Financial Results : Nama widens losses by 84% in 9M 2016

Nama widens losses by 84% in 9M 2016

19/10/2016 Argaam Exclusive

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Nama Chemicals Co. has widened losses by 84 percent to SAR 89.4 million for the first nine months of 2016, versus a net loss of SAR 48.67 million in the same period last year, on a 27 percent tumble in end products prices and higher selling expenses, driven by higher operating profit and increased sales volumes this period.

 

Lower investment revenue was attributed to not selling available-for-sale investments.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 352.09 337.25 (4.2 %)
Gross Income (9.38) (16.91) (80.2 %)
Operating Income (59.62) (69.70) (16.9 %)
Net Income (48.67) (84.31) (73.2 %)
Average Shares 23.52 23.52 -
Earnings Per Share before unusual items (Riyals) (2.78) (3.58) (28.8 %)
EPS (Riyal) (2.07) (3.58) (73.2 %)

Net losses for the third quarter also jumped by 36 percent YoY to SAR 32.6 million, hurt by a 22 percent drop in prices of end products, and expensive selling prices on higher sales volumes and increased operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 110.47 102.15 (7.5 %)
Gross Income (11.99) (8.46) 29.4 %
Operating Income (28.74) (25.01) 13.0 %
Net Income (23.97) (30.92) (29.0 %)
Average Shares 23.52 23.52 -
Earnings Per Share before unusual items (Riyal) (1.27) (1.31) (3.8 %)
EPS (Riyal) (1.02) (1.31) (29.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 119.06 21.3 % 20.30 16.6 % 10.99 105.2 %
Q2 2007 125.24 25.8 % 19.18 15.9 % 10.03 132.6 %
Q3 2007 116.11 40.7 % 13.12 4.1 % 5.18 9.2 %
Q4 2007 152.72 32.7 % 25.19 11.9 % 10.98 (3.1 %)
Q1 2008 164.75 38.4 % 23.61 16.3 % 11.11 1.1 %
Q2 2008 170.88 36.4 % 20.30 5.8 % 6.16 (38.6 %)
Q3 2008 174.38 50.2 % 26.15 99.4 % 10.84 109.4 %
Q4 2008 111.78 (26.8 %) (1.06) (104.2 %) (14.83) (235.1 %)
Q1 2009 101.89 (38.2 %) (19.04) (180.6 %) (33.79) (404.2 %)
Q2 2009 98.09 (42.6 %) 4.43 (78.2 %) (9.23) (249.9 %)
Q3 2009 100.21 (42.5 %) 17.21 (34.2 %) 4.06 (62.5 %)
Q4 2009 97.47 (12.8 %) 9.09 957.8 % (5.54) 62.6 %
Q1 2010 129.98 27.6 % 15.26 180.2 % 3.28 109.7 %
Q2 2010 162.16 65.3 % 35.84 709.5 % 19.00 305.9 %
Q3 2010 154.59 54.3 % 30.75 78.7 % 13.96 243.6 %
Q4 2010 181.52 86.2 % 30.28 233.0 % 8.53 254.1 %
Q1 2011 204.94 57.7 % 10.81 (29.2 %) (9.74) (397.0 %)
Q2 2011 216.55 33.5 % 47.05 31.3 % 22.42 18.0 %
Q3 2011 162.99 5.4 % 3.16 (89.7 %) (18.72) (234.1 %)
Q4 2011 143.06 (21.2 %) (33.47) (210.5 %) (56.49) (761.9 %)
Q1 2012 205.40 0.2 % 24.94 130.8 % 4.20 143.1 %
Q2 2012 182.18 (15.9 %) 17.93 (61.9 %) (2.89) (112.9 %)
Q3 2012 146.77 (10.0 %) 8.45 167.0 % (9.28) 50.4 %
Q4 2012 183.05 28.0 % 34.39 202.7 % 12.92 122.9 %
Q1 2013 205.59 0.1 % 8.10 (67.5 %) (15.71) (474.1 %)
Q2 2013 178.72 (1.9 %) 32.42 80.8 % 9.04 413.3 %
Q3 2013 180.35 22.9 % 8.15 (3.5 %) (15.73) (69.5 %)
Q4 2013 179.42 (2.0 %) 12.94 (62.4 %) (12.77) (198.9 %)
Q1 2014 178.54 (13.2 %) 4.21 (48.1 %) (16.66) (6.1 %)
Q2 2014 153.32 (14.2 %) (4.42) (113.6 %) (25.55) (382.5 %)
Q3 2014 164.65 (8.7 %) (1.40) (117.2 %) (21.05) (33.8 %)
Q4 2014 178.88 (0.3 %) (14.98) (215.8 %) (39.15) (206.4 %)
Q1 2015 127.00 (28.9 %) (6.45) (253.4 %) (21.86) (31.2 %)
Q2 2015 114.62 (25.2 %) 9.06 305.0 % (9.01) 64.7 %
Q3 2015 110.47 (32.9 %) (11.99) (753.8 %) (28.74) (36.5 %)
Q4 2015 107.58 (39.9 %) (15.56) (3.9 %) (32.82) 16.1 %
Q1 2016 112.90 (11.1 %) (1.84) 71.5 % (18.88) 13.6 %
Q2 2016 122.21 6.6 % (6.61) (172.9 %) (25.80) (186.3 %)
Q3 2016 102.15 (7.5 %) (8.46) 29.4 % (25.01) 13.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2007 8.81 182.6 % 0.52 - 8.81 0.52
Q2 2007 8.57 107.9 % 0.51 - 8.57 0.51
Q3 2007 5.89 48.9 % 0.35 - 5.89 0.35
Q4 2007 12.94 20.1 % 0.76 - 12.94 0.76
Q1 2008 12.32 39.8 % 0.73 - 12.32 0.73
Q2 2008 5.24 (38.9 %) 0.31 - 5.24 0.31
Q3 2008 6.10 3.6 % 0.26 - 6.10 0.26
Q4 2008 (91.15) (804.5 %) (3.88) - (91.15) (3.88)
Q1 2009 (32.41) (363.1 %) (1.38) - (32.41) (1.38)
Q2 2009 (3.36) (164.2 %) (0.14) - (3.36) (0.14)
Q3 2009 7.36 20.8 % 0.31 - 7.36 0.31
Q4 2009 (21.39) 76.5 % (0.91) (15.31) (6.08) (0.26)
Q1 2010 2.11 106.5 % 0.09 - 2.11 0.09
Q2 2010 10.56 414.1 % 0.45 - 10.56 0.45
Q3 2010 12.79 73.7 % 0.54 - 12.79 0.54
Q4 2010 9.02 142.2 % 0.38 - 9.02 0.38
Q1 2011 (4.35) (306.7 %) (0.19) - (4.35) (0.19)
Q2 2011 16.84 59.5 % 0.72 - 16.84 0.72
Q3 2011 (29.27) (328.9 %) (1.24) - (29.27) (1.24)
Q4 2011 (229.75) (2647.4 %) (9.77) (152.94) (76.81) (3.27)
Q1 2012 (4.45) (2.3 %) (0.19) - (4.45) (0.19)
Q2 2012 (9.18) (154.5 %) (0.39) - (9.18) (0.39)
Q3 2012 (13.20) 54.9 % (0.56) - (13.20) (0.56)
Q4 2012 3.59 101.6 % 0.15 - 3.59 0.15
Q1 2013 (25.42) (470.9 %) (1.08) - (25.42) (1.08)
Q2 2013 9.54 203.9 % 0.41 - 9.54 0.41
Q3 2013 (12.02) 8.9 % (0.51) - (12.02) (0.51)
Q4 2013 (16.32) (554.1 %) (0.69) - (16.32) (0.69)
Q1 2014 (14.87) 41.5 % (0.63) - (14.87) (0.63)
Q2 2014 (28.37) (397.2 %) (1.21) - (28.37) (1.21)
Q3 2014 (23.36) (94.3 %) (0.99) - (23.36) (0.99)
Q4 2014 (45.89) (181.2 %) (1.95) - (45.89) (1.95)
Q1 2015 (31.15) (109.5 %) (1.32) - (31.15) (1.32)
Q2 2015 6.45 122.7 % 0.27 10.96 (4.51) (0.19)
Q3 2015 (23.97) (2.6 %) (1.02) 5.82 (29.78) (1.27)
Q4 2015 (25.36) 44.7 % (1.08) 8.39 (33.76) (1.44)
Q1 2016 (21.94) 29.6 % (0.93) - (21.94) (0.93)
Q2 2016 (31.45) (587.5 %) (1.34) - (31.45) (1.34)
Q3 2016 (30.92) (29.0 %) (1.31) - (30.92) (1.31)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2015 (4.37 %) 24.12 % (20.64 %)
Q2 2015 (2.36 %) 29.07 % (17.93 %)
Q3 2015 (4.59 %) 31.04 % (20.97 %)
Q4 2015 (5.43 %) 37.53 % (21.58 %)
2015 (5.43 %) 2.81 % (21.68 %)
Q1 2016 (4.56 %) 38.93 % (20.20 %)
Q2 2016 (7.94 %) 33.71 % (25.80 %)
Q3 2016 (7.30 %) 33.90 % (26.54 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2015 23.52 (5.47) (5.47) 50.54
Q2 2015 23.52 (3.99) (4.46) 51.46
Q3 2015 23.52 (4.02) (4.73) 49.19
Q4 2015 23.52 (3.15) (4.22) 46.61
Q1 2016 23.52 (2.76) (3.83) 44.08
Q2 2016 23.52 (4.37) (4.97) 42.99
Q3 2016 23.52 (4.66) (5.02) 41.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2015 NEG NEG 1.19
Q2 2015 NEG NEG 1.15
Q3 2015 NEG NEG 0.93
Q4 2015 NEG NEG 0.84
Q1 2016 NEG NEG 0.72
Q2 2016 NEG NEG 0.81
Q3 2016 NEG NEG 0.63

Business Segments (Million)

Compared With The
Period Epoxy Resins Products Chlor Alkali Products Others 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)
Q1 2015 98.10 37.91 - (9.01)
Q2 2015 96.67 40.66 - (22.71)
Q3 2015 82.51 41.67 - (13.71)
Q4 2015 65.48 43.09 - (0.99)
Q1 2016 70.08 41.97 5.18 (4.33)
Q2 2016 78.57 43.70 5.18 (5.24)
Q3 2016 60.58 41.61 5.18 (5.21)


Financial Ratios
Current
Market Cap (M Riyal) 583.30
Enterprise Value (EV) (M Riyal) 1,176.04
Shares Outstanding ((M)) 23.52
EPS ( Riyal) (TTM) 3.31
Book Value (BV) ( Riyal) 11.94
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) 7.49
Price/book 2.08
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 32.4
EV/adj EBITDA (10.76)
EV/Revenues 4.99
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Share Price

Nama Chemicals Co.
24.80
0.30 1.22 %

Nama Chemicals Co. (NAMA CHEMICALS)

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