SABIC profit falls 62% to SAR 250M in Q1 2024

01/05/2024 Argaam Exclusive

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Saudi Basic Industries Corp. (SABIC)

Saudi Basic Industries Corp. (SABIC) reported a net profit of SAR 250 million in Q1 2024, a 62% decline from SAR 660 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 36,432.36 32,685.82 (10.3 %)
Gross Income 5,845.25 5,862.36 0.3 %
Operating Income 1,196.84 1,132.74 (5.4 %)
Net Income 656.91 246.22 (62.5 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.22 0.08 (62.5 %)

This was driven by lower revenue, fall in profit share from associates and joint ventures (JVs) and losses from discontinued operations.

 

On a sequential basis, SABIC turned to SAR 250 million net profit versus a net loss of SAR 1.73 billion a year earlier, on a 4% year-on-year (YoY) increase in average selling prices, higher results from associates and non-integral joint ventures and lower general and administrative expenses.

 

Total shareholders’ equity, after minority interest, fell to SAR 166.96 billion by March 31, 2024, compared to SAR 186.98 billion a year earlier.

 

Attached Document:

 

    

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 34,563.66 (29.8 %) 9,415.16 (33.3 %) 3,934.65 (38.9 %) 1.31
Q2 2015 42,094.99 (12.6 %) 12,721.92 (5.3 %) 6,170.75 (4.4 %) 2.06
Q3 2015 37,351.85 (22.3 %) 11,830.42 (13.9 %) 5,603.55 (9.3 %) 1.87
Q4 2015 34,156.59 (21.9 %) 9,074.93 (18.2 %) 3,075.27 (29.4 %) 1.03
Q1 2016 33,467.91 (3.2 %) 10,107.66 7.4 % 2,909.90 (26.0 %) 0.97
Q2 2016 36,258.34 (13.9 %) 12,895.61 1.4 % 4,958.84 (19.6 %) 1.65
Q3 2016 35,797.36 (4.2 %) 13,221.21 11.8 % 5,230.26 (6.7 %) 1.74
Q4 2016 37,475.21 9.7 % 11,089.73 22.2 % 4,514.62 46.8 % 1.50
Q1 2017 36,320.80 8.5 % 13,534.02 33.9 % 5,234.52 79.9 % 1.74
Q2 2017 34,438.19 (5.0 %) 10,345.55 (19.8 %) 3,705.70 (25.3 %) 1.24
Q3 2017 38,678.75 8.0 % 13,587.03 2.8 % 5,787.55 10.7 % 1.93
Q4 2017 40,328.24 7.6 % 12,472.69 12.5 % 3,704.09 (18.0 %) 1.23
Q1 2018 41,861.60 15.3 % 14,531.51 7.4 % 5,508.08 5.2 % 1.84
Q2 2018 43,284.60 25.7 % 16,100.12 55.6 % 6,695.32 80.7 % 2.23
Q3 2018 43,711.93 13.0 % 15,126.31 11.3 % 6,097.89 5.4 % 2.03
Q4 2018 40,270.21 (0.1 %) 12,195.24 (2.2 %) 3,219.39 (13.1 %) 1.07
Q1 2019 36,010.40 (14.0 %) 9,406.12 (35.3 %) 3,322.59 (39.7 %) 1.11
Q2 2019 34,899.15 (19.4 %) 8,542.92 (46.9 %) 2,029.98 (69.7 %) 0.68
Q3 2019 32,809.63 (24.9 %) 7,978.34 (47.3 %) 737.04 (87.9 %) 0.25
Q4 2019 31,676.83 (21.3 %) 3,477.34 (71.5 %) (891.49) (127.7 %) (0.30)
Q1 2020 30,193.15 (16.2 %) 5,420.00 (42.4 %) (1045.94) (131.5 %) (0.35)
Q2 2020 24,619.43 (29.5 %) 3,587.99 (58.0 %) (2223.98) (209.6 %) (0.74)
Q3 2020 29,295.07 (10.7 %) 6,519.82 (18.3 %) 1,088.53 47.7 % 0.36
Q4 2020 32,841.64 3.7 % 7,959.13 128.9 % 2,248.22 352.2 % 0.75
Q1 2021 37,530.68 24.3 % 11,086.06 104.5 % 4,862.37 564.9 % 1.62
Q2 2021 42,419.19 72.3 % 13,652.60 280.5 % 7,643.17 443.7 % 2.55
Q3 2021 43,697.92 49.2 % 12,294.30 88.6 % 5,594.64 414.0 % 1.86
Q4 2021 51,235.34 56.0 % 13,085.34 64.4 % 4,973.69 121.2 % 1.66
Q1 2022 52,641.59 40.3 % 13,476.89 21.6 % 6,474.95 33.2 % 2.16
Q2 2022 55,976.30 32.0 % 15,093.17 10.6 % 7,926.15 3.7 % 2.64
Q3 2022 43,316.20 (0.9 %) 8,182.04 (33.4 %) 1,835.92 (67.2 %) 0.61
Q4 2022 39,535.78 (22.8 %) 5,707.14 (56.4 %) 292.70 (94.1 %) 0.10
Q1 2023 36,432.36 (30.8 %) 5,845.25 (56.6 %) 656.91 (89.9 %) 0.22
Q2 2023 37,166.81 (33.6 %) 5,373.26 (64.4 %) 1,178.42 (85.1 %) 0.39
Q3 2023 35,975.30 (16.9 %) 6,590.03 (19.5 %) (2876.36) (256.7 %) (0.96)
Q4 2023 35,032.14 (11.4 %) 5,968.57 4.6 % (1731.25) (691.5 %) (0.58)
Q1 2024 32,685.82 (10.3 %) 5,862.36 0.3 % 246.22 (62.5 %) 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 27.32 % 27.97 % 11.99 %
Q2 2015 27.88 % 28.53 % 12.25 %
Q3 2015 28.57 % 29.23 % 12.72 %
Q4 2015 29.05 % 30.32 % 12.93 %
Q1 2016 29.74 % 29.60 % 12.33 %
Q2 2016 31.09 % 29.52 % 12.24 %
Q3 2016 32.43 % 29.34 % 12.11 %
Q4 2016 33.09 % 28.53 % 12.81 %
Q1 2017 34.79 % 30.33 % 14.15 %
Q2 2017 33.46 % 29.82 % 13.40 %
Q3 2017 33.05 % 29.93 % 13.52 %
Q4 2017 33.34 % 29.28 % 12.82 %
Q1 2018 32.80 % 29.66 % 13.42 %
Q2 2018 34.54 % 30.95 % 14.35 %
Q3 2018 34.42 % 31.02 % 14.11 %
Q4 2018 34.27 % 30.40 % 13.54 %
Q1 2019 32.35 % 28.15 % 11.84 %
Q2 2019 29.23 % 24.59 % 9.47 %
Q3 2019 26.48 % 21.57 % 7.51 %
Q4 2019 21.72 % 17.97 % 5.91 %
Q1 2020 19.62 % 15.94 % 3.63 %
Q2 2020 17.15 % 14.65 % 1.37 %
Q3 2020 16.41 % 13.61 % (0.18 %)
Q4 2020 20.08 % 15.66 % 1.14 %
Q1 2021 23.46 % 18.83 % 4.97 %
Q2 2021 27.60 % 22.75 % 10.46 %
Q3 2021 28.75 % 23.87 % 12.81 %
Q4 2021 28.66 % 25.18 % 13.63 %
Q1 2022 27.64 % 24.29 % 13.60 %
Q2 2022 26.50 % 22.78 % 12.83 %
Q3 2022 24.53 % 20.82 % 11.26 %
Q4 2022 22.18 % 18.23 % 8.97 %
Q1 2023 19.87 % 15.72 % 6.26 %
Q2 2023 16.05 % 12.42 % 2.70 %
Q3 2023 15.77 % 12.96 % 1.47 %
Q4 2023 16.44 % 13.11 % 1.60 %
Q1 2024 16.89 % 13.25 % 1.62 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 3,000.00 6.98 6.98 54.49
Q2 2015 3,000.00 6.88 6.88 53.81
Q3 2015 3,000.00 6.69 6.69 52.93
Q4 2015 3,000.00 6.26 6.39 53.97
Q1 2016 3,000.00 5.92 6.04 55.32
Q2 2016 3,000.00 5.52 5.76 53.63
Q3 2016 3,000.00 5.39 5.64 53.13
Q4 2016 3,000.00 5.87 6.11 52.51
Q1 2017 3,000.00 6.65 6.88 54.32
Q2 2017 3,000.00 6.23 6.43 52.20
Q3 2017 3,000.00 6.41 6.62 53.93
Q4 2017 3,000.00 6.14 6.40 54.64
Q1 2018 3,000.00 6.24 6.95 57.11
Q2 2018 3,000.00 7.23 7.85 54.44
Q3 2018 3,000.00 7.34 7.96 56.39
Q4 2018 3,000.00 7.17 7.63 57.69
Q1 2019 3,000.00 6.45 6.45 58.35
Q2 2019 3,000.00 4.89 4.89 56.51
Q3 2019 3,000.00 3.10 3.61 55.88
Q4 2019 3,000.00 1.73 2.67 59.57
Q1 2020 3,000.00 0.28 1.57 55.65
Q2 2020 3,000.00 (1.14) 0.54 54.50
Q3 2020 3,000.00 (1.02) (0.07) 55.01
Q4 2020 3,000.00 0.02 0.44 55.88
Q1 2021 3,000.00 1.99 2.06 57.14
Q2 2021 3,000.00 5.28 4.95 56.45
Q3 2021 3,000.00 6.78 6.68 58.00
Q4 2021 3,000.00 7.69 7.94 60.05
Q1 2022 3,000.00 8.23 8.61 62.53
Q2 2022 3,000.00 8.32 8.70 60.22
Q3 2022 3,000.00 7.07 7.62 60.96
Q4 2022 3,000.00 5.51 5.73 62.02
Q1 2023 3,000.00 3.57 3.66 62.33
Q2 2023 3,000.00 1.32 1.41 58.93
Q3 2023 3,000.00 (0.25) 0.73 57.97
Q4 2023 3,000.00 (0.92) 0.77 55.81
Q1 2024 3,000.00 (1.06) 0.76 55.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 11.46 11.46 1.47
Q2 2015 13.82 13.82 1.77
Q3 2015 11.76 11.76 1.49
Q4 2015 12.22 11.98 1.42
Q1 2016 12.64 12.38 1.35
Q2 2016 14.71 14.08 1.51
Q3 2016 14.97 14.32 1.52
Q4 2016 15.58 14.98 1.74
Q1 2017 14.57 14.07 1.78
Q2 2017 16.43 15.90 1.96
Q3 2017 16.03 15.53 1.91
Q4 2017 16.59 15.93 1.87
Q1 2018 18.67 16.75 2.04
Q2 2018 17.45 16.07 2.32
Q3 2018 17.10 15.76 2.22
Q4 2018 16.20 15.22 2.01
Q1 2019 19.39 19.39 2.14
Q2 2019 23.44 23.44 2.03
Q3 2019 29.65 25.51 1.65
Q4 2019 More than 50 35.18 1.58
Q1 2020 More than 50 44.60 1.26
Q2 2020 NEG More than 50 1.62
Q3 2020 NEG NEG 1.61
Q4 2020 More than 50 More than 50 1.81
Q1 2021 More than 50 More than 50 2.05
Q2 2021 23.06 24.59 2.16
Q3 2021 18.78 19.06 2.20
Q4 2021 15.08 14.60 1.93
Q1 2022 15.92 15.21 2.10
Q2 2022 12.21 11.67 1.69
Q3 2022 12.56 11.65 1.46
Q4 2022 16.23 15.62 1.44
Q1 2023 25.29 24.69 1.45
Q2 2023 More than 50 More than 50 1.50
Q3 2023 NEG More than 50 1.42
Q4 2023 NEG More than 50 1.50
Q1 2024 NEG More than 50 1.41

Business Segments (Million)

Compared With The
Period Consolidated Fertilizer Discontinued operation Headquarters & Others Adjustments
Q1 2015 38,571.99 1,536.62 3,071.69 2,034.46 (10651.10)
Q2 2015 48,753.89 1,498.62 3,168.16 2,381.16 (12706.56)
Q3 2015 44,576.63 1,516.72 2,276.49 2,207.92 (13225.90)
Q4 2015 38,815.62 1,413.55 2,152.13 1,985.75 (11292.09)
Q1 2016 36,009.96 1,151.04 2,407.64 16,590.12 (22690.85)
Q2 2016 40,144.35 1,196.11 2,612.40 18,495.91 (26190.44)
Q3 2016 41,183.30 1,136.61 1,549.86 18,131.31 (26203.71)
Q4 2016 43,213.13 1,217.55 2,439.43 21,307.70 (30702.59)
Q1 2017 43,365.86 1,342.01 2,062.61 21,132.68 (31582.36)
Q2 2017 40,597.88 1,207.35 1,874.58 19,335.71 (28577.34)
Q3 2017 48,770.97 1,150.65 2,376.33 22,248.45 (35867.65)
Q1 2018 36,868.48 1,724.61 3,268.50 - -
Q2 2018 38,307.47 2,118.96 2,858.17 - -
Q3 2018 39,050.58 2,135.48 2,525.87 - -
Q4 2018 36,195.52 1,959.00 2,115.69 - -
Q1 2019 30,944.66 1,810.55 3,255.19 - -
Q2 2019 30,536.22 1,801.59 2,561.34 - -
Q3 2019 28,825.18 1,679.27 2,305.18 - -
Q4 2019 27,181.32 1,826.98 2,668.54 - -
Q1 2020 25,957.94 1,470.01 2,765.19 - -
Q2 2020 20,917.56 1,870.70 1,831.17 - -
Q3 2020 25,154.78 1,742.85 2,397.45 - -
Q4 2020 28,607.57 1,706.63 2,527.44 - -
Q1 2021 32,709.68 1,840.00 2,981.00 - -
Q2 2021 36,430.48 2,478.05 3,510.67 - -
Q3 2021 37,856.20 2,742.03 3,099.69 - -
Q4 2021 42,883.42 5,132.80 3,219.12 - -
Q1 2022 44,281.86 4,044.45 4,315.28 - -
Q2 2022 46,210.88 5,687.48 4,077.93 - -
Q3 2022 39,051.82 4,264.32 - - -
Q4 2022 35,301.43 4,234.35 - - -
Q1 2023 34,007.34 2,425.03 - - -
Q2 2023 31,602.84 2,494.53 3,069.44 - -
Q3 2023 33,505.36 2,469.95 - - -
Q4 2023 32,142.29 2,889.85 - - -
Q1 2024 30,422.20 2,263.62 - - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 406.01 246.22 (39.4 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital 384.00 246.22 (35.9) %
AlJazira Capital 424.00 246.22 (41.9) %
SNB Capital 480.00 246.22 (48.7) %
Hermes 662.00 246.22 (62.8) %
U-Capital 753.10 246.22 (67.3) %
Goldman Sachs 930.00 246.22 (73.5) %
KASB Capital 141.84 246.22 73.6 %
Riyad Capital 106.00 246.22 132.3 %
OSOOL AND BAKHEET (226.84) 246.22 208.5 %

Current
Market Cap (M Riyal) 242,700.00
Enterprise Value (EV) (M) 267,735.13
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 1.45
Return on Average Assets (%) (TTM) (1.06 )
Return on Average Equity (%) (TTM) (1.80 )

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