to download the complete report - GulfBase.com

2020.SE (Reuters)
SAFCO AB Equity (Bloomberg)
Saudi Arabia Fertilizers Company
CMP: SR87.2
» SAFCO has the largest fertilizer producing facilities in Saudi Arabia and at present, is in a negotiation stage to
finalize the supply of feedstock gas for SAFCO-V project, which will add the 2.7mn tons in the existing capacity
by 2011 and lead the earning to increase at a CAGR of 13.2% during 2007-11.
SRmn 2005 2006 2007 2008E 2009E 2010E 2011E
Sales Revenue 1,824 1,831 3,516 6,208 4,461 4,691 5,754
Gross Profit 1,075 1,090 2,295 4,818 2,949 3,028 3,707
Operating Profit 982 989 2,127 4,659 2,740 2,800 3,459
Net Profit 1,100 1,151 2,209 4,848 2,893 2,968 3,633
Total Assets 6,207 6,729 8,153 9,905 10,606 11,229 12,175
Total Liabilities 1,419 1,989 2,139 2,436 2,270 2,151 2,188
Total Shareholders' Equity & Minority Interest 4,788 4,739 6,014 7,469 8,337 9,079 9,987
Ratios
Current Ratio (x) 2.7 2.6 3.1 2.9 3.1 3.2 3.3
EBITDA 1,178 1,183 2,471 5,012 3,137 3,243 3,952
EV 24,991 17,569 28,879 20,018 19,219 18,918 18,311
EV/EBITDA (x) 21.2 14.9 11.7 4.0 6.1 5.8 4.6
EBITDA Margin% 64.6% 64.6% 70.3% 80.7% 70.3% 69.1% 68.7%
Net Profit Margin% 60.3% 62.9% 62.8% 78.1% 64.8% 63.3% 63.1%
Return On Average Assets % 19.2% 17.8% 29.7% 53.7% 28.2% 27.2% 31.0%
Return On Average Equity % 24.4% 24.2% 41.1% 71.9% 36.6% 34.1% 38.1%
EPS 4.4 4.6 8.8 19.4 11.6 11.9 14.5
Book Value Per Share 19.2 19.0 24.1 29.9 33.3 36.3 39.9
Dividend Payout % 50.9% 116.4% 54.3% 70.0% 70.0% 75.0% 75.0%
Market Price 98.4 68.4 118.5 87.2 87.2 87.2 87.2
P/E Ratio (x) 22.4 14.9 13.4 4.5 7.5 7.3 6.0
P/BV (x) 5.1 3.6 4.9 2.9 2.6 2.4 2.2
Historical P / E & P / BV multiples pertain to respective year -end prices, while those for future years are based on closing prices on the TASI as of Dec 29, 2008
(Source: Company Reports & Global Research)
Global Investment House 96 Saudi Arabia Economic Overview - January 2009