Sabic posts higher net profit at SAR 12.9 bln in I2 of 2014

30/06/2014 Argaam Exclusive

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Share Price

78.00
(0.50) (0.64 %)

Saudi Basic Industries Corp. (SABIC)

 

Saudi Basic Industries Corporation (Sabic), the Middle East’s largest petrochemicals and fertilizers producer, reported SAR 12.9 bln net profit at the end of the first half of 2014, compared to SAR 12.61 bln in the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 91,731.93 97,392.26 6.2 %
Gross Income 27,064.53 27,545.38 1.8 %
Operating Income 21,023.23 20,921.60 (0.5 %)
Net Income 12,605.59 12,898.21 2.3 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 4.20 4.30 2.3 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 44,993.01 48,171.67 7.1 %
Gross Income 13,049.15 13,432.88 2.9 %
Operating Income 9,971.24 10,068.03 1.0 %
Net Income 6,042.14 6,456.47 6.9 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 2.01 2.15 6.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 18,852.26 37.8 % 8,434.67 93.6 % 5,076.89 116.1 % 1.69
Q2 2005 18,274.04 18.9 % 7,970.21 36.2 % 4,758.28 59.0 % 1.59
Q3 2005 19,610.01 8.1 % 8,348.40 17.6 % 4,848.10 15.0 % 1.62
Q4 2005 21,517.23 0.8 % 8,331.05 (13.5 %) 4,476.41 (3.9 %) 1.49
Q1 2006 19,267.15 2.2 % 7,583.27 (10.1 %) 4,182.56 (17.6 %) 1.39
Q2 2006 20,946.43 14.6 % 7,730.18 (3.0 %) 4,567.61 (4.0 %) 1.52
Q3 2006 23,382.19 19.2 % 9,767.93 17.0 % 5,424.32 11.9 % 1.81
Q4 2006 22,732.09 5.6 % 10,146.64 21.8 % 6,119.45 36.7 % 2.04
Q1 2007 26,266.29 36.3 % 10,793.34 42.3 % 6,287.39 50.3 % 2.10
Q2 2007 28,127.17 34.3 % 10,860.17 40.5 % 6,474.32 41.7 % 2.16
Q3 2007 32,130.84 37.4 % 12,423.22 27.2 % 7,399.68 36.4 % 2.47
Q4 2007 39,680.11 74.6 % 13,873.45 36.7 % 6,860.89 12.1 % 2.29
Q1 2008 39,980.24 52.2 % 13,789.53 27.8 % 6,924.26 10.1 % 2.31
Q2 2008 43,365.00 54.2 % 14,852.85 36.8 % 7,547.86 16.6 % 2.52
Q3 2008 44,380.52 38.1 % 15,865.45 27.7 % 7,239.55 (2.2 %) 2.41
Q4 2008 23,083.84 (41.8 %) 2,753.82 (80.2 %) 318.18 (95.4 %) 0.11
Q1 2009 19,817.08 (50.4 %) 3,622.51 (73.7 %) (973.91) (114.1 %) (0.32)
Q2 2009 23,750.07 (45.2 %) 6,219.23 (58.1 %) 1,804.66 (76.1 %) 0.60
Q3 2009 27,585.71 (37.8 %) 8,567.89 (46.0 %) 3,647.77 (49.6 %) 1.22
Q4 2009 31,952.30 38.4 % 10,209.36 270.7 % 4,595.21 1344.2 % 1.53
Q1 2010 34,126.21 72.2 % 12,216.99 237.3 % 5,432.18 657.8 % 1.81
Q2 2010 38,853.88 63.6 % 11,837.07 90.3 % 5,015.91 177.9 % 1.67
Q3 2010 37,882.14 37.3 % 11,723.36 36.8 % 5,326.41 46.0 % 1.78
Q4 2010 41,107.80 28.7 % 12,769.26 25.1 % 5,754.16 25.2 % 1.92
Q1 2011 44,873.39 31.5 % 15,425.16 26.3 % 7,689.30 41.6 % 2.56
Q2 2011 49,085.83 26.3 % 16,494.46 39.3 % 8,100.75 61.5 % 2.70
Q3 2011 48,929.99 29.2 % 16,812.63 43.4 % 8,185.29 53.7 % 2.73
Q4 2011 47,009.05 14.4 % 13,398.12 4.9 % 5,266.42 (8.5 %) 1.76
Q1 2012 48,345.54 7.7 % 14,321.77 (7.2 %) 7,271.01 (5.4 %) 2.42
Q2 2012 46,528.08 (5.2 %) 12,516.82 (24.1 %) 5,303.28 (34.5 %) 1.77
Q3 2012 44,806.32 (8.4 %) 12,881.14 (23.4 %) 6,312.41 (22.9 %) 2.10
Q4 2012 49,345.60 5.0 % 13,673.60 2.1 % 5,893.56 11.9 % 1.96
Q1 2013 46,738.92 (3.3 %) 14,015.38 (2.1 %) 6,563.44 (9.7 %) 2.19
Q2 2013 44,993.01 (3.3 %) 13,049.15 4.3 % 6,042.14 13.9 % 2.01
Q3 2013 48,820.23 9.0 % 14,429.15 12.0 % 6,465.14 2.4 % 2.16
Q4 2013 48,433.88 (1.8 %) 13,805.23 1.0 % 6,207.65 5.3 % 2.07
Q1 2014 49,220.59 5.3 % 14,112.50 0.7 % 6,441.74 (1.9 %) 2.15
Q2 2014 48,171.67 7.1 % 13,432.88 2.9 % 6,456.47 6.9 % 2.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 42.07 % 46.40 % 25.40 %
Q2 2005 43.25 % 47.44 % 26.75 %
Q3 2005 44.03 % 48.16 % 27.05 %
Q4 2005 42.28 % 45.62 % 24.48 %
Q1 2006 40.97 % 44.46 % 23.22 %
Q2 2006 39.33 % 42.56 % 22.22 %
Q3 2006 39.26 % 41.81 % 21.91 %
Q4 2006 40.81 % 42.87 % 23.51 %
Q1 2007 41.19 % 42.56 % 24.00 %
Q2 2007 41.36 % 42.42 % 24.18 %
Q3 2007 40.48 % 41.11 % 24.05 %
Q4 2007 37.99 % 38.55 % 21.41 %
Q1 2008 36.41 % 36.44 % 19.77 %
Q2 2008 35.41 % 35.18 % 18.52 %
Q3 2008 34.87 % 34.22 % 17.07 %
Q4 2008 31.34 % 31.92 % 14.61 %
Q1 2009 28.39 % 30.63 % 11.72 %
Q2 2009 25.63 % 28.71 % 8.62 %
Q3 2009 22.46 % 27.19 % 6.34 %
Q4 2009 27.76 % 29.83 % 9.95 %
Q1 2010 31.69 % 31.88 % 13.18 %
Q2 2010 32.32 % 32.16 % 14.10 %
Q3 2010 32.20 % 31.89 % 14.26 %
Q4 2010 31.94 % 31.92 % 14.17 %
Q1 2011 31.81 % 31.88 % 14.62 %
Q2 2011 32.62 % 32.45 % 15.54 %
Q3 2011 33.43 % 33.06 % 16.16 %
Q4 2011 32.72 % 31.94 % 15.40 %
Q1 2012 31.56 % 31.01 % 14.91 %
Q2 2012 29.90 % 29.78 % 13.64 %
Q3 2012 28.45 % 28.71 % 12.94 %
Q4 2012 28.25 % 28.97 % 13.11 %
Q1 2013 28.33 % 29.12 % 12.84 %
Q2 2013 28.85 % 29.58 % 13.35 %
Q3 2013 29.05 % 29.86 % 13.15 %
Q4 2013 29.26 % 30.07 % 13.38 %
Q1 2014 28.93 % 29.68 % 13.14 %
Q2 2014 28.66 % 29.37 % 13.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 3,000.00 5.65 6.24 18.65
Q2 2005 3,000.00 6.24 6.83 17.67
Q3 2005 3,000.00 6.45 7.04 19.29
Q4 2005 3,000.00 6.39 6.39 20.78
Q1 2006 3,000.00 6.09 6.09 22.17
Q2 2006 3,000.00 6.02 6.02 21.70
Q3 2006 3,000.00 6.22 6.22 22.25
Q4 2006 3,000.00 6.76 6.76 24.29
Q1 2007 3,000.00 7.47 7.47 24.31
Q2 2007 3,000.00 8.10 8.10 26.46
Q3 2007 3,000.00 8.76 8.76 28.10
Q4 2007 3,000.00 9.01 9.01 30.38
Q1 2008 3,000.00 9.22 9.22 31.03
Q2 2008 3,000.00 9.58 9.58 33.54
Q3 2008 3,000.00 9.52 9.52 34.20
Q4 2008 3,000.00 7.34 7.34 34.31
Q1 2009 3,000.00 4.71 5.10 33.99
Q2 2009 3,000.00 2.80 3.19 33.34
Q3 2009 3,000.00 1.60 1.99 34.55
Q4 2009 3,000.00 3.02 3.42 36.08
Q1 2010 3,000.00 5.16 5.16 37.90
Q2 2010 3,000.00 6.23 6.23 38.07
Q3 2010 3,000.00 6.79 6.79 38.34
Q4 2010 3,000.00 7.18 7.18 40.26
Q1 2011 3,000.00 7.93 7.93 42.82
Q2 2011 3,000.00 8.96 8.96 43.52
Q3 2011 3,000.00 9.91 9.91 44.25
Q4 2011 3,000.00 9.75 9.75 46.01
Q1 2012 3,000.00 9.61 9.61 47.89
Q2 2012 3,000.00 8.68 8.68 46.57
Q3 2012 3,000.00 8.05 8.05 46.59
Q4 2012 3,000.00 8.26 8.26 48.47
Q1 2013 3,000.00 8.02 8.02 50.66
Q2 2013 3,000.00 8.27 8.27 49.81
Q3 2013 3,000.00 8.32 8.32 49.94
Q4 2013 3,000.00 8.43 8.43 52.09
Q1 2014 3,000.00 8.39 8.39 54.16
Q2 2014 3,000.00 8.52 8.52 53.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 28.51 25.80 8.63
Q2 2005 27.18 24.81 9.59
Q3 2005 34.00 31.13 11.36
Q4 2005 33.00 33.00 10.14
Q1 2006 36.07 36.07 9.90
Q2 2006 24.72 24.72 6.87
Q3 2006 18.36 18.36 5.13
Q4 2006 12.97 12.97 3.61
Q1 2007 12.95 12.95 3.98
Q2 2007 11.39 11.39 3.49
Q3 2007 11.94 11.94 3.72
Q4 2007 18.36 18.36 5.44
Q1 2008 15.16 15.16 4.50
Q2 2008 14.64 14.64 4.18
Q3 2008 11.05 11.05 3.08
Q4 2008 7.01 7.01 1.50
Q1 2009 8.87 8.19 1.23
Q2 2009 22.44 19.67 1.88
Q3 2009 More than 50 40.15 2.32
Q4 2009 27.28 24.13 2.29
Q1 2010 19.28 19.28 2.63
Q2 2010 13.76 13.76 2.25
Q3 2010 13.22 13.22 2.34
Q4 2010 14.60 14.60 2.60
Q1 2011 13.27 13.27 2.46
Q2 2011 11.61 11.61 2.39
Q3 2011 9.33 9.33 2.09
Q4 2011 9.87 9.87 2.09
Q1 2012 11.24 11.24 2.26
Q2 2012 10.69 10.69 1.99
Q3 2012 11.30 11.30 1.95
Q4 2012 10.87 10.87 1.85
Q1 2013 11.96 11.96 1.90
Q2 2013 11.06 11.06 1.84
Q3 2013 11.57 11.57 1.93
Q4 2013 13.23 13.23 2.14
Q1 2014 14.01 14.01 2.17
Q2 2014 13.46 13.46 2.15

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
Q1 2005 16,031.85 - 1,836.82 983.60 -
Q2 2005 15,417.35 - 1,742.42 1,114.27 -
Q3 2005 16,558.58 - 1,788.44 1,262.99 -
Q4 2005 18,630.40 - 1,825.48 1,061.34 -
Q1 2006 16,608.85 - 1,590.94 1,067.36 -
Q2 2006 18,028.34 - 1,856.87 1,061.22 -
Q3 2006 19,921.23 - 2,150.26 1,310.70 -
Q4 2006 19,508.22 - 2,013.50 1,210.36 -
Q1 2007 22,461.13 - 2,429.69 1,375.46 -
Q2 2007 21,574.51 2,685.01 2,655.69 1,211.97 -
Q3 2007 53,097.25 1,697.78 2,784.66 1,358.38 (26807.23)
Q4 2007 44,058.83 2,042.59 2,830.83 2,048.27 (11300.41)
Q1 2008 43,047.40 1,765.53 3,551.69 1,779.78 (10164.16)
Q2 2008 47,235.83 2,405.45 4,895.72 1,772.50 (12944.50)
Q3 2008 44,316.80 3,343.41 4,770.47 1,789.60 (9839.77)
Q4 2008 31,810.25 1,439.81 1,733.10 1,492.20 (13391.51)
Q1 2009 21,871.08 1,325.63 2,516.29 1,182.31 (7078.23)
Q2 2009 25,313.90 1,349.44 2,687.20 1,173.51 (6773.98)
Q3 2009 30,487.36 1,129.54 2,439.70 1,804.05 (8274.92)
Q4 2009 34,303.58 1,296.16 2,668.88 1,979.14 (8295.46)
Q1 2010 37,913.16 1,515.19 3,040.29 2,626.17 (10968.61)
Q2 2010 39,749.88 1,439.74 3,748.96 2,612.43 (8697.12)
Q3 2010 41,417.63 1,593.85 3,250.73 2,955.80 (11335.86)
Q4 2010 48,824.43 2,226.99 3,317.72 3,998.59 (17259.93)
Q1 2011 51,918.16 1,842.35 4,008.72 3,578.36 (16474.20)
Q2 2011 55,736.42 1,786.56 4,176.68 5,083.80 (17697.62)
Q3 2011 57,089.31 2,498.04 3,755.39 4,712.41 (19125.16)
Q4 2011 53,981.35 2,527.24 3,591.54 4,502.15 (17593.23)
Q1 2012 55,098.17 1,908.48 4,182.36 3,656.39 (16499.86)
Q2 2012 53,726.78 1,872.52 3,698.15 4,531.69 (17301.06)
Q3 2012 51,562.45 2,325.68 3,433.73 3,511.68 (16027.22)
Q4 2012 57,518.09 2,393.37 3,530.93 4,002.42 (18099.20)
Q1 2013 53,485.63 2,102.58 3,993.24 2,395.35 (15237.88)
Q2 2013 51,386.20 1,614.73 3,837.76 2,646.29 (14491.96)
Q3 2013 58,011.68 1,745.25 3,197.53 2,815.69 (16949.92)
Q4 2013 57,409.57 1,822.33 3,249.14 3,436.61 (17483.77)
Q1 2014 56,362.00 1,809.27 3,729.90 3,382.36 (16062.94)
Q2 2014 55,657.69 1,653.50 3,763.80 2,988.81 (15892.13)

Current
Market Cap (M Riyal) 234,000.00
Enterprise Value (EV) (M) 259,035.13
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) (1.06)
Book Value (BV) ( Riyal) 55.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) NEG
Price/book 1.40
Return on Average Assets (%) (TTM) (1.06 )
Return on Average Equity (%) (TTM) (1.80 )

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