Sipchem turns to SAR 411.5 mln profit in Q1 2021

28/04/2021 Argaam Exclusive

View other reports

Share Price

Sahara International Petrochemical Co. (SIPCHEM)

Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 411.5 million for the first quarter of 2021, against a net loss of SAR 52.8 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1,404.09 2,030.98 44.6 %
Gross Income 272.39 956.06 251.0 %
Operating Income 66.35 733.27 1005.2 %
Net Income (52.83) 411.47 878.9 %
Average Shares 733.33 733.33 -
EPS (Riyals) (0.07) 0.56 878.9 %

The positive performance was driven by higher revenue, due to the increase in sales prices for most of the company’s products, supported by the rise in overall sales volume.

 

Further, the management assessed during the current quarter the recoverable amount of cash-generating unit for the polybutylene terephthalate (PBT) plant and Gulf Advanced Cables Insulation Company (GACI) plant. It recorded an impairment loss of SAR 260 million in Q1 2021.

 

When compared to Q4 2020, Sipchem posted a 29.6% rise in net profit after Zakat and tax from SAR 317.6 million.

Shareholders’ equity, excluding minority interest, grew by 1.8% to SAR 13.032 billion by the end of Q1 2021, compared to SAR 13.268 billion in the year-ago period.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 1,058.04 52.7 % 334.73 25.2 % 151.61 25.4 % 0.41
Q2 2012 904.47 8.8 % 314.22 (0.7 %) 136.07 (17.7 %) 0.37
Q3 2012 914.39 5.7 % 314.84 (24.5 %) 155.84 (25.2 %) 0.43
Q4 2012 1,044.97 11.8 % 303.75 (28.7 %) 157.65 (25.3 %) 0.43
Q1 2013 857.39 (19.0 %) 180.54 (46.1 %) 64.45 (57.5 %) 0.18
Q2 2013 912.42 0.9 % 368.77 17.4 % 174.02 27.9 % 0.47
Q3 2013 998.84 9.2 % 345.65 9.8 % 185.19 18.8 % 0.51
Q4 2013 1,302.97 24.7 % 469.59 54.6 % 196.79 24.8 % 0.54
Q1 2014 927.45 8.2 % 233.36 29.3 % 68.66 6.5 % 0.19
Q2 2014 1,177.63 29.1 % 522.46 41.7 % 244.60 40.6 % 0.67
Q3 2014 1,019.33 2.1 % 317.91 (8.0 %) 160.57 (13.3 %) 0.44
Q4 2014 999.99 (23.3 %) 322.92 (31.2 %) 132.40 (32.7 %) 0.36
Q1 2015 802.03 (13.5 %) 234.08 0.3 % 80.62 17.4 % 0.22
Q2 2015 1,006.95 (14.5 %) 287.40 (45.0 %) 110.07 (55.0 %) 0.30
Q3 2015 809.93 (20.5 %) 209.37 (34.1 %) 71.58 (55.4 %) 0.20
Q4 2015 871.77 (12.8 %) 102.15 (68.4 %) 25.98 (80.4 %) 0.07
Q1 2016 923.99 15.2 % 268.86 14.9 % 49.23 (38.9 %) 0.13
Q2 2016 923.62 (8.3 %) 215.25 (25.1 %) 11.37 (89.7 %) 0.03
Q3 2016 717.85 (11.4 %) 128.24 (38.8 %) (49.38) (169.0 %) (0.13)
Q4 2016 949.59 8.9 % 249.11 143.9 % 31.87 22.7 % 0.09
Q1 2017 1,199.01 29.8 % 352.28 31.0 % 91.65 86.2 % 0.25
Q2 2017 918.28 (0.6 %) 281.06 30.6 % 59.79 425.9 % 0.16
Q3 2017 1,063.57 48.2 % 367.04 186.2 % 121.55 346.1 % 0.33
Q4 2017 1,278.63 34.6 % 425.67 70.9 % 164.40 415.9 % 0.45
Q1 2018 1,170.94 (2.3 %) 414.77 17.7 % 151.39 65.2 % 0.41
Q2 2018 1,474.46 60.6 % 545.06 93.9 % 211.37 253.5 % 0.58
Q3 2018 1,337.75 25.8 % 470.38 28.2 % 180.27 48.3 % 0.49
Q4 2018 1,052.66 (17.7 %) 204.57 (51.9 %) 39.92 (75.7 %) 0.11
Q1 2019 1,121.61 (4.2 %) 405.07 (2.3 %) 114.72 (24.2 %) 0.18
Q2 2019 1,409.42 (4.4 %) 488.57 (10.4 %) 210.85 (0.2 %) 0.33
Q3 2019 1,402.02 4.8 % 361.57 (23.1 %) 111.05 (38.4 %) 0.17
Q4 2019 1,506.69 43.1 % 380.04 85.8 % (137.10) (443.4 %) (0.21)
Q1 2020 1,404.09 25.2 % 272.39 (32.8 %) (52.83) (146.0 %) (0.07)
Q2 2020 950.24 (32.6 %) 161.65 (66.9 %) (98.96) (146.9 %) (0.13)
Q3 2020 1,361.94 (2.9 %) 220.28 (39.1 %) 10.01 (91.0 %) 0.01
Q4 2020 1,606.75 6.6 % 518.62 36.5 % 317.64 331.7 % 0.43
Q1 2021 2,030.98 44.6 % 956.06 251.0 % 411.47 878.9 % 0.56

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 40.50 % 49.59 % 19.97 %
Q2 2012 39.66 % 48.73 % 18.80 %
Q3 2012 36.46 % 45.19 % 17.18 %
Q4 2012 32.32 % 42.08 % 15.33 %
Q1 2013 29.92 % 40.69 % 13.81 %
Q2 2013 31.32 % 42.52 % 14.80 %
Q3 2013 31.43 % 42.98 % 15.24 %
Q4 2013 33.51 % 42.25 % 15.24 %
Q1 2014 34.22 % 42.01 % 15.08 %
Q2 2014 35.65 % 42.65 % 15.78 %
Q3 2014 34.86 % 41.78 % 15.15 %
Q4 2014 33.86 % 42.36 % 15.61 %
Q1 2015 34.94 % 44.44 % 16.40 %
Q2 2015 30.36 % 40.88 % 13.61 %
Q3 2015 29.12 % 40.95 % 11.94 %
Q4 2015 23.86 % 36.22 % 8.26 %
Q1 2016 24.02 % 36.37 % 7.70 %
Q2 2016 22.54 % 33.34 % 5.09 %
Q3 2016 20.79 % 27.62 % 1.71 %
Q4 2016 24.51 % 33.63 % 1.84 %
Q1 2017 24.93 % 31.95 % 2.26 %
Q2 2017 26.70 % 34.06 % 3.54 %
Q3 2017 30.25 % 38.89 % 7.38 %
Q4 2017 31.98 % 37.10 % 9.81 %
Q1 2018 33.59 % 39.50 % 11.15 %
Q2 2018 35.14 % 40.29 % 13.23 %
Q3 2018 35.27 % 39.61 % 13.93 %
Q4 2018 32.46 % 36.75 % 11.59 %
Q1 2019 32.59 % 36.33 % 11.28 %
Q2 2019 31.87 % 35.20 % 11.22 %
Q3 2019 29.28 % 32.93 % 9.47 %
Q4 2019 30.06 % 31.54 % 6.31 %
Q1 2020 26.26 % 27.08 % 6.15 %
Q2 2020 22.34 % 23.24 % 0.71 %
Q3 2020 19.80 % 21.11 % (1.27 %)
Q4 2020 22.04 % 24.54 % 5.51 %
Q1 2021 31.20 % 32.90 % 12.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 366.67 2.01 2.01 14.56
Q2 2012 366.67 1.93 1.93 14.93
Q3 2012 366.67 1.79 1.79 14.87
Q4 2012 366.67 1.64 1.64 15.34
Q1 2013 366.67 1.40 1.40 14.80
Q2 2013 366.67 1.51 1.51 15.31
Q3 2013 366.67 1.59 1.59 15.23
Q4 2013 366.67 1.69 1.69 15.80
Q1 2014 366.67 1.70 1.70 15.35
Q2 2014 366.67 1.90 1.90 15.45
Q3 2014 366.67 1.83 1.83 15.90
Q4 2014 366.67 1.65 1.76 16.28
Q1 2015 366.67 1.69 1.79 15.85
Q2 2015 366.67 1.32 1.42 15.59
Q3 2015 366.67 1.08 1.18 15.78
Q4 2015 366.67 0.79 0.79 15.85
Q1 2016 366.67 0.70 0.76 14.36
Q2 2016 366.67 0.43 0.49 14.38
Q3 2016 366.67 0.10 0.16 14.25
Q4 2016 366.67 0.12 0.18 14.36
Q1 2017 366.67 0.23 0.23 14.61
Q2 2017 366.67 0.37 0.37 14.77
Q3 2017 366.67 0.83 0.83 15.10
Q4 2017 366.67 1.19 1.19 15.55
Q1 2018 366.67 1.36 1.35 15.97
Q2 2018 366.67 1.77 1.80 16.05
Q3 2018 366.67 1.93 2.00 16.04
Q4 2018 366.67 1.59 1.59 16.14
Q1 2019 641.67 0.85 0.88 15.81
Q2 2019 641.67 0.85 0.86 18.89
Q3 2019 641.67 0.74 0.74 18.44
Q4 2019 641.67 0.47 0.54 18.19
Q1 2020 733.33 0.18 0.48 18.09
Q2 2020 733.33 (0.24) 0.05 17.97
Q3 2020 733.33 (0.38) (0.09) 17.94
Q4 2020 733.33 0.24 0.40 17.71
Q1 2021 733.33 0.87 0.99 17.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 23.10 23.10 3.19
Q2 2012 18.77 18.77 2.42
Q3 2012 21.39 21.39 2.57
Q4 2012 23.30 23.30 2.49
Q1 2013 27.25 27.25 2.58
Q2 2013 30.16 30.16 2.97
Q3 2013 31.47 31.47 3.28
Q4 2013 37.59 37.59 4.03
Q1 2014 38.15 38.15 4.23
Q2 2014 33.35 33.35 4.09
Q3 2014 46.97 46.97 5.40
Q4 2014 32.10 30.23 3.26
Q1 2015 33.93 31.99 3.61
Q2 2015 47.97 44.52 4.06
Q3 2015 35.01 31.97 2.39
Q4 2015 35.64 35.64 1.77
Q1 2016 37.63 34.72 1.84
Q2 2016 More than 50 More than 50 1.82
Q3 2016 More than 50 More than 50 1.86
Q4 2016 More than 50 More than 50 2.63
Q1 2017 More than 50 More than 50 2.43
Q2 2017 More than 50 More than 50 1.91
Q3 2017 37.93 37.93 2.09
Q4 2017 29.26 29.26 2.24
Q1 2018 31.26 31.44 2.65
Q2 2018 25.34 24.91 2.79
Q3 2018 23.41 22.60 2.82
Q4 2018 25.11 25.09 2.47
Q1 2019 27.06 26.28 2.55
Q2 2019 28.03 27.69 1.10
Q3 2019 27.73 28.00 0.98
Q4 2019 43.97 38.36 0.99
Q1 2020 More than 50 25.61 0.68
Q2 2020 NEG More than 50 0.80
Q3 2020 NEG NEG 0.92
Q4 2020 More than 50 43.29 0.98
Q1 2021 25.32 22.24 1.24

Business Segments (Million)

Compared With The
Period Marketing activities Intermediate chemicals Basic chemicals Polymers Corporate and others Petrochemical sector Eliminations
Q1 2012 220.26 - - - - 837.79 -
Q2 2012 182.65 - - - - 721.82 -
Q3 2012 151.79 - - - - 762.60 -
Q4 2012 192.98 - - - - 851.98 -
Q1 2013 214.24 - - - - 643.15 -
Q2 2013 176.39 - - - - 736.03 -
Q3 2013 208.84 - - - - 790.00 -
Q4 2013 196.75 - - - - 1,106.22 -
Q1 2014 225.80 - - - - 701.65 -
Q2 2014 143.30 - - - - 1,034.33 -
Q3 2014 128.72 - - - - 890.61 -
Q4 2014 226.62 - - - - 773.37 -
Q1 2015 59.50 - - - - 742.53 -
Q2 2015 99.40 - - - - 907.55 -
Q3 2015 64.73 - - - - 745.20 -
Q4 2015 279.26 - - - - 592.51 -
Q1 2016 - 565.13 341.67 271.08 51.78 - (305.68)
Q2 2016 928.40 603.96 337.22 260.71 - - (1156.44)
Q3 2016 391.59 385.17 276.06 251.18 - - (584.60)
Q4 2016 569.76 416.92 372.05 290.91 1.55 - (701.59)
Q1 2017 899.09 606.65 508.76 318.09 2.55 - (1136.12)
Q2 2017 616.75 513.05 359.97 228.20 74.44 - (874.13)
Q3 2017 599.04 435.32 498.62 285.49 33.22 - (788.11)
Q4 2017 774.81 747.67 494.99 266.44 14.89 - (1020.16)
Q1 2018 731.01 565.18 540.95 296.35 41.82 - (1004.36)
Q2 2018 825.69 693.27 536.49 298.43 40.58 - (920.00)
Q3 2018 781.59 810.39 384.43 407.53 44.84 - (1091.03)
Q4 2018 629.36 746.38 320.81 352.07 17.51 - (1013.48)
Q1 2019 720.42 690.39 414.52 295.77 76.68 - (1076.18)
Q2 2019 791.99 577.35 392.95 590.67 134.60 - (1078.15)
Q3 2019 802.75 360.16 590.10 701.89 (86.24) - (966.65)
Q4 2019 589.67 697.60 442.78 997.51 19.14 - (1240.01)
Q1 2020 1,022.46 591.42 465.32 506.80 12.04 - (1193.95)
Q2 2020 646.72 445.67 370.55 419.67 13.86 - (946.23)
Q3 2020 867.35 588.25 351.95 652.64 18.36 - (1116.61)
Q4 2020 1,122.06 606.62 503.76 755.12 10.16 - (1390.98)
Q1 2021 1,456.57 762.03 648.12 828.79 7.40 - (1671.93)

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 375.75 411.47 9.50 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
OSOOL AND BAKHEET 397.00 411.47 3.6 %
SNB Capital 388.00 411.47 6.0 %
Al Rajhi Capital 377.00 411.47 9.1 %
Riyad Capital 341.00 411.47 20.7 %

Current
Market Cap (M Riyal) 23,906.56
Enterprise Value (EV) (M) 25,402.10
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 1.21
Book Value (BV) ( Riyal) 21.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.38
P/E (TTM) 26.98
Price/book 1.52
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 5.5

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.