Yansab net profit drops 58% in 9M

20/10/2019 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net profit after zakat and tax of SAR 918.8 million for the first 9 months of 2019, a 57.86 percent year-on-year (YoY) decrease driven by lower selling prices.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	6,009.11	4,582.75	(23.7 %)
Gross Income	2,516.65	1,200.15	(52.3 %)
Operating Income	2,161.81	913.84	(57.7 %)
Net Income	2,180.50	918.82	(57.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	3.88	1.63	(57.9 %)

Yansab’s net profit for Q3 2019 fell 70.9 percent YoY to SAR 212.1 million, due to lower selling prices and decreased sales volumes.

On a sequential basis, Q3 2019 net profit slid by 32.9 percent compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	2,110.43	1,422.74	(32.6 %)
Gross Income	839.25	296.05	(64.7 %)
Operating Income	710.81	205.38	(71.1 %)
Net Income	729.02	212.06	(70.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	1.30	0.38	(70.9 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	1,637.96	1,422.74	(13.1 %)
Gross Income	431.61	296.05	(31.4 %)
Operating Income	329.47	205.38	(37.7 %)
Net Income	316.13	212.06	(32.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.56	0.38	(32.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2017	2,166.85	31.7 %	896.55	22.4 %	777.90	28.2 %	1.38
2017	7,220.91	15.9 %	2,870.30	(0.4 %)	2,376.37	1.4 %	4.22
Q1 2018	1,787.21	1.6 %	739.84	1.6 %	630.59	3.7 %	1.12
Q2 2018	2,111.47	55.0 %	937.57	101.6 %	820.89	137.4 %	1.46
Q3 2018	2,110.43	9.2 %	839.25	7.5 %	729.02	13.1 %	1.30
Q4 2018	1,619.36	(25.3 %)	348.78	(61.1 %)	233.48	(70.0 %)	0.42
2018	7,628.47	5.6 %	2,865.44	(0.2 %)	2,413.98	1.6 %	4.29
Q1 2019	1,522.05	(14.8 %)	472.49	(36.1 %)	390.64	(38.1 %)	0.69
Q2 2019	1,637.96	(22.4 %)	431.61	(54.0 %)	316.13	(61.5 %)	0.56
Q3 2019	1,422.74	(32.6 %)	296.05	(64.7 %)	212.06	(70.9 %)	0.38

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	7,220.91	15.9 %	2,870.30	(0.4 %)	2,376.37	1.4 %	4.22
2018	7,628.47	5.6 %	2,865.44	(0.2 %)	2,413.98	1.6 %	4.29

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	39.75 %	48.52 %	32.91 %
2017	39.75 %	48.52 %	32.91 %
Q1 2018	39.75 %	48.53 %	33.09 %
Q2 2018	41.93 %	49.73 %	35.93 %
Q3 2018	41.75 %	49.37 %	36.18 %
Q4 2018	37.56 %	45.25 %	31.64 %
2018	37.56 %	45.25 %	31.64 %
Q1 2019	35.28 %	43.52 %	29.53 %
Q2 2019	30.37 %	42.48 %	24.23 %
Q3 2019	24.97 %	38.92 %	18.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	39.75 %	48.52 %	32.91 %
2018	37.56 %	45.25 %	31.64 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	41.38 %	49.05 %	35.90 %
Q1 2018	41.40 %	50.27 %	35.28 %
Q2 2018	44.40 %	51.57 %	38.88 %
Q3 2018	39.77 %	46.71 %	34.54 %
Q4 2018	21.54 %	29.56 %	14.42 %
Q1 2019	31.04 %	42.79 %	25.67 %
Q2 2019	26.35 %	49.53 %	19.30 %
Q3 2019	20.81 %	33.23 %	14.90 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2017	562.50	4.22	4.22	29.76
Q1 2018	562.50	4.26	4.26	30.91
Q2 2018	562.50	5.11	5.11	28.87
Q3 2018	562.50	5.26	5.26	30.17
Q4 2018	562.50	4.29	4.29	30.68
Q1 2019	562.50	3.86	3.86	31.34
Q2 2019	562.50	2.97	2.97	28.12
Q3 2019	562.50	2.05	2.05	28.38

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	562.50	4.22	4.22	29.76
2018	562.50	4.29	4.29	30.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2017	13.93	13.93	1.98
Q1 2018	17.13	17.13	2.36
Q2 2018	14.58	14.58	2.58
Q3 2018	13.48	13.48	2.35
Q4 2018	14.87	14.87	2.08
Q1 2019	19.22	19.22	2.37
Q2 2019	21.47	21.47	2.26
Q3 2019	26.12	26.12	1.88

Period	P/E	Adjusted P/E	Price/book
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
2017	13.93	13.93	1.98
2018	14.87	14.87	2.08

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	278.12	212.06	(23.8 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	212.00	212.06	0.0 %
SNB Capital	275.00	212.06	(22.9) %
Riyad Capital	279.00	212.06	(24.0) %
Al Rajhi Capital	296.00	212.06	(28.4) %
AlJazira Capital	328.60	212.06	(35.5) %

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 net profit drops 58% in 9M

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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)

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Yansab net profit drops 58% in 9M

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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