Yansab’s profit slips 8% in 9M 2017 on higher feedstock costs

24/10/2017 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab), which is majority owned by SABIC, reported a net profit of SAR 1.6 billion for the first nine months of 2017, an 8 percent year-on-year (YoY) decline attributed to higher cost of feedstock materials. In addition, the firm saw lower production and sales quantity, mainly due turnaround activities this year.

Yansab noted an increase in average sales prices for most products.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	4,585.58	5,054.06	10.2 %
Gross Income	2,148.66	1,973.75	(8.1 %)
Operating Income	1,835.20	1,634.54	(10.9 %)
Net Income	1,737.37	1,598.46	(8.0 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	3.09	2.84	(8.0 %)

The third-quarter net profit rose 13.4 percent YoY to SAR 644.6 million due to an increase in production and sales quantities, and higher average sales prices for most of the products.

The Q3 profit was higher by 86.5 percent compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	1,516.80	1,933.44	27.5 %
Gross Income	688.73	780.33	13.3 %
Operating Income	591.89	653.62	10.4 %
Net Income	568.28	644.59	13.4 %
Average Shares	562.50	562.50	-
EPS (Riyals)	1.01	1.15	13.4 %

Item	Q2 2017	Q3 2017	Change‬
Revenues	1,362.12	1,933.44	41.9 %
Gross Income	465.16	780.33	67.8 %
Operating Income	357.71	653.62	82.7 %
Net Income	345.72	644.59	86.4 %
Average Shares	562.50	562.50	-
EPS (Riyals)	0.61	1.15	86.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	(6.88)	(41.0 %)	(0.01)
Q2 2008	-	-	-	-	(6.19)	33.2 %	(0.01)
Q3 2008	-	-	-	-	(4.94)	39.7 %	(0.01)
Q4 2008	-	-	-	-	(7.59)	6.4 %	(0.01)
2008	-	-	-	-	(25.59)	15.9 %	(0.05)
Q1 2009	-	-	-	-	(8.24)	(19.8 %)	(0.01)
Q2 2009	-	-	-	-	(6.65)	(7.6 %)	(0.01)
Q3 2009	-	-	-	-	(7.00)	(41.9 %)	(0.01)
Q4 2009	-	-	-	-	(7.32)	3.6 %	(0.01)
2009	-	-	-	-	(29.21)	(14.2 %)	(0.05)
Q1 2010	688.59	-	325.43	-	259.43	3249.6 %	0.46
Q2 2010	1,638.22	-	632.13	-	502.38	7650.1 %	0.89
Q3 2010	1,602.88	-	501.85	-	356.20	5187.8 %	0.63
Q4 2010	1,891.84	-	710.15	-	554.76	7677.7 %	0.99
2010	5,821.53	-	2,169.57	-	1,672.78	5826.1 %	2.97
Q1 2011	2,077.28	201.7 %	891.46	173.9 %	717.85	176.7 %	1.28
Q2 2011	2,659.86	62.4 %	1,139.46	80.3 %	963.67	91.8 %	1.71
Q3 2011	2,497.80	55.8 %	975.77	94.4 %	827.94	132.4 %	1.47
Q4 2011	2,424.41	28.2 %	786.41	10.7 %	664.88	19.8 %	1.18
2011	9,659.34	65.9 %	3,793.09	74.8 %	3,174.33	89.8 %	5.64
Q1 2012	2,445.86	17.7 %	906.99	1.7 %	720.27	0.3 %	1.28
Q2 2012	2,332.26	(12.3 %)	824.89	(27.6 %)	649.61	(32.6 %)	1.15
Q3 2012	2,017.60	(19.2 %)	588.27	(39.7 %)	435.73	(47.4 %)	0.77
Q4 2012	2,503.31	3.3 %	788.85	0.3 %	640.77	(3.6 %)	1.14
2012	9,299.03	(3.7 %)	3,109.01	(18.0 %)	2,446.36	(22.9 %)	4.35
Q1 2013	2,168.52	(11.3 %)	800.29	(11.8 %)	667.07	(7.4 %)	1.19
Q2 2013	2,212.84	(5.1 %)	807.15	(2.2 %)	670.52	3.2 %	1.19
Q3 2013	2,888.72	43.2 %	1,027.75	74.7 %	864.83	98.5 %	1.54
Q4 2013	2,083.57	(16.8 %)	589.60	(25.3 %)	442.23	(31.0 %)	0.79
2013	9,353.65	0.6 %	3,224.79	3.7 %	2,644.65	8.1 %	4.70
Q1 2014	2,317.89	6.9 %	708.29	(11.5 %)	555.68	(16.7 %)	0.99
Q2 2014	2,409.31	8.9 %	760.78	(5.7 %)	613.03	(8.6 %)	1.09
Q3 2014	2,493.73	(13.7 %)	844.76	(17.8 %)	691.28	(20.1 %)	1.23
Q4 2014	2,290.10	9.9 %	773.20	31.1 %	617.75	39.7 %	1.10
2014	9,511.03	1.7 %	3,087.03	(4.3 %)	2,477.74	(6.3 %)	4.40
Q1 2015	1,716.78	(25.9 %)	412.75	(41.7 %)	285.14	(48.7 %)	0.51
Q2 2015	1,563.32	(35.1 %)	373.04	(51.0 %)	227.40	(62.9 %)	0.40
Q3 2015	1,800.27	(27.8 %)	434.61	(48.6 %)	301.72	(56.4 %)	0.54
Q4 2015	1,831.05	(20.0 %)	537.20	(30.5 %)	393.06	(36.4 %)	0.70
2015	6,911.42	(27.3 %)	1,757.60	(43.1 %)	1,207.32	(51.3 %)	2.15
Q1 2016	1,346.43	(21.6 %)	607.27	47.1 %	421.74	47.9 %	0.75
Q2 2016	1,722.34	10.2 %	852.67	128.6 %	747.34	228.6 %	1.33
Q3 2016	1,516.80	(15.7 %)	688.73	58.5 %	568.28	88.3 %	1.01
Q4 2016	1,645.07	(10.2 %)	732.63	36.4 %	607.00	54.4 %	1.08
2016	6,230.64	(9.8 %)	2,881.29	63.9 %	2,344.36	94.2 %	4.17
Q1 2017	1,758.51	30.6 %	728.26	19.9 %	608.16	44.2 %	1.08
Q2 2017	1,362.12	(20.9 %)	465.16	(45.4 %)	345.72	(53.7 %)	0.61
Q3 2017	1,933.44	27.5 %	780.33	13.3 %	644.59	13.4 %	1.15

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	(30.43)	(121.7 %)	(0.05)
2008	-	-	-	-	(25.59)	15.9 %	(0.05)
2009	-	-	-	-	(29.21)	(14.2 %)	(0.05)
2010	5,821.53	-	2,169.57	-	1,672.78	5826.1 %	2.97
2011	9,659.34	65.9 %	3,793.09	74.8 %	3,174.33	89.8 %	5.64
2012	9,299.03	(3.7 %)	3,109.01	(18.0 %)	2,446.36	(22.9 %)	4.35
2013	9,353.65	0.6 %	3,224.79	3.7 %	2,644.65	8.1 %	4.70
2014	9,511.03	1.7 %	3,087.03	(4.3 %)	2,477.74	(6.3 %)	4.40
2015	6,911.42	(27.3 %)	1,757.60	(43.1 %)	1,207.32	(51.3 %)	2.15
2016	6,230.64	(9.8 %)	2,881.29	63.9 %	2,344.36	94.2 %	4.17

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	47.26 %	53.80 %	34.63 %
Q2 2010	41.15 %	52.45 %	32.13 %
Q3 2010	37.14 %	49.57 %	28.26 %
Q4 2010	37.27 %	49.49 %	28.73 %
2010	37.27 %	49.49 %	28.73 %
Q1 2011	37.94 %	49.61 %	29.56 %
Q2 2011	39.39 %	49.60 %	31.49 %
Q3 2011	40.72 %	50.12 %	33.57 %
Q4 2011	39.27 %	47.99 %	32.86 %
2011	39.27 %	47.99 %	32.86 %
Q1 2012	37.98 %	46.34 %	31.68 %
Q2 2012	36.02 %	47.12 %	29.51 %
Q3 2012	33.69 %	50.53 %	26.79 %
Q4 2012	33.43 %	58.26 %	26.31 %
2012	33.43 %	41.87 %	26.31 %
Q1 2013	33.28 %	59.12 %	26.53 %
Q2 2013	33.53 %	57.16 %	27.12 %
Q3 2013	35.03 %	51.30 %	29.09 %
Q4 2013	34.48 %	43.54 %	28.27 %
2013	34.48 %	43.54 %	28.27 %
Q1 2014	32.97 %	42.38 %	26.66 %
Q2 2014	31.82 %	41.45 %	25.52 %
Q3 2014	31.20 %	41.94 %	24.74 %
Q4 2014	32.46 %	43.45 %	26.05 %
2014	32.46 %	43.45 %	26.05 %
Q1 2015	31.33 %	42.95 %	24.77 %
Q2 2015	29.81 %	42.15 %	22.59 %
Q3 2015	27.05 %	39.84 %	19.44 %
Q4 2015	25.43 %	38.49 %	17.54 %
2015	25.43 %	38.49 %	17.54 %
Q1 2016	29.84 %	42.19 %	20.62 %
Q2 2016	36.29 %	47.23 %	27.89 %
Q3 2016	41.86 %	52.93 %	33.27 %
Q4 2016	46.24 %	56.31 %	37.63 %
2016	46.24 %	56.31 %	37.63 %
Q1 2017	45.20 %	54.64 %	38.10 %
Q2 2017	41.62 %	51.91 %	33.89 %
Q3 2017	40.40 %	49.45 %	32.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	37.27 %	49.49 %	28.73 %
2011	39.27 %	47.99 %	32.86 %
2012	33.43 %	41.87 %	26.31 %
2013	34.48 %	43.54 %	28.27 %
2014	32.46 %	43.45 %	26.05 %
2015	25.43 %	38.49 %	17.54 %
2016	46.24 %	56.31 %	37.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	47.26 %	56.85 %	37.68 %
Q2 2010	38.59 %	51.47 %	30.67 %
Q3 2010	31.31 %	44.96 %	22.22 %
Q4 2010	37.54 %	48.95 %	29.32 %
Q1 2011	42.91 %	52.34 %	34.56 %
Q2 2011	42.84 %	50.73 %	36.23 %
Q3 2011	39.06 %	48.51 %	33.15 %
Q4 2011	32.44 %	40.72 %	27.42 %
Q1 2012	37.08 %	44.92 %	29.45 %
Q2 2012	35.37 %	54.58 %	27.85 %
Q3 2012	29.16 %	64.43 %	21.60 %
Q4 2012	31.51 %	69.76 %	25.60 %
Q1 2013	36.91 %	46.79 %	30.76 %
Q2 2013	36.48 %	46.43 %	30.30 %
Q3 2013	35.58 %	42.43 %	29.94 %
Q4 2013	28.30 %	38.65 %	21.22 %
Q1 2014	30.56 %	41.82 %	23.97 %
Q2 2014	31.58 %	42.36 %	25.44 %
Q3 2014	33.88 %	44.37 %	27.72 %
Q4 2014	33.76 %	45.23 %	26.97 %
Q1 2015	24.04 %	38.66 %	16.61 %
Q2 2015	23.86 %	37.92 %	14.55 %
Q3 2015	24.14 %	35.79 %	16.81 %
Q4 2015	29.34 %	41.48 %	21.69 %
Q1 2016	45.10 %	56.67 %	31.32 %
Q2 2016	49.51 %	57.92 %	43.39 %
Q3 2016	45.41 %	57.76 %	37.47 %
Q4 2016	44.53 %	52.99 %	36.90 %
Q1 2017	41.41 %	50.29 %	34.58 %
Q2 2017	34.15 %	46.19 %	25.38 %
Q3 2017	40.36 %	47.96 %	33.34 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	562.50	(0.06)	(0.06)	10.16
Q2 2008	562.50	(0.05)	(0.05)	10.15
Q3 2008	562.50	(0.05)	(0.05)	10.14
Q4 2008	562.50	(0.05)	(0.05)	10.13
Q1 2009	562.50	(0.05)	(0.05)	10.11
Q2 2009	562.50	(0.05)	(0.05)	10.10
Q3 2009	562.50	(0.05)	(0.05)	10.09
Q4 2009	562.50	(0.05)	(0.05)	10.08
Q1 2010	562.50	0.42	0.42	10.54
Q2 2010	562.50	1.33	1.33	11.43
Q3 2010	562.50	1.97	1.97	12.06
Q4 2010	562.50	2.97	2.97	13.05
Q1 2011	562.50	3.79	3.79	14.33
Q2 2011	562.50	4.61	4.61	16.04
Q3 2011	562.50	5.45	5.45	17.51
Q4 2011	562.50	5.64	5.64	18.69
Q1 2012	562.50	5.65	5.65	19.97
Q2 2012	562.50	5.09	5.09	21.13
Q3 2012	562.50	4.39	4.39	21.90
Q4 2012	562.50	4.35	4.35	23.04
Q1 2013	562.50	4.25	4.25	24.23
Q2 2013	562.50	4.29	4.29	24.42
Q3 2013	562.50	5.05	5.05	25.96
Q4 2013	562.50	4.70	4.70	26.74
Q1 2014	562.50	4.50	4.50	25.73
Q2 2014	562.50	4.40	4.40	25.32
Q3 2014	562.50	4.09	4.09	26.55
Q4 2014	562.50	4.40	4.40	27.65
Q1 2015	562.50	3.92	3.92	26.65
Q2 2015	562.50	3.24	3.24	26.06
Q3 2015	562.50	2.55	2.55	26.59
Q4 2015	562.50	2.15	2.16	27.29
Q1 2016	562.50	2.39	2.40	27.00
Q2 2016	562.50	3.31	3.32	26.73
Q3 2016	562.50	3.79	3.79	27.81
Q4 2016	562.50	4.17	4.17	28.54
Q1 2017	562.50	4.50	4.50	28.12
Q2 2017	562.50	3.79	3.79	27.24
Q3 2017	562.50	3.92	3.92	28.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	562.50	(0.05)	(0.05)	10.17
2008	562.50	(0.05)	(0.05)	10.13
2009	562.50	(0.05)	(0.05)	10.08
2010	562.50	2.97	2.97	13.05
2011	562.50	5.64	5.64	18.69
2012	562.50	4.35	4.35	23.04
2013	562.50	4.70	4.70	26.74
2014	562.50	4.40	4.40	27.65
2015	562.50	2.15	2.16	27.29
2016	562.50	4.17	4.17	28.54

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	NEG	NEG	5.54
Q2 2008	NEG	NEG	5.59
Q3 2008	NEG	NEG	3.34
Q4 2008	NEG	NEG	1.46
Q1 2009	NEG	NEG	1.89
Q2 2009	NEG	NEG	2.64
Q3 2009	NEG	NEG	3.27
Q4 2009	NEG	NEG	3.31
Q1 2010	91.76	91.76	3.69
Q2 2010	28.67	28.67	3.33
Q3 2010	19.55	19.55	3.20
Q4 2010	16.01	16.01	3.65
Q1 2011	12.72	12.72	3.36
Q2 2011	10.26	10.26	2.95
Q3 2011	8.30	8.30	2.58
Q4 2011	7.80	7.80	2.35
Q1 2012	9.21	9.21	2.60
Q2 2012	8.65	8.65	2.08
Q3 2012	10.18	10.18	2.04
Q4 2012	10.88	10.88	2.05
Q1 2013	12.40	12.40	2.18
Q2 2013	12.93	12.93	2.27
Q3 2013	12.32	12.32	2.40
Q4 2013	15.69	15.69	2.76
Q1 2014	15.71	15.71	2.75
Q2 2014	16.11	16.11	2.80
Q3 2014	17.59	17.59	2.71
Q4 2014	10.82	10.82	1.72
Q1 2015	10.76	10.76	1.58
Q2 2015	16.75	16.75	2.08
Q3 2015	16.92	16.91	1.62
Q4 2015	15.10	15.04	1.19
Q1 2016	16.32	16.26	1.44
Q2 2016	12.65	12.61	1.57
Q3 2016	11.41	11.39	1.55
Q4 2016	12.97	12.97	1.89
Q1 2017	12.72	12.72	2.04
Q2 2017	14.74	14.74	2.05
Q3 2017	15.13	15.13	2.09

Period	P/E	Adjusted P/E	Price/book
2007	NEG	NEG	5.19
2008	NEG	NEG	1.46
2009	NEG	NEG	3.31
2010	16.01	16.01	3.65
2011	7.80	7.80	2.35
2012	10.88	10.88	2.05
2013	15.69	15.69	2.76
2014	10.82	10.82	1.72
2015	15.10	15.04	1.19
2016	12.97	12.97	1.89

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	578.59	644.59	11.41 %

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
SNB Capital	639.00	644.59	0.9 %
Sico	637.00	644.59	1.2 %
AlJazira Capital	597.30	644.59	7.9 %
Riyad Capital	592.00	644.59	8.9 %
OSOOL AND BAKHEET	590.00	644.59	9.3 %
Al Rajhi Capital	575.00	644.59	12.1 %
KASB Capital	567.80	644.59	13.5 %
Alistithmar Capital	537.19	644.59	20.0 %
Albilad Capital	472.00	644.59	36.6 %

Financial Ratios

	Current
Market Cap (M Riyal)	20,446.88
Enterprise Value (EV) (M)	18,108.35
Shares Outstanding ((M))	562.50
EPS ( Riyal) (TTM)	(0.03)
Book Value (BV) ( Riyal)	21.39
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.70
Return on Average Assets (%) (TTM)	(0.11 )
Return on Average Equity (%) (TTM)	(0.13 )

Yanbu National Petrochemical Co. (YANSAB)

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Yansab’s profit slips 8% in 9M 2017 on higher feedstock costs

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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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Yanbu National Petrochemical Co. (YANSAB)

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Yansab’s profit slips 8% in 9M 2017 on higher feedstock costs

View other reports

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

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Yanbu National Petrochemical Co. (YANSAB)

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