Saudi Chemical’s net profit drops 14% in 9M 2019

03/11/2019 Argaam Exclusive

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Saudi Chemical Holding Co. reported a net profit of SAR 83.6 million for the first nine months of 2019, a 14.4 percent year-on-year decline.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	2,075.76	2,353.20	13.4 %
Gross Income	299.30	359.73	20.2 %
Operating Income	138.09	142.27	3.0 %
Net Income	97.75	83.60	(14.5 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.12	0.10	(14.5 %)

The decline is attributed to launching commercial production of two production lines of AJA's plant (subsidiary company) and charging all costs to income statement for the period. The costs are expected to be covered gradually through the increase in sales.

The company also cited other reasons for the net profit decline including the increase in operational expenses, mainly relating to pharmaceutical sector due to the increase in sales of distributing medicines, as well as higher finance costs and zakat provision.

The company reported a net profit of SAR 13.4 million for Q3 2019, a 0.74 percent year-on-year drop.

When compared to the previous quarter, net profit fell 56.6 percent due to lower sales and higher provision for doubtful debts, finance costs and zakat provision.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	630.81	737.05	16.8 %
Gross Income	84.18	113.62	35.0 %
Operating Income	28.04	35.53	26.7 %
Net Income	13.51	13.40	(0.8 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.02	0.02	(0.8 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	775.99	737.05	(5.0 %)
Gross Income	120.75	113.62	(5.9 %)
Operating Income	49.31	35.53	(28.0 %)
Net Income	30.89	13.40	(56.6 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.04	0.02	(56.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2016	492.21	(19.0 %)	86.44	(33.0 %)	17.09	(66.3 %)	0.02
2016	2,143.06	(11.1 %)	387.57	(21.4 %)	134.43	(46.4 %)	0.16
Q1 2017	724.68	23.2 %	118.40	6.0 %	55.20	7.1 %	0.07
Q2 2017	544.28	(11.9 %)	93.09	(18.5 %)	28.54	(39.8 %)	0.03
Q3 2017	513.16	15.4 %	83.60	11.0 %	27.85	51.2 %	0.03
Q4 2017	692.22	40.6 %	101.23	17.1 %	30.57	78.9 %	0.04
2017	2,474.34	15.5 %	396.31	2.3 %	142.15	5.7 %	0.17
Q1 2018	791.18	9.2 %	121.48	2.6 %	56.42	2.2 %	0.07
Q2 2018	653.78	20.1 %	93.63	0.6 %	27.82	(2.5 %)	0.03
Q3 2018	630.81	22.9 %	84.18	0.7 %	13.51	(51.5 %)	0.02
Q4 2018	872.77	26.1 %	111.15	9.8 %	17.08	(44.1 %)	0.02
2018	2,948.53	19.2 %	410.44	3.6 %	114.82	(19.2 %)	0.14
Q1 2019	840.16	6.2 %	125.36	3.2 %	39.30	(30.3 %)	0.05
Q2 2019	775.99	18.7 %	120.75	29.0 %	30.89	11.0 %	0.04
Q3 2019	737.05	16.8 %	113.62	35.0 %	13.40	(0.8 %)	0.02

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2016	2,143.06	(11.1 %)	387.57	(21.4 %)	134.43	(46.4 %)	0.16
2017	2,474.34	15.5 %	396.31	2.3 %	142.15	5.7 %	0.17
2018	2,948.53	19.2 %	410.44	3.6 %	114.82	(19.2 %)	0.14

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2016	18.08 %	10.13 %	6.76 %
2016	18.08 %	10.13 %	6.76 %
Q1 2017	17.30 %	9.71 %	6.51 %
Q2 2017	16.92 %	9.17 %	5.87 %
Q3 2017	16.78 %	9.17 %	6.11 %
Q4 2017	16.02 %	8.52 %	5.74 %
2017	16.02 %	8.52 %	5.74 %
Q1 2018	15.72 %	8.50 %	5.64 %
Q2 2018	15.09 %	8.20 %	5.38 %
Q3 2018	14.47 %	7.69 %	4.64 %
Q4 2018	13.92 %	7.35 %	3.89 %
2018	13.92 %	7.35 %	3.89 %
Q1 2019	13.82 %	6.89 %	3.26 %
Q2 2019	14.15 %	7.00 %	3.23 %
Q3 2019	14.60 %	7.11 %	3.12 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2016	18.08 %	10.13 %	6.76 %
2017	16.02 %	8.52 %	5.74 %
2018	13.92 %	7.35 %	3.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2016	17.56 %	10.33 %	5.57 %
Q1 2017	16.34 %	9.97 %	7.62 %
Q2 2017	17.10 %	8.34 %	5.24 %
Q3 2017	16.29 %	7.83 %	5.43 %
Q4 2017	14.62 %	7.66 %	4.42 %
Q1 2018	15.35 %	9.78 %	7.13 %
Q2 2018	14.32 %	7.14 %	4.26 %
Q3 2018	13.34 %	5.69 %	2.14 %
Q4 2018	12.74 %	6.50 %	1.96 %
Q1 2019	14.92 %	8.00 %	4.68 %
Q2 2019	15.56 %	7.54 %	3.98 %
Q3 2019	15.42 %	6.36 %	1.82 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2016	843.20	0.16	0.17	1.74
Q1 2017	843.20	0.16	0.18	1.81
Q2 2017	843.20	0.14	0.15	1.76
Q3 2017	843.20	0.15	0.16	1.80
Q4 2017	843.20	0.17	0.17	1.76
Q1 2018	843.20	0.17	0.17	1.83
Q2 2018	843.20	0.17	0.17	1.86
Q3 2018	843.20	0.15	0.15	1.78
Q4 2018	843.20	0.14	0.14	1.81
Q1 2019	843.20	0.12	0.12	1.85
Q2 2019	843.20	0.12	0.12	1.89
Q3 2019	843.20	0.12	0.12	1.90

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	843.20	0.16	0.17	1.74
2017	843.20	0.17	0.17	1.76
2018	843.20	0.14	0.14	1.81

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2016	18.32	17.01	1.68
Q1 2017	15.42	14.35	1.40
Q2 2017	20.31	18.69	1.63
Q3 2017	17.20	15.92	1.46
Q4 2017	14.29	14.29	1.37
Q1 2018	14.60	14.60	1.36
Q2 2018	15.80	15.80	1.44
Q3 2018	16.17	16.17	1.38
Q4 2018	17.10	17.10	1.29
Q1 2019	20.97	20.97	1.31
Q2 2019	19.42	19.42	1.23
Q3 2019	21.78	21.78	1.36

Period	P/E	Adjusted P/E	Price/book
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
2016	18.32	17.01	1.68
2017	14.29	14.29	1.37
2018	17.10	17.10	1.29

Business Segments (Million)

Compared With The

Period	Medicines and medical supplies	Explosives sector	Production of ammonium nitrate
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	-
Q4 2016	401.59	84.23	6.39
Q1 2017	642.39	81.80	0.49
Q2 2017	461.84	80.81	1.63
Q3 2017	439.71	69.84	3.61
Q4 2017	601.78	86.92	3.52
Q1 2018	709.39	79.68	2.11
Q2 2018	593.51	58.30	1.97
Q3 2018	574.96	48.59	7.26
Q4 2018	802.01	64.80	5.96
Q1 2019	763.56	66.18	10.41
Q2 2019	710.38	61.38	4.22
Q3 2019	672.06	62.22	2.77

Period	Medicines and medical supplies	Explosives sector	Production of ammonium nitrate
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
2016	1,792.00	344.67	6.39
2017	2,145.72	319.37	9.25
2018	2,679.85	251.37	17.31

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	25.60	13.40	(47.6 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	25.60	13.40	(47.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,292.06
Enterprise Value (EV) (M)	10,601.97
Shares Outstanding ((M))	843.20
EPS ( Riyal) (TTM)	0.29
Book Value (BV) ( Riyal)	2.24
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	38.39
P/E (TTM)	38.39
Price/book	4.91
Return on Average Assets (%) (TTM)	4.6
Return on Average Equity (%) (TTM)	13.5

Saudi Chemical Co. (CHEMICAL)

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Saudi Chemical’s net profit drops 14% in 9M 2019

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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) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Chemical Co. (CHEMICAL)

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Saudi Chemical’s net profit drops 14% in 9M 2019

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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 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Chemical Co. (CHEMICAL)

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Business Segments (Million)