Financial Results : Basic Chemical’s net profit doubles in 9M 2016

Basic Chemical’s net profit doubles in 9M 2016

18/10/2016 Argaam Exclusive

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Basic Chemical Industries Company (BCI), a manufacturer of chlorine and hydrochloric acid, reported a net profit of SAR 28 million for the first nine months of 2016, a 133 percent surge year-on-year (YoY) due to lower cost of sales, a drop in selling, distribution and administrative expenses, and higher other income and yield of deposits.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 459.35 420.14 (8.5 %)
Gross Income 95.84 105.67 10.3 %
Operating Income 36.37 51.81 42.5 %
Net Income 12.37 31.28 152.8 %
Average Shares 27.50 27.50 -
Earnings Per Share before unusual items (Riyals) 0.45 1.14 152.8 %
EPS (Riyal) 0.45 1.14 152.8 %

Net profit for the third quarter more than doubled YoY to SAR 6.6 million. Q3 profit was down 43.1 percent compared to the previous quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 141.75 123.86 (12.6 %)
Gross Income 27.81 29.51 6.1 %
Operating Income 11.11 11.37 2.4 %
Net Income 2.31 7.29 215.8 %
Average Shares 27.50 27.50 -
Earnings Per Share before unusual items (Riyal) 0.08 0.27 215.8 %
EPS (Riyal) 0.08 0.27 215.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 116.73 - 31.24 - 14.26 -
Q2 2008 133.31 - 39.47 - 21.64 -
Q3 2008 126.40 - 33.73 - 17.54 -
Q4 2008 117.78 - 30.26 - 16.14 -
Q1 2009 130.70 12.0 % 34.28 9.7 % 19.08 33.8 %
Q2 2009 135.57 1.7 % 41.77 5.8 % 24.59 13.6 %
Q3 2009 119.67 (5.3 %) 39.91 18.3 % 23.71 35.2 %
Q4 2009 122.80 4.3 % 38.43 27.0 % 20.99 30.0 %
Q1 2010 135.39 3.6 % 40.33 17.6 % 22.81 19.5 %
Q2 2010 142.88 5.4 % 44.79 7.2 % 26.63 8.3 %
Q3 2010 129.63 8.3 % 38.82 (2.7 %) 22.10 (6.8 %)
Q4 2010 135.99 10.7 % 37.23 (3.1 %) 20.88 (0.5 %)
Q1 2011 150.66 11.3 % 39.85 (1.2 %) 21.23 (6.9 %)
Q2 2011 176.40 23.5 % 52.00 16.1 % 33.08 24.2 %
Q3 2011 161.43 24.5 % 42.36 9.1 % 23.70 7.3 %
Q4 2011 154.24 13.4 % 40.09 7.7 % 19.80 (5.2 %)
Q1 2012 179.36 19.0 % 46.75 17.3 % 28.19 32.8 %
Q2 2012 186.81 5.9 % 51.25 (1.5 %) 29.93 (9.5 %)
Q3 2012 160.72 (0.4 %) 43.18 1.9 % 24.19 2.0 %
Q4 2012 175.80 14.0 % 48.77 21.6 % 25.29 27.7 %
Q1 2013 176.25 (1.7 %) 46.01 (1.6 %) 28.26 0.2 %
Q2 2013 194.65 4.2 % 49.73 (3.0 %) 27.41 (8.4 %)
Q3 2013 147.48 (8.2 %) 33.63 (22.1 %) 12.76 (47.2 %)
Q4 2013 140.56 (20.0 %) 31.71 (35.0 %) 12.30 (51.4 %)
Q1 2014 162.90 (7.6 %) 39.23 (14.7 %) 18.18 (35.7 %)
Q2 2014 167.06 (14.2 %) 37.48 (24.6 %) 16.05 (41.4 %)
Q3 2014 151.12 2.5 % 28.61 (14.9 %) 8.05 (36.9 %)
Q4 2014 152.38 8.4 % 29.27 (7.7 %) 12.25 (0.4 %)
Q1 2015 156.13 (4.2 %) 31.26 (20.3 %) 10.71 (41.1 %)
Q2 2015 161.48 (3.3 %) 36.77 (1.9 %) 14.56 (9.3 %)
Q3 2015 141.75 (6.2 %) 27.81 (2.8 %) 11.11 37.9 %
Q4 2015 170.26 11.7 % 45.73 56.3 % 31.54 157.4 %
Q1 2016 147.94 (5.2 %) 34.53 10.5 % 19.70 84.0 %
Q2 2016 148.34 (8.1 %) 41.64 13.2 % 20.74 42.5 %
Q3 2016 123.86 (12.6 %) 29.51 6.1 % 11.37 2.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 6.92 - 0.25 - 6.92 0.25
Q2 2008 11.70 - 0.43 - 11.70 0.43
Q3 2008 10.81 - 0.39 - 10.81 0.39
Q4 2008 10.20 - 0.37 - 10.20 0.37
Q1 2009 12.94 87.0 % 0.47 - 12.94 0.47
Q2 2009 16.08 37.4 % 0.58 - 16.08 0.58
Q3 2009 14.85 37.4 % 0.54 - 14.85 0.54
Q4 2009 18.78 84.1 % 0.68 - 18.78 0.68
Q1 2010 15.92 23.0 % 0.58 - 15.92 0.58
Q2 2010 19.49 21.2 % 0.71 - 19.49 0.71
Q3 2010 15.29 2.9 % 0.56 - 15.29 0.56
Q4 2010 15.52 (17.4 %) 0.56 - 15.52 0.56
Q1 2011 13.73 (13.7 %) 0.50 - 13.73 0.50
Q2 2011 19.92 2.2 % 0.72 - 19.92 0.72
Q3 2011 13.83 (9.5 %) 0.50 - 13.83 0.50
Q4 2011 11.83 (23.8 %) 0.43 - 11.83 0.43
Q1 2012 17.58 28.0 % 0.64 - 17.58 0.64
Q2 2012 17.29 (13.2 %) 0.63 - 17.29 0.63
Q3 2012 14.69 6.2 % 0.53 - 14.69 0.53
Q4 2012 14.90 26.0 % 0.54 - 14.90 0.54
Q1 2013 16.24 (7.6 %) 0.59 - 16.24 0.59
Q2 2013 18.16 5.0 % 0.66 - 18.16 0.66
Q3 2013 6.27 (57.3 %) 0.23 - 6.27 0.23
Q4 2013 3.67 (75.4 %) 0.13 - 3.67 0.13
Q1 2014 8.76 (46.1 %) 0.32 - 8.76 0.32
Q2 2014 7.21 (60.3 %) 0.26 - 7.21 0.26
Q3 2014 1.21 (80.7 %) 0.04 - 1.21 0.04
Q4 2014 6.50 77.3 % 0.24 - 6.50 0.24
Q1 2015 2.76 (68.5 %) 0.10 - 2.76 0.10
Q2 2015 7.30 1.2 % 0.27 - 7.30 0.27
Q3 2015 2.31 90.7 % 0.08 - 2.31 0.08
Q4 2015 20.20 210.7 % 0.73 - 20.20 0.73
Q1 2016 10.75 289.5 % 0.39 - 10.75 0.39
Q2 2016 13.23 81.2 % 0.48 - 13.23 0.48
Q3 2016 7.29 215.8 % 0.27 - 7.29 0.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 27.26 % 16.28 % 8.02 %
Q1 2009 27.10 % 17.80 % 8.98 %
Q2 2009 27.43 % 19.32 % 9.80 %
Q3 2009 29.03 % 20.76 % 10.73 %
Q4 2009 30.35 % 21.49 % 12.31 %
Q1 2010 31.25 % 22.05 % 12.78 %
Q2 2010 31.39 % 22.17 % 13.26 %
Q3 2010 30.59 % 21.46 % 13.09 %
Q4 2010 29.63 % 20.93 % 12.18 %
Q1 2011 28.74 % 20.09 % 11.45 %
Q2 2011 28.33 % 20.04 % 10.88 %
Q3 2011 27.45 % 19.27 % 10.09 %
Q4 2011 27.12 % 18.56 % 9.23 %
Q1 2012 26.99 % 18.81 % 9.41 %
Q2 2012 26.46 % 18.07 % 8.88 %
Q3 2012 26.61 % 18.18 % 9.01 %
Q4 2012 27.03 % 18.42 % 9.17 %
Q1 2013 27.05 % 18.53 % 9.02 %
Q2 2013 26.53 % 17.99 % 9.04 %
Q3 2013 25.66 % 16.71 % 8.00 %
Q4 2013 24.45 % 15.66 % 6.73 %
Q1 2014 23.90 % 14.46 % 5.71 %
Q2 2014 22.99 % 13.30 % 4.19 %
Q3 2014 22.04 % 12.49 % 3.35 %
Q4 2014 21.25 % 12.44 % 3.74 %
Q1 2015 20.20 % 11.62 % 2.82 %
Q2 2015 20.27 % 11.80 % 2.86 %
Q3 2015 20.45 % 12.79 % 3.08 %
Q4 2015 22.49 % 15.44 % 5.17 %
2015 22.79 % 15.55 % 5.52 %
Q1 2016 23.31 % 16.99 % 6.53 %
Q2 2016 24.61 % 18.20 % 7.64 %
Q3 2016 25.64 % 18.63 % 8.72 %


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 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 27.50 - - -
Q2 2008 27.50 - - 10.31
Q3 2008 27.50 - - 10.70
Q4 2008 27.50 1.44 1.44 11.08
Q1 2009 27.50 1.66 1.66 11.55
Q2 2009 27.50 1.82 1.82 11.73
Q3 2009 27.50 1.97 1.97 12.27
Q4 2009 27.50 2.28 2.28 12.88
Q1 2010 27.50 2.39 2.39 13.46
Q2 2010 27.50 2.51 2.51 13.17
Q3 2010 27.50 2.53 2.53 13.73
Q4 2010 27.50 2.41 2.41 14.29
Q1 2011 27.50 2.33 2.33 14.79
Q2 2011 27.50 2.34 2.34 14.51
Q3 2011 27.50 2.29 2.29 15.02
Q4 2011 27.50 2.16 2.16 15.45
Q1 2012 27.50 2.30 2.30 16.09
Q2 2012 27.50 2.20 2.20 15.72
Q3 2012 27.50 2.23 2.23 16.25
Q4 2012 27.50 2.34 2.34 16.79
Q1 2013 27.50 2.30 2.30 17.38
Q2 2013 27.50 2.33 2.33 16.54
Q3 2013 27.50 2.02 2.02 16.77
Q4 2013 27.50 1.61 1.61 16.90
Q1 2014 27.50 1.34 1.34 17.22
Q2 2014 27.50 0.94 0.94 16.48
Q3 2014 27.50 0.76 0.76 16.53
Q4 2014 27.50 0.86 0.86 16.77
Q1 2015 27.50 0.64 0.64 16.87
Q2 2015 27.50 0.65 0.65 16.14
Q3 2015 27.50 0.69 0.69 16.22
Q4 2015 27.50 1.18 1.18 17.03
Q1 2016 27.50 1.47 1.47 16.96
Q2 2016 27.50 1.69 1.69 16.44
Q3 2016 27.50 1.87 1.87 16.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - 6.63
Q3 2008 - - 2.77
Q4 2008 13.21 13.21 1.72
Q1 2009 11.59 11.59 1.67
Q2 2009 16.53 16.53 2.56
Q3 2009 14.80 14.80 2.37
Q4 2009 13.26 13.26 2.34
Q1 2010 13.45 13.45 2.38
Q2 2010 11.31 11.31 2.16
Q3 2010 12.07 12.07 2.22
Q4 2010 11.63 11.63 1.96
Q1 2011 11.85 11.85 1.87
Q2 2011 11.52 11.52 1.86
Q3 2011 10.67 10.67 1.63
Q4 2011 12.84 12.84 1.79
Q1 2012 17.11 17.11 2.44
Q2 2012 12.50 12.50 1.75
Q3 2012 12.59 12.59 1.73
Q4 2012 11.44 11.44 1.60
Q1 2013 14.68 14.68 1.94
Q2 2013 13.62 13.62 1.92
Q3 2013 16.23 16.23 1.96
Q4 2013 20.53 20.53 1.96
Q1 2014 24.93 24.93 1.94
Q2 2014 43.62 43.62 2.49
Q3 2014 56.01 56.01 2.57
Q4 2014 34.49 34.50 1.77
Q1 2015 57.88 57.89 2.21
Q2 2015 52.90 52.91 2.12
Q3 2015 36.26 36.26 1.53
Q4 2015 17.20 17.20 1.20
Q1 2016 13.53 13.53 1.18
Q2 2016 18.98 18.98 1.95
Q3 2016 16.57 16.57 1.86

Business Segments (Million)

Compared With The
Period Chemical Products Adhesive materials Maintenance Chemicals and laundries Polyurethane Chemicals Hydrochloric acid and caustic soda and chlorine gas Others
Q1 2009 - - 27.26 24.51 26.88 8.53
Q2 2009 - - 23.56 24.02 26.41 9.23
Q3 2009 - - 19.21 18.05 23.37 9.40
Q4 2009 - - 20.28 19.53 25.57 9.55
Q1 2010 - - 25.79 19.75 23.16 11.98
Q2 2010 - - 30.65 21.85 26.26 10.76
Q3 2010 - - 22.05 22.34 26.49 9.93
Q4 2010 - - 26.37 23.72 24.63 10.84
Q1 2011 - - 29.67 29.91 21.25 7.58
Q2 2011 - - 32.41 34.24 24.37 7.90
Q3 2011 - - 27.30 28.42 21.33 8.67
Q4 2011 - - 22.79 29.54 21.91 9.01
Q1 2012 - - 32.07 34.99 25.32 9.97
Q3 2012 63.75 92.24 - - - -
Q4 2012 88.34 87.46 - - - -
Q1 2013 99.78 76.48 - - - -
Q2 2013 105.08 89.57 - - - -
Q3 2013 81.66 65.82 - - - -
Q4 2013 79.74 60.82 - - - -
Q1 2014 90.16 72.74 - - - -
Q2 2014 100.23 66.83 - - - -
Q3 2014 86.42 64.71 - - - -
Q4 2014 85.63 66.75 - - - -
Q1 2015 89.62 66.51 - - - -
Q2 2015 96.48 64.99 - - - -
Q3 2015 84.79 56.96 - - - -
Q4 2015 99.91 65.87 - - - -
Q1 2016 92.38 55.56 - - - -
Q2 2016 86.07 62.27 - - - -
Q3 2016 72.07 51.79 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 718.85
Enterprise Value (EV) (M Riyal) 1,144.41
Shares Outstanding ((M)) 27.50
EPS ( Riyal) (TTM) 0.53
Book Value (BV) ( Riyal) 21.25
Par Value ( Riyal) 10.00
Recurring P/E 53.20
P/E (TTM) 48.91
Price/book 1.23
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 2.5
EV/adj EBITDA 11.36
EV/Revenues 1.57
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Share Price

Basic Chemical Industries Co.
26.14
(0.74) (2.75 %)

Basic Chemical Industries Co. (BCI)

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