Petrochem’s net profit more than doubles in 2017

08/03/2018 Argaam Exclusive

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National Petrochemical Co.’s (Petrochem) net profit more than doubled to SAR 888.3 million for fiscal year 2017, compared to SAR 397.4 million a year earlier. The profit increase was attributed to improved production, higher selling prices and an increase in other income.

Moreover, the company had a two-month planned shutdown at Petrochem project Saudi Polymers Co. in October 2016, which weighed on that year’s financials.

Financials (M)

Item	2016	2017	Change‬
Revenues	6,066.51	7,363.81	21.4 %
Gross Income	1,608.99	2,263.52	40.7 %
Operating Income	1,015.82	1,626.20	60.1 %
Net Income	397.37	888.30	123.5 %
Average Shares	480.00	480.00	-
EPS (Riyals)	0.83	1.85	123.5 %

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	1,163.33	2,169.13	86.5 %
Gross Income	51.92	788.19	1418.0 %
Operating Income	(90.43)	605.04	769.1 %
Net Income	(123.68)	391.19	416.3 %
Average Shares	480.00	480.00	-
EPS (Riyals)	(0.26)	0.81	416.3 %

Item	Q3 2017	Q4 2017	Change‬
Revenues	1,755.30	2,169.13	23.6 %
Gross Income	552.10	788.19	42.8 %
Operating Income	403.84	605.04	49.8 %
Net Income	196.94	391.19	98.6 %
Average Shares	480.00	480.00	-
EPS (Riyals)	0.41	0.81	98.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	4.13	-	0.01
Q3 2008	-	-	-	-	5.40	-	0.01
Q4 2008	-	-	-	-	8.27	-	0.02
2008	-	-	-	-	17.80	-	0.04
Q1 2009	-	-	-	-	(7.87)	-	(0.02)
Q2 2009	-	-	-	-	(12.36)	(399.3 %)	(0.03)
Q3 2009	-	-	-	-	(19.21)	(455.5 %)	(0.04)
Q4 2009	-	-	-	-	(21.15)	(355.9 %)	(0.04)
2009	-	-	-	-	(60.59)	(440.4 %)	(0.13)
Q1 2010	-	-	-	-	(42.94)	(445.6 %)	(0.09)
Q2 2010	-	-	-	-	(37.62)	(204.3 %)	(0.08)
Q3 2010	-	-	-	-	(3.45)	82.0 %	(0.01)
Q4 2010	-	-	-	-	41.38	295.6 %	0.09
2010	-	-	-	-	(42.63)	29.6 %	(0.09)
Q1 2011	-	-	-	-	(10.52)	75.5 %	(0.02)
Q2 2011	-	-	-	-	(12.37)	67.1 %	(0.03)
Q3 2011	-	-	-	-	(12.59)	(264.5 %)	(0.03)
Q4 2011	-	-	-	-	(28.63)	(169.2 %)	(0.06)
2011	-	-	-	-	(64.10)	(50.4 %)	(0.13)
Q1 2012	-	-	-	-	(21.63)	(105.6 %)	(0.05)
Q2 2012	-	-	-	-	(35.79)	(189.4 %)	(0.07)
Q3 2012	-	-	-	-	(0.13)	99.0 %	0.00
Q4 2012	857.88	-	(478.86)	-	(405.99)	(1,318.2 %)	(0.85)
2012	857.88	-	(478.86)	-	(463.54)	(623.1 %)	(0.97)
Q1 2013	689.10	-	172.39	-	(1.33)	93.8 %	0.00
Q2 2013	1,144.23	-	222.85	-	10.84	130.3 %	0.02
Q3 2013	1,117.37	-	(38.76)	-	(150.21)	(120,064.0 %)	(0.31)
Q4 2013	1,485.98	73.2 %	370.03	177.3 %	74.57	118.4 %	0.16
2013	4,436.68	417.2 %	726.52	251.7 %	(66.13)	85.7 %	(0.14)
Q1 2014	1,709.95	148.1 %	456.16	164.6 %	141.02	10678.9 %	0.29
Q2 2014	1,965.81	71.8 %	560.99	151.7 %	197.03	1717.8 %	0.41
Q3 2014	1,952.47	74.7 %	668.53	1824.8 %	244.19	262.6 %	0.51
Q4 2014	2,230.28	50.1 %	613.39	65.8 %	192.53	158.2 %	0.40
2014	7,858.52	77.1 %	2,299.06	216.5 %	774.45	1271.1 %	1.61
Q1 2015	1,770.75	3.6 %	439.57	(3.6 %)	101.84	(27.8 %)	0.21
Q2 2015	1,967.02	0.1 %	738.14	31.6 %	305.39	55.0 %	0.64
Q3 2015	1,911.70	(2.1 %)	757.82	13.4 %	321.10	31.5 %	0.67
Q4 2015	1,654.69	(25.8 %)	546.25	(10.9 %)	178.30	(7.4 %)	0.37
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	906.89	17.1 %	1.89
Q1 2016	1,659.96	(6.3 %)	425.14	(3.3 %)	121.43	19.2 %	0.25
Q2 2016	1,642.22	(16.5 %)	573.53	(22.3 %)	208.01	(31.9 %)	0.43
Q3 2016	1,601.00	(16.3 %)	558.40	(26.3 %)	191.61	(40.3 %)	0.40
Q4 2016	1,163.33	(29.7 %)	51.92	(90.5 %)	(123.68)	(169.4 %)	(0.26)
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	397.37	(56.2 %)	0.83
Q1 2017	1,685.27	1.5 %	502.40	18.2 %	167.90	38.3 %	0.35
Q2 2017	1,754.11	6.8 %	420.83	(26.6 %)	132.28	(36.4 %)	0.28
Q3 2017	1,755.30	9.6 %	552.10	(1.1 %)	196.94	2.8 %	0.41
Q4 2017	2,169.13	86.5 %	788.19	1418.0 %	391.19	416.3 %	0.81
2017	7,363.81	21.4 %	2,263.52	40.7 %	888.30	123.5 %	1.85

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	17.80	-	0.04
2009	-	-	-	-	(60.59)	(440.4 %)	(0.13)
2010	-	-	-	-	(42.63)	29.6 %	(0.09)
2011	-	-	-	-	(64.10)	(50.4 %)	(0.13)
2012	857.88	-	(478.86)	-	(463.54)	(623.1 %)	(0.97)
2013	4,436.68	417.2 %	726.52	251.7 %	(66.13)	85.7 %	(0.14)
2014	7,858.52	77.1 %	2,299.06	216.5 %	774.45	1271.1 %	1.61
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	906.89	17.1 %	1.89
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	397.37	(56.2 %)	0.83
2017	7,363.81	21.4 %	2,263.52	40.7 %	888.30	123.5 %	1.85

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	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	(55.82 %)	(56.03 %)	(54.03 %)
2012	(55.82 %)	(56.03 %)	(54.03 %)
Q1 2013	(19.81 %)	(12.88 %)	(28.65 %)
Q2 2013	(3.11 %)	5.55 %	(14.74 %)
Q3 2013	(3.21 %)	5.64 %	(14.35 %)
Q4 2013	16.38 %	22.19 %	(1.49 %)
2013	16.38 %	22.19 %	(1.49 %)
Q1 2014	18.51 %	22.23 %	1.40 %
Q2 2014	21.47 %	23.54 %	4.18 %
Q3 2014	28.90 %	29.39 %	9.23 %
Q4 2014	29.26 %	29.67 %	9.86 %
2014	29.26 %	29.66 %	9.85 %
Q1 2015	28.82 %	28.79 %	9.29 %
Q2 2015	31.05 %	31.20 %	10.66 %
Q3 2015	32.35 %	33.43 %	11.69 %
Q4 2015	33.98 %	35.38 %	12.41 %
2015	33.98 %	35.38 %	12.42 %
Q1 2016	34.30 %	36.58 %	12.88 %
Q2 2016	33.53 %	36.34 %	12.07 %
Q3 2016	32.07 %	35.00 %	10.66 %
Q4 2016	26.52 %	30.44 %	6.55 %
2016	26.52 %	30.44 %	6.55 %
Q1 2017	27.68 %	31.99 %	7.29 %
Q2 2017	24.72 %	29.22 %	5.93 %
Q3 2017	24.02 %	28.93 %	5.87 %
Q4 2017	30.74 %	34.49 %	11.18 %
2017	30.74 %	34.49 %	11.18 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	(55.82 %)	(56.03 %)	(54.03 %)
2013	16.38 %	22.19 %	(1.49 %)
2014	29.26 %	29.66 %	9.85 %
2015	33.98 %	35.38 %	12.42 %
2016	26.52 %	30.44 %	6.55 %
2017	30.74 %	34.49 %	11.18 %

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	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	(55.82 %)	(44.74 %)	(47.32 %)
Q1 2013	25.02 %	37.57 %	(0.19 %)
Q2 2013	19.48 %	26.81 %	0.95 %
Q3 2013	(3.47 %)	2.95 %	(13.44 %)
Q4 2013	24.90 %	25.97 %	5.02 %
Q1 2014	26.68 %	28.53 %	8.25 %
Q2 2014	28.54 %	29.07 %	10.02 %
Q3 2014	34.24 %	33.07 %	12.51 %
Q4 2014	27.50 %	28.09 %	8.63 %
Q1 2015	24.82 %	24.66 %	5.75 %
Q2 2015	37.53 %	38.77 %	15.53 %
Q3 2015	39.64 %	42.28 %	16.80 %
Q4 2015	33.01 %	34.86 %	10.78 %
Q1 2016	25.61 %	29.14 %	7.32 %
Q2 2016	34.92 %	38.21 %	12.67 %
Q3 2016	34.88 %	37.92 %	11.97 %
Q4 2016	4.46 %	11.05 %	(10.63 %)
Q1 2017	29.81 %	34.75 %	9.96 %
Q2 2017	23.99 %	28.01 %	7.54 %
Q3 2017	31.45 %	36.11 %	11.22 %
Q4 2017	36.34 %	38.21 %	15.04 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	480.00	-	-	4.59
Q3 2008	480.00	-	-	4.60
Q4 2008	480.00	-	-	4.62
Q1 2009	480.00	0.02	0.07	4.60
Q2 2009	480.00	(0.01)	0.00	4.58
Q3 2009	480.00	(0.06)	(0.05)	9.95
Q4 2009	480.00	(0.13)	(0.10)	9.91
Q1 2010	480.00	(0.20)	(0.17)	9.82
Q2 2010	480.00	(0.25)	(0.22)	9.74
Q3 2010	480.00	(0.22)	(0.20)	9.74
Q4 2010	480.00	(0.09)	(0.09)	9.82
Q1 2011	480.00	(0.02)	(0.02)	9.80
Q2 2011	480.00	0.03	0.03	9.77
Q3 2011	480.00	0.01	0.01	9.75
Q4 2011	480.00	(0.13)	(0.13)	9.69
Q1 2012	480.00	(0.16)	(0.16)	9.64
Q2 2012	480.00	(0.21)	(0.21)	9.57
Q3 2012	480.00	(0.18)	(0.18)	9.57
Q4 2012	480.00	(0.97)	(0.97)	8.72
Q1 2013	480.00	(0.92)	(0.92)	8.72
Q2 2013	480.00	(0.83)	(0.83)	8.74
Q3 2013	480.00	(1.14)	(1.14)	8.43
Q4 2013	480.00	(0.14)	(0.14)	8.59
Q1 2014	480.00	0.16	0.16	8.88
Q2 2014	480.00	0.55	0.55	9.29
Q3 2014	480.00	1.37	1.37	9.80
Q4 2014	480.00	1.61	1.61	10.20
Q1 2015	480.00	1.53	1.53	10.41
Q2 2015	480.00	1.76	1.76	11.05
Q3 2015	480.00	1.92	1.92	11.72
Q4 2015	480.00	1.89	1.89	12.09
Q1 2016	480.00	1.93	1.93	12.27
Q2 2016	480.00	1.73	1.73	12.70
Q3 2016	480.00	1.46	1.46	13.10
Q4 2016	480.00	0.83	0.83	12.83
Q1 2017	480.00	0.92	0.92	13.18
Q2 2017	480.00	0.77	0.77	12.95
Q3 2017	480.00	0.78	0.78	13.36
Q4 2017	480.00	1.85	1.72	14.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	480.00	0.04	0.09	4.62
2009	480.00	(0.13)	(0.10)	9.91
2010	480.00	(0.09)	(0.09)	9.82
2011	480.00	(0.13)	(0.13)	9.69
2012	480.00	(0.97)	(0.97)	8.72
2013	480.00	(0.14)	(0.14)	8.59
2014	480.00	1.61	1.61	10.20
2015	480.00	1.89	1.89	12.09
2016	480.00	0.83	0.83	12.83
2017	480.00	1.85	1.72	14.16

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	NEG	NEG	1.53
Q4 2009	NEG	NEG	1.57
Q1 2010	NEG	NEG	1.55
Q2 2010	NEG	NEG	1.53
Q3 2010	NEG	NEG	1.82
Q4 2010	NEG	NEG	2.29
Q1 2011	NEG	NEG	2.46
Q2 2011	More than 100	More than 100	2.27
Q3 2011	More than 100	More than 100	2.30
Q4 2011	NEG	NEG	2.12
Q1 2012	NEG	NEG	2.70
Q2 2012	NEG	NEG	2.08
Q3 2012	NEG	NEG	2.29
Q4 2012	NEG	NEG	2.29
Q1 2013	NEG	NEG	2.33
Q2 2013	NEG	NEG	2.60
Q3 2013	NEG	NEG	2.49
Q4 2013	NEG	NEG	2.98
Q1 2014	More than 100	More than 100	3.18
Q2 2014	59.70	59.70	3.51
Q3 2014	26.09	26.09	3.64
Q4 2014	13.57	13.57	2.15
Q1 2015	14.36	14.36	2.11
Q2 2015	14.21	14.21	2.26
Q3 2015	9.67	9.67	1.58
Q4 2015	8.84	8.84	1.38
Q1 2016	8.60	8.60	1.35
Q2 2016	9.82	9.82	1.33
Q3 2016	10.00	10.00	1.11
Q4 2016	25.66	25.66	1.66
Q1 2017	22.05	22.05	1.55
Q2 2017	23.58	23.58	1.40
Q3 2017	23.39	23.39	1.36
Q4 2017	10.01	10.80	1.31

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	NEG	NEG	1.57
2010	NEG	NEG	2.29
2011	NEG	NEG	2.12
2012	NEG	NEG	2.29
2013	NEG	NEG	2.98
2014	13.57	13.57	2.15
2015	8.84	8.84	1.38
2016	25.66	25.66	1.66
2017	10.01	10.80	1.31

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	197.00	391.19	98.57 %

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
SNB Capital	206.00	391.19	89.9 %
Sico	204.30	391.19	91.5 %
OSOOL AND BAKHEET	200.00	391.19	95.6 %
AlJazira Capital	195.70	391.19	99.9 %
Riyad Capital	179.00	391.19	118.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	21,816.00
Enterprise Value (EV) (M)	-
Shares Outstanding ((M))	480.00
EPS ( Riyal) (TTM)	2.85
Book Value (BV) ( Riyal)	19.02
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	15.96
P/E (TTM)	15.96
Price/book	2.39
Return on Average Assets (%) (TTM)	15.3
Return on Average Equity (%) (TTM)	15.9

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Petrochem’s net profit more than doubles in 2017

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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

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Petrochem’s net profit more than doubles in 2017

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

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