broke out into the caustic soda prills unit of its affiliate, Arabian Alkali Company (SODA) and increase of Zakat provision.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 179.42 178.88 (0.3 %)
Gross Income 12.94 (14.98) (215.8 %)
Operating Income (12.77) (39.15) (206.4 %)
Net Income (16.32) (45.89) (181.2 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (0.69) (1.95) (181.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 49.63 12.6 % 4.47 (29.4 %) 5.15 357.8 % 0.32
Q2 2005 73.89 25.7 % 7.21 13.6 % 5.39 344.2 % 0.33
Q3 2005 81.10 28.4 % 14.64 74.4 % 9.85 260.6 % 0.61
Q4 2005 88.01 30.1 % 11.87 68.4 % 9.35 134.0 % 0.58
Q1 2006 98.15 97.8 % 17.41 290.0 % 3.12 (39.5 %) 0.19
Q2 2006 99.52 34.7 % 16.55 129.7 % 4.12 (23.5 %) 0.25
Q3 2006 82.50 1.7 % 12.59 (13.9 %) 3.95 (59.9 %) 0.24
Q4 2006 115.06 30.7 % 22.50 89.6 % 10.78 15.3 % 0.65
Q1 2007 119.06 21.3 % 20.30 16.6 % 8.81 182.6 % 0.52
Q2 2007 125.24 25.8 % 19.18 15.9 % 8.57 107.9 % 0.51
Q3 2007 116.11 40.7 % 13.12 4.1 % 5.89 48.9 % 0.35
Q4 2007 152.72 32.7 % 25.19 11.9 % 12.94 20.1 % 0.76
Q1 2008 164.75 38.4 % 23.61 16.3 % 12.32 39.8 % 0.73
Q2 2008 170.88 36.4 % 20.30 5.8 % 5.24 (38.9 %) 0.31
Q3 2008 174.38 50.2 % 26.15 99.4 % 6.10 3.6 % 0.26
Q4 2008 111.78 (26.8 %) (1.06) (104.2 %) (91.15) (804.5 %) (3.88)
Q1 2009 101.89 (38.2 %) (19.04) (180.6 %) (32.41) (363.1 %) (1.38)
Q2 2009 98.09 (42.6 %) 4.43 (78.2 %) (3.36) (164.2 %) (0.14)
Q3 2009 100.21 (42.5 %) 17.21 (34.2 %) 7.36 20.8 % 0.31
Q4 2009 97.47 (12.8 %) 9.09 957.8 % (21.39) 76.5 % (0.91)
Q1 2010 129.98 27.6 % 15.26 180.2 % 2.11 106.5 % 0.09
Q2 2010 162.16 65.3 % 35.84 709.5 % 10.56 414.1 % 0.45
Q3 2010 154.59 54.3 % 30.75 78.7 % 12.79 73.7 % 0.54
Q4 2010 181.52 86.2 % 30.28 233.0 % 9.02 142.2 % 0.38
Q1 2011 204.94 57.7 % 10.81 (29.2 %) (4.35) (306.7 %) (0.19)
Q2 2011 216.55 33.5 % 47.05 31.3 % 16.84 59.5 % 0.72
Q3 2011 162.99 5.4 % 3.16 (89.7 %) (29.27) (328.9 %) (1.24)
Q4 2011 143.06 (21.2 %) (33.47) (210.5 %) (229.75) (2647.4 %) (9.77)
Q1 2012 205.40 0.2 % 24.94 130.8 % (4.45) (2.3 %) (0.19)
Q2 2012 182.18 (15.9 %) 17.93 (61.9 %) (9.18) (154.5 %) (0.39)
Q3 2012 146.77 (10.0 %) 8.45 167.0 % (13.20) 54.9 % (0.56)
Q4 2012 183.05 28.0 % 34.39 202.7 % 3.59 101.6 % 0.15
Q1 2013 205.59 0.1 % 8.10 (67.5 %) (25.42) (470.9 %) (1.08)
Q2 2013 178.72 (1.9 %) 32.42 80.8 % 9.54 203.9 % 0.41
Q3 2013 180.35 22.9 % 8.15 (3.5 %) (12.02) 8.9 % (0.51)
Q4 2013 179.42 (2.0 %) 12.94 (62.4 %) (16.32) (554.1 %) (0.69)
Q1 2014 178.54 (13.2 %) 4.21 (48.1 %) (14.87) 41.5 % (0.63)
Q2 2014 153.32 (14.2 %) (4.42) (113.6 %) (28.37) (397.2 %) (1.21)
Q3 2014 164.65 (8.7 %) (1.40) (117.2 %) (23.36) (94.3 %) (0.99)
Q4 2014 178.88 (0.3 %) (14.98) (215.8 %) (45.89) (181.2 %) (1.95)
2014 675.39 (9.2 %) (16.60) (126.9 %) (112.48) (153.8 %) (4.78)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 10.97 % 12.81 % (12.83 %)
Q2 2005 10.66 % 12.97 % (9.08 %)
Q3 2005 12.25 % 14.35 % (2.61 %)
Q4 2005 13.04 % 14.67 % 10.16 %
Q1 2006 14.99 % 14.81 % 8.12 %
Q2 2006 16.49 % 15.03 % 7.21 %
Q3 2006 15.87 % 14.80 % 5.58 %
Q4 2006 17.47 % 15.96 % 5.56 %
Q1 2007 17.29 % 16.31 % 6.65 %
Q2 2007 16.88 % 16.30 % 7.27 %
Q3 2007 15.80 % 14.89 % 7.16 %
Q4 2007 15.16 % 13.54 % 7.06 %
Q1 2008 14.51 % 12.47 % 7.11 %
Q2 2008 13.60 % 10.92 % 6.02 %
Q3 2008 14.37 % 10.85 % 5.52 %
Q4 2008 11.10 % 7.48 % (10.86 %)
Q1 2009 4.72 % 0.34 % (20.08 %)
Q2 2009 2.16 % (2.66 %) (24.85 %)
Q3 2009 0.37 % (4.19 %) (29.02 %)
Q4 2009 2.94 % (1.22 %) (8.67 %)
Q1 2010 10.80 % 7.59 % 0.01 %
Q2 2010 15.80 % 12.40 % 2.85 %
Q3 2010 16.71 % 12.73 % 3.56 %
Q4 2010 17.85 % 13.34 % 5.49 %
Q1 2011 15.31 % 12.19 % 3.98 %
Q2 2011 15.69 % 15.74 % 4.53 %
Q3 2011 11.92 % 17.23 % (1.01 %)
Q4 2011 3.79 % 17.24 % (12.86 %)
Q1 2012 5.73 % 19.15 % (12.87 %)
Q2 2012 1.81 % 16.43 % (17.26 %)
Q3 2012 2.63 % 18.21 % (15.30 %)
Q4 2012 11.95 % 27.03 % (3.24 %)
Q1 2013 9.60 % 24.75 % (6.16 %)
Q2 2013 11.67 % 27.85 % (3.57 %)
Q3 2013 11.11 % 27.18 % (3.25 %)
Q4 2013 8.28 % 25.66 % (5.94 %)
Q1 2014 8.05 % 26.57 % (4.69 %)
Q2 2014 3.02 % 23.03 % (10.35 %)
Q3 2014 1.67 % 24.22 % (12.27 %)
Q4 2014 (2.46 %) 22.47 % (16.65 %)
2014 (2.46 %) 0.30 % (16.65 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 16.19 (1.90) (1.90) 40.67
Q2 2005 16.19 (1.43) (1.43) 41.00
Q3 2005 16.19 (0.44) (0.44) 41.61
Q4 2005 16.19 1.84 1.84 42.37
Q1 2006 16.57 1.67 1.67 50.49
Q2 2006 16.57 1.60 1.60 46.39
Q3 2006 16.57 1.24 1.24 49.34
Q4 2006 16.57 1.33 1.33 46.31
Q1 2007 16.94 1.63 1.63 47.58
Q2 2007 16.94 1.90 1.90 47.56
Q3 2007 16.94 2.01 2.01 49.50
Q4 2007 16.94 2.14 2.14 54.40
Q1 2008 16.94 2.34 2.34 54.48
Q2 2008 16.94 2.15 2.15 55.15
Q3 2008 23.52 1.56 1.56 70.02
Q4 2008 23.52 (2.87) (2.87) 66.21
Q1 2009 23.52 (4.77) (4.77) 65.18
Q2 2009 23.52 (5.14) (5.14) 66.38
Q3 2009 23.52 (5.08) (5.08) 67.39
Q4 2009 23.52 (2.12) (1.47) 66.55
Q1 2010 23.52 (0.65) 0.00 67.21
Q2 2010 23.52 (0.06) 0.59 67.21
Q3 2010 23.52 0.17 0.82 67.73
Q4 2010 23.52 1.47 1.47 69.30
Q1 2011 23.52 1.19 1.19 68.85
Q2 2011 23.52 1.46 1.46 69.47
Q3 2011 23.52 (0.33) (0.33) 67.80
Q4 2011 23.52 (10.48) (3.98) 58.77
Q1 2012 23.52 (10.49) (3.98) 59.53
Q2 2012 23.52 (11.59) (5.09) 58.25
Q3 2012 23.52 (10.91) (4.41) 57.81
Q4 2012 23.52 (0.99) (0.99) 58.18
Q1 2013 23.52 (1.88) (1.88) 57.67
Q2 2013 23.52 (1.08) (1.08) 58.45
Q3 2013 23.52 (1.03) (1.03) 58.68
Q4 2013 23.52 (1.88) (1.88) 59.06
Q1 2014 23.52 (1.43) (1.43) 58.43
Q2 2014 23.52 (3.04) (3.04) 57.27
Q3 2014 23.52 (3.52) (3.52) 56.76
Q4 2014 23.52 (4.78) (4.78) 52.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 NEG NEG 3.76
Q2 2005 NEG NEG 6.44
Q3 2005 NEG NEG 10.53
Q4 2005 More than 100 More than 100 13.98
Q1 2006 More than 100 More than 100 5.94
Q2 2006 More than 100 More than 100 8.04
Q3 2006 More than 100 More than 100 9.72
Q4 2006 More than 100 More than 100 3.22
Q1 2007 97.28 97.28 3.34
Q2 2007 62.84 62.84 2.50
Q3 2007 77.23 77.23 3.14
Q4 2007 94.63 94.63 3.72
Q1 2008 67.54 67.54 2.91
Q2 2008 89.81 89.81 3.50
Q3 2008 50.76 50.76 1.13
Q4 2008 NEG NEG 0.71
Q1 2009 NEG NEG 0.68
Q2 2009 NEG NEG 0.95
Q3 2009 NEG NEG 0.91
Q4 2009 NEG NEG 0.89
Q1 2010 NEG More than 100 0.85
Q2 2010 NEG 87.55 0.77
Q3 2010 More than 100 65.35 0.79
Q4 2010 41.58 41.58 0.88
Q1 2011 49.78 49.78 0.86
Q2 2011 41.41 41.41 0.87
Q3 2011 NEG NEG 0.75
Q4 2011 NEG NEG 0.93
Q1 2012 NEG NEG 1.54
Q2 2012 NEG NEG 1.33
Q3 2012 NEG NEG 1.38
Q4 2012 NEG NEG 1.21
Q1 2013 NEG NEG 1.25
Q2 2013 NEG NEG 1.13
Q3 2013 NEG NEG 1.13
Q4 2013 NEG NEG 1.30
Q1 2014 NEG NEG 1.46
Q2 2014 NEG NEG 1.49
Q3 2014 NEG NEG 1.60
Q4 2014 NEG NEG 1.12

Business Segments (Million)

Compared With The
Period Epoxy Resins Products Chlor Alkali Products Consolidation adjustments & eliminations
Q1 2012 188.84 49.91 (33.34)
Q2 2012 165.63 44.97 (28.42)
Q3 2012 121.57 48.99 (23.80)
Q4 2012 166.10 58.38 (41.42)
Q1 2013 199.44 52.87 (46.72)
Q2 2013 182.91 58.21 (62.40)
Q3 2013 185.91 57.23 (62.79)
Q4 2013 170.80 52.01 (43.38)
Q1 2014 156.88 54.53 (32.87)
Q2 2014 136.64 50.15 (33.48)
Q3 2014 141.44 49.33 (26.12)
Q4 2014 159.55 53.99 (34.65)

Current
Market Cap (M Riyal) 663.26
Enterprise Value (EV) (M) 1,177.83
Shares Outstanding ((M)) 23.52
EPS ( Riyal) (TTM) (6.94)
Book Value (BV) ( Riyal) 8.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.25
Return on Average Assets (%) (TTM) (15.52 )
Return on Average Equity (%) (TTM) (57.15 )

Share Price

28.20
0.30 1.08 %

Nama Chemicals Co. (NAMA CHEMICALS)


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