Saudi petchem firms’ aggregate profit drops 5% in Q1

Last Updated Date 24/04/2016 Argaam Report

Tadawul-listed petrochemical firms’ aggregate net profit fell 5 percent year-on-year (YoY) to SAR 4.16 billion in Q1-2016, hurt by lower prices of raw materials and petrochemical products, data compiled by Argaam showed.

Petrochemical Industries - Aggregate Income (M)

Item	3m-2015	3m -2016	Change‬
Net Income	4,323.87	3,450.05	(20.21 %)

The sector figures were knocked down by major petrochemical producer Saudi Basic Industries Corp (SABIC). The company reported a 13 percent fall YoY in its Q1 net profit to SAR 3.4 billion, due to lower average selling prices and the SAR 725 million losses incurred by its steel segment.

Saudi Arabia Fertilizers Co. (Safco) was hit hard by lower product prices, posting a 52 percent YoY plunge in net profit.

Saudi International Petrochemical Co. (Sipchem) and Saudi Industrial Investment Group (SIIG) also saw their profit drop by 37 percent YoY and 30 percent YoY, respectively.

National Industrialization Co. (Tasnee) narrowed its first-quarter losses by 70 percent YoY to SAR 94.8 million.

Saudi Kayan Petrochemical Co. narrowed its net losses from SAR 591.6 million in the previous quarter to SAR 216.3 million in Q1, a decrease of 63.4 percent YoY, thanks to higher sales volumes, as well as lower feedstock costs and zakat provision.

Petrochemical Industries - Net Income (M)

Company	3m-2015	3m -2016	Change‬
Methanol Chemicals Co.	(15.14)	(27.45)	(81.35 %)
Saudi Basic Industries Corp.	3,934.65	2,909.90	(26.04 %)
National Industrialization Co.	(332.54)	(103.50)	68.88 %
Rabigh Refining and Petrochemical Co.	205.43	(36.64)	(117.84 %)
Advanced Petrochemical Co.	89.63	142.86	59.40 %
Yanbu National Petrochemical Co.	285.14	421.74	47.91 %
Saudi Industrial Investment Group	125.74	29.08	(76.88 %)
Sahara International Petrochemical Co.	80.62	49.23	(38.94 %)
SABIC Agri-Nutrients Co.	589.98	279.01	(52.71 %)
Alujain Corp.	(16.83)	2.76	116.41 %
Nama Chemicals Co.	(31.15)	(21.94)	29.58 %
Saudi Kayan Petrochemical Co.	(591.64)	(194.99)	67.04 %
Total	4,323.87	3,450.05	(20.21 %)

Petrochemical Industries - Quarterly Aggregate Income (M)

Period	Aggregate Income	Growth
2016 - Q4	5,226.50	208.09 %
2016 - Q3	6,007.72	(2.99 %)
2016 - Q2	6,656.54	(17.87 %)
2016 - Q1	3,450.05	(20.21 %)
2015 - Q4	1,696.41	(72.40 %)
2015 - Q3	6,192.73	(32.51 %)
2015 - Q2	8,105.11	(8.26 %)
2015 - Q1	4,323.87	(52.35 %)
2014 - Q4	6,146.38	(35.99 %)
2014 - Q3	9,175.92	2.39 %
2014 - Q2	8,835.04	12.99 %
2014 - Q1	9,074.62	14.58 %
2013 - Q4	9,602.32	18.14 %
2013 - Q3	8,961.79	(0.86 %)
2013 - Q2	7,819.11	8.51 %
2013 - Q1	7,919.62	(19.08 %)
2012 - Q4	8,127.95	5.76 %
2012 - Q3	9,039.73	(18.86 %)
2012 - Q2	7,206.07	(31.41 %)
2012 - Q1	9,787.48	(11.12 %)

Net Income (M)

Company	Q1-2016	Q4-2015	Q3-2015	Q2-2015	Q1-2015	Q4-2014	Q3-2014	Q2-2014	Q1-2014	Q4-2013	Q3-2013	Q2-2013	Q1-2013	Q4-2012	Q3-2012	Q2-2012	Q1-2012	Q4-2011	Q3-2011	Q2-2011	Q1-2011	Q4-2010	Q3-2010	Q2-2010	Q1-2010	Q4-2009	Q3-2009	Q2-2009	Q1-2009	Q4-2008	Q3-2008	Q2-2008	Q1-2008	Q4-2007	Q3-2007	Q2-2007	Q1-2007	Q4-2006	Q3-2006	Q2-2006	Q1-2006	Q4-2005	Q3-2005	Q2-2005	Q1-2005	Q4-2004	Q3-2004	Q2-2004	Q1-2004	Q4-2003	Q3-2003	Q2-2003	Q1-2003
SABIC	2,909.90	3,075.27	5,603.55	6,170.75	3,934.65	4,356.31	6,178.79	6,456.47	6,441.74	6,207.65	6,465.14	6,042.14	6,563.44	5,893.56	6,312.41	5,303.28	7,271.01	5,266.42	8,185.29	8,100.75	7,689.30	5,754.16	5,326.41	5,015.91	5,432.18	4,595.21	3,647.77	1,804.66	(973.91)	318.18	7,239.55	7,547.86	6,924.26	6,860.89	7,399.68	6,474.32	6,287.39	6,119.45	5,424.32	4,567.61	4,182.56	4,476.41	4,848.10	4,758.28	5,076.89	4,657.33	4,214.57	2,992.17	2,349.62	1,941.00	1,565.31	1,793.88	1,395.96
SABIC AGRI-NUTRIENTS	279.01	378.55	566.15	595.76	589.98	779.18	913.37	638.99	842.50	802.00	734.01	692.88	931.59	1,146.38	1,149.00	783.93	786.91	1,276.63	1,210.58	789.93	832.63	1,025.34	603.82	907.20	698.26	335.26	464.15	480.35	524.53	535.86	1,821.92	1,190.94	723.38	741.58	616.17	530.32	319.79	314.52	271.36	290.01	275.44	281.36	344.57	237.85	236.37	251.51	207.71	84.06	116.83	155.43	112.56	49.99	84.90
SIPCHEM	49.23	25.98	71.58	110.07	80.62	132.40	160.57	244.60	68.66	196.79	185.19	174.02	64.45	157.65	155.84	136.07	151.61	211.18	208.45	165.38	120.90	125.12	84.11	87.66	81.20	56.54	54.67	0.50	29.17	34.72	136.72	133.74	231.59	254.08	87.03	100.08	150.18	175.64	98.47	122.53	97.05	72.21	78.21	86.16	88.39	-	-	-	-	-	-	-	-
YANSAB	421.74	393.06	301.72	227.40	285.14	617.75	691.28	613.03	555.68	442.23	864.83	670.52	667.07	640.77	435.73	649.61	720.27	664.88	827.94	963.67	717.85	554.76	356.20	502.38	259.43	(7.32)	(7.00)	(6.65)	(8.24)	(7.59)	(4.94)	(6.19)	(6.88)	(8.11)	(8.19)	(9.25)	(4.88)	167.45	17.15	(125.68)	81.38	-	-	-	-	-	-	-	-	-	-	-	-
TASNEE	(103.50)	(686.56)	(296.29)	(107.70)	(332.54)	160.69	243.66	408.31	320.77	292.57	226.37	303.09	355.41	242.03	417.32	580.14	524.36	542.22	725.01	594.16	580.04	381.40	373.04	385.38	332.79	216.00	237.31	91.94	(25.76)	81.87	149.95	221.02	148.02	195.44	101.64	156.56	207.51	209.02	184.50	207.20	92.38	82.08	65.16	89.76	120.15	71.72	100.07	104.61	40.82	28.47	34.77	41.60	31.17
SAUDI KAYAN	(194.99)	(624.14)	(13.81)	(13.42)	(591.64)	11.78	66.91	(133.09)	9.94	3.42	43.27	(238.24)	(154.87)	(194.45)	(178.37)	(328.32)	(71.12)	(190.75)	(35.16)	(16.01)	(8.33)	(3.98)	(5.07)	(1.80)	(3.77)	(0.44)	(3.72)	(6.49)	(6.27)	(8.37)	24.61	59.69	95.64	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
PETRO RABIGH	(36.64)	(1008.73)	(460.12)	504.92	205.43	(197.92)	294.33	171.98	413.05	1,239.91	14.03	(236.70)	(658.06)	68.07	409.31	(104.36)	115.85	50.32	(280.57)	(402.32)	698.47	52.56	(237.19)	121.78	271.54	(323.74)	(844.67)	(235.96)	(28.69)	(902.80)	(155.88)	(115.45)	(82.11)	(196.53)	(90.74)	(71.79)	(83.51)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ALUJAIN	2.76	27.47	45.56	50.18	(16.83)	65.19	34.85	52.57	14.77	33.82	56.96	34.94	(15.89)	17.12	10.61	14.36	9.60	(24.82)	22.80	(19.33)	11.39	39.69	16.44	(7.28)	(6.67)	2.53	(9.94)	(9.04)	(10.83)	(30.22)	(10.17)	(11.64)	(13.07)	(19.05)	(13.95)	(4.31)	(2.14)	2.67	(1.23)	(0.38)	(0.71)	(0.45)	0.51	2.19	1.05	(6.16)	(30.99)	(8.20)	(3.60)	(7.13)	(0.58)	(1.34)	(2.20)
SIIG	29.08	55.08	207.12	339.12	125.74	84.98	376.44	210.04	260.72	202.96	221.03	230.21	59.89	21.04	215.68	100.85	201.10	4.76	143.15	146.97	233.63	188.34	45.96	28.14	142.18	146.08	136.49	73.92	(50.49)	(214.49)	(31.73)	157.53	137.44	99.62	145.45	124.95	67.36	147.12	185.81	123.42	130.61	75.48	134.81	75.89	128.60	170.26	213.16	112.84	61.39	52.20	30.18	81.05	44.29
ADVANCED	142.86	146.08	234.18	243.15	89.63	200.13	228.74	184.63	137.45	161.29	140.96	136.67	117.94	117.01	100.26	53.88	57.09	90.60	135.49	155.61	131.11	89.36	121.14	65.26	52.57	28.74	20.88	34.63	42.87	(76.12)	210.42	75.90	(0.05)	(0.08)	(0.06)	0.61	1.69	1.74	-	2.00	-	-	-	-	-	-	-	-	-	-	-	-	-
CHEMANOL	(27.45)	(60.29)	(42.93)	(21.55)	(15.14)	(18.21)	10.34	15.86	24.21	36.00	22.01	0.04	14.07	15.19	25.16	25.83	25.26	23.31	26.65	10.60	9.65	4.00	(15.63)	8.61	9.06	5.71	5.70	5.60	5.04	9.53	13.18	7.49	8.04	4.16	5.89	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NAMA CHEMICALS	(21.94)	(25.36)	(23.97)	6.45	(31.15)	(45.89)	(23.36)	(28.37)	(14.87)	(16.32)	(12.02)	9.54	(25.42)	3.59	(13.20)	(9.18)	(4.45)	(229.75)	(29.27)	16.84	(4.35)	9.02	12.79	10.56	2.11	(21.39)	7.36	(3.36)	(32.41)	(91.15)	6.10	5.24	12.32	12.94	5.89	8.57	8.81	10.78	3.95	4.12	3.12	9.35	9.85	5.39	5.15	(27.51)	(6.13)	(2.21)	(2.00)	(12.67)	(3.85)	(2.84)	(2.42)
Total	3,450.05	1,696.41	6,192.73	8,105.11	4,323.87	6,146.38	9,175.92	8,835.04	9,074.62	9,602.32	8,961.79	7,819.11	7,919.62	8,127.95	9,039.73	7,206.07	9,787.48	7,684.99	11,140.36	10,506.25	11,012.26	8,219.77	6,682.01	7,123.79	7,270.86	5,033.16	3,709.00	2,230.11	(534.96)	(350.56)	9,399.72	9,266.12	8,178.58	7,944.92	8,248.80	7,310.07	6,952.20	7,148.39	6,184.32	5,190.82	4,861.84	4,996.43	5,481.21	5,255.52	5,656.60	5,117.15	4,698.39	3,283.27	2,563.06	2,157.31	1,738.40	1,962.34	1,551.70

Price Earnings (P/E) Ratios

Company	EPS (Riyal)	Close	Recurring P/E (TTM)
Advanced Petrochemical Co.	2.95	28.83	10.07
Saudi Basic Industries Corp.	5.92	81.47	10.12
Yanbu National Petrochemical Co.	2.39	42.29	11.83
Saudi Industrial Investment Group	1.56	14.62	17.57
Alujain Corp.	1.82	15.07	20.63
SABIC Agri-Nutrients Co.	4.37	65.52	32.50
Methanol Chemicals Co.	(2.26)	13.28	NEG
Nama Chemicals Co.	(2.76)	38.19	NEG
National Industrialization Co.	(1.79)	12.41	NEG
Saudi Kayan Petrochemical Co.	(0.56)	6.65	NEG
Rabigh Refining and Petrochemical Co.	(0.80)	8.90	NEG
Sahara International Petrochemical Co.	0.70	14.83	50.32

Financials Highlights

Valuation Data (Latest Share Price)

P/E (TTM)	NEG
P/BV	1.20
Dividend Yield	4.86 %
Sector Capitalization (M)	287,366.14
Market Cap. (M)	3,082,689.11
Return on Average Assets (TTM)	3.90 %
Return on Average Equity (TTM)	8.67 %

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