Saudi Kayan turns to SAR 452.8 mln loss in 9M 2022, incurs SAR 812.3 mln in Q3

24/10/2022 Argaam Exclusive

Saudi Kayan Petrochemical Co. swung to a net loss after Zakat and tax of SAR 452.8 million for the first nine months of 2022, against a net profit of SAR 1.941 billion in the year-ago period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 9,091.10 9,141.04 0.5 %
Gross Income 2,789.49 415.55 (85.1 %)
Operating Income 2,283.16 (125.04) (105.5 %)
Net Income 1,941.33 (452.77) (123.3 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 1.29 (0.30) (123.3 %)

The nine-month losses were attributed to an increase in the average cost of feedstock and a decrease in the average selling prices of products despite higher sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 3,434.07 2,596.32 (24.4 %)
Gross Income 983.04 (488.69) (149.7 %)
Operating Income 788.81 (675.56) (185.6 %)
Net Income 667.45 (812.27) (221.7 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.44 (0.54) (221.7 %)

In Q3 2022, the petrochemical producer turned to a net loss after Zakat and tax of SAR 812.3 million, against a net profit of SAR 667.45 million in Q3 2021. Saudi Kayan was hurt by lower average product selling prices, in addition to an increase in the average feedstock costs, despite better sales volumes.

 

In the previous quarter, the company reported a net profit of SAR 150 million.

 

Shareholders’ equity, after minority interest, increased to SAR 16.331 billion as of Sept. 30, 2022, compared to SAR 15.974 billion in the year-earlier period.

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Share Price

Saudi Kayan Petrochemical Co.
7.75
(0.02) (0.26 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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Financial Ratios
Current
Market Cap (M Riyal) 11,625.00
Enterprise Value (EV) (M) 20,285.11
Shares Outstanding ((M)) 1,500.00
EPS ( Riyal) (TTM) (1.16)
Book Value (BV) ( Riyal) 8.10
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 0.96
Return on Average Assets (%) (TTM) (6.64 )
Return on Average Equity (%) (TTM) (13.30 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 2,079.89 1.8 % 58.73 (55.6 %) (10.73) (114.2 %)
Q2 2013 2,288.05 (1.2 %) (20.14) 72.1 % (106.55) 34.3 %
Q3 2013 3,052.20 39.0 % 304.95 478.9 % 198.20 897.4 %
Q4 2013 2,932.52 0.2 % 264.49 578.4 % 160.27 337.5 %
Q1 2014 2,909.36 39.9 % 260.96 344.4 % 161.50 1604.9 %
Q2 2014 2,965.26 29.6 % 126.54 728.2 % 7.23 106.8 %
Q3 2014 3,235.38 6.0 % 317.95 4.3 % 207.06 4.5 %
Q4 2014 2,526.04 (13.9 %) 267.87 1.3 % 144.72 (9.7 %)
Q1 2015 1,752.65 (39.8 %) (367.86) (241.0 %) (442.91) (374.2 %)
Q2 2015 2,149.08 (27.5 %) 257.85 103.8 % 150.02 1975.8 %
Q3 2015 2,194.63 (32.2 %) 269.19 (15.3 %) 174.88 (15.5 %)
Q4 2015 1,879.36 (25.6 %) (368.21) (237.5 %) (475.53) (428.6 %)
Q1 2016 1,692.59 (3.4 %) 185.21 150.3 % 11.55 102.6 %
Q2 2016 2,154.63 0.3 % 508.21 97.1 % 311.41 107.6 %
Q3 2016 2,313.08 5.4 % 579.95 115.4 % 385.77 120.6 %
Q4 2016 2,448.52 30.3 % 531.95 244.5 % 350.46 173.7 %
Q1 2017 2,667.18 57.6 % 726.70 292.4 % 554.92 4703.2 %
Q2 2017 2,308.72 7.2 % 582.69 14.7 % 438.87 40.9 %
Q3 2017 2,703.09 16.9 % 780.94 34.7 % 624.02 61.8 %
Q4 2017 2,304.93 (5.9 %) 155.60 (70.7 %) 11.62 (96.7 %)
Q1 2018 2,727.33 2.3 % 861.63 18.6 % 721.07 29.9 %
Q2 2018 3,524.25 52.6 % 1,300.66 123.2 % 1,116.46 154.4 %
Q3 2018 3,376.06 24.9 % 929.49 19.0 % 761.53 22.0 %
Q4 2018 2,635.52 14.3 % 273.55 75.8 % 61.53 429.5 %
Q1 2019 2,544.34 (6.7 %) 265.99 (69.1 %) 98.49 (86.3 %)
Q2 2019 2,429.18 (31.1 %) 196.70 (84.9 %) 39.59 (96.5 %)
Q3 2019 2,303.21 (31.8 %) 379.59 (59.2 %) 201.23 (73.6 %)
Q4 2019 2,259.67 (14.3 %) 229.92 (15.9 %) 39.70 (35.5 %)
Q1 2020 1,887.93 (25.8 %) (220.77) (183.0 %) (350.93) (456.3 %)
Q2 2020 1,536.91 (36.7 %) (70.76) (136.0 %) (215.41) (644.1 %)
Q3 2020 2,105.54 (8.6 %) 236.53 (37.7 %) 79.72 (60.4 %)
Q4 2020 2,476.95 9.6 % 480.88 109.1 % 299.91 655.5 %
Q1 2021 2,683.33 42.1 % 757.71 443.2 % 593.12 269.0 %
Q2 2021 2,973.71 93.5 % 1,048.75 1582.2 % 901.23 518.4 %
Q3 2021 3,434.07 63.1 % 983.04 315.6 % 788.81 889.4 %
Q4 2021 3,565.10 43.9 % 768.16 59.7 % 540.98 80.4 %
Q1 2022 3,137.89 16.9 % 468.79 (38.1 %) 304.33 (48.7 %)
Q2 2022 3,406.82 14.6 % 435.45 (58.5 %) 246.20 (72.7 %)
Q3 2022 2,596.32 (24.4 %) (488.69) (149.7 %) (675.56) (185.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 (154.87) (117.8 %) (0.10) - (154.87) (0.10)
Q2 2013 (238.24) 27.4 % (0.16) - (238.24) (0.16)
Q3 2013 43.27 124.3 % 0.03 - 43.27 0.03
Q4 2013 3.42 101.8 % 0.00 - 3.42 0.00
Q1 2014 9.94 106.4 % 0.01 - 9.94 0.01
Q2 2014 (133.09) 44.1 % (0.09) - (133.09) (0.09)
Q3 2014 66.91 54.6 % 0.04 - 66.91 0.04
Q4 2014 11.78 244.7 % 0.01 - 11.78 0.01
Q1 2015 (591.64) (6052.2 %) (0.39) - (591.64) (0.39)
Q2 2015 (13.42) 89.9 % (0.01) - (13.42) (0.01)
Q3 2015 (13.81) (120.6 %) (0.01) - (13.81) (0.01)
Q4 2015 (624.14) (5397.8 %) (0.42) - (624.14) (0.42)
Q1 2016 (194.99) 67.0 % (0.13) (22.64) (172.35) (0.11)
Q2 2016 97.31 825.1 % 0.06 (6.23) 103.54 0.07
Q3 2016 158.16 1245.6 % 0.11 - 158.16 0.11
Q4 2016 91.58 114.7 % 0.06 - 91.58 0.06
Q1 2017 265.46 236.1 % 0.18 (68.78) 334.24 0.22
Q2 2017 242.01 148.7 % 0.16 (1.75) 243.75 0.16
Q3 2017 381.03 140.9 % 0.25 (2.16) 383.19 0.26
Q4 2017 (220.32) (340.6 %) (0.15) (4.13) (216.20) (0.14)
Q1 2018 462.58 74.3 % 0.31 (23.51) 486.09 0.32
Q2 2018 878.66 263.1 % 0.59 (1.33) 879.99 0.59
Q3 2018 471.91 23.8 % 0.31 - 471.91 0.31
Q4 2018 (110.90) 49.7 % (0.07) - (110.90) (0.07)
Q1 2019 (197.49) (142.7 %) (0.13) - (197.49) (0.13)
Q2 2019 (273.13) (131.1 %) (0.18) - (273.13) (0.18)
Q3 2019 1.26 (99.7 %) 0.00 - 1.26 0.00
Q4 2019 (167.41) (51.0 %) (0.11) - (167.41) (0.11)
Q1 2020 (516.79) (161.7 %) (0.34) - (516.79) (0.34)
Q2 2020 (398.19) (45.8 %) (0.27) - (398.19) (0.27)
Q3 2020 (28.16) (2342.1 %) (0.02) - (28.16) (0.02)
Q4 2020 158.42 194.6 % 0.11 (34.93) 193.35 0.13
Q1 2021 492.89 195.4 % 0.33 - 492.89 0.33
Q2 2021 781.00 296.1 % 0.52 - 781.00 0.52
Q3 2021 667.45 2470.1 % 0.44 - 667.45 0.44
Q4 2021 449.28 183.6 % 0.30 - 449.28 0.30
Q1 2022 209.38 (57.5 %) 0.14 - 209.38 0.14
Q2 2022 150.13 (80.8 %) 0.10 - 150.13 0.10
Q3 2022 (812.27) (221.7 %) (0.54) - (812.27) (0.54)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 0.82 % 19.41 % (8.99 %)
Q2 2013 1.37 % 23.60 % (8.07 %)
Q3 2013 3.70 % 25.88 % (5.26 %)
Q4 2013 5.87 % 24.25 % (3.35 %)
Q1 2014 7.25 % 24.70 % (1.62 %)
Q2 2014 8.07 % 22.57 % (0.64 %)
Q3 2014 8.05 % 21.45 % (0.44 %)
Q4 2014 8.36 % 25.33 % (0.38 %)
Q1 2015 3.29 % 22.85 % (6.16 %)
Q2 2015 4.92 % 26.19 % (5.45 %)
Q3 2015 4.95 % 28.93 % (7.04 %)
Q4 2015 (2.62 %) 23.62 % (15.58 %)
Q1 2016 4.35 % 28.35 % (10.41 %)
Q2 2016 7.50 % 29.78 % (8.92 %)
Q3 2016 11.26 % 31.82 % (6.65 %)
Q4 2016 20.97 % 39.26 % 2.10 %
Q1 2017 24.49 % 41.16 % 7.17 %
Q2 2017 24.87 % 41.90 % 8.50 %
Q3 2017 25.89 % 42.76 % 10.39 %
Q4 2017 22.50 % 39.48 % 7.46 %
Q1 2018 23.70 % 40.57 % 8.93 %
Q2 2018 27.52 % 42.11 % 13.62 %
Q3 2018 27.21 % 40.68 % 13.59 %
Q4 2018 27.44 % 40.23 % 14.08 %
Q1 2019 22.93 % 35.96 % 8.64 %
Q2 2019 15.16 % 29.92 % (1.00 %)
Q3 2019 11.26 % 27.64 % (5.85 %)
Q4 2019 11.24 % 28.50 % (6.68 %)
Q1 2020 6.59 % 25.47 % (10.77 %)
Q2 2020 3.98 % 24.94 % (13.54 %)
Q3 2020 2.25 % 23.88 % (14.26 %)
Q4 2020 5.32 % 27.22 % (9.36 %)
Q1 2021 15.95 % 35.84 % 2.95 %
Q2 2021 24.65 % 41.94 % 14.05 %
Q3 2021 28.27 % 43.47 % 18.45 %
Q4 2021 28.11 % 41.44 % 18.89 %
Q1 2022 24.93 % 37.69 % 16.07 %
Q2 2022 19.61 % 31.67 % 10.90 %
Q3 2022 9.32 % 22.27 % (0.03 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 1,500.00 (0.57) (0.57) 9.52
Q2 2013 1,500.00 (0.51) (0.51) 9.36
Q3 2013 1,500.00 (0.36) (0.36) 9.39
Q4 2013 1,500.00 (0.23) (0.23) 9.40
Q1 2014 1,500.00 (0.12) (0.12) 9.40
Q2 2014 1,500.00 (0.05) (0.05) 9.31
Q3 2014 1,500.00 (0.04) (0.04) 9.36
Q4 2014 1,500.00 (0.03) (0.03) 9.37
Q1 2015 1,500.00 (0.43) (0.43) 8.97
Q2 2015 1,500.00 (0.35) (0.35) 8.96
Q3 2015 1,500.00 (0.40) (0.40) 8.95
Q4 2015 1,500.00 (0.83) (0.83) 8.54
Q1 2016 1,500.00 (0.56) (0.55) 8.58
Q2 2016 1,500.00 (0.49) (0.47) 8.45
Q3 2016 1,500.00 (0.38) (0.36) 8.56
Q4 2016 1,500.00 0.10 0.12 8.83
Q1 2017 1,500.00 0.41 0.46 9.01
Q2 2017 1,500.00 0.50 0.55 9.17
Q3 2017 1,500.00 0.65 0.70 9.42
Q4 2017 1,500.00 0.45 0.50 9.27
Q1 2018 1,500.00 0.58 0.60 9.60
Q2 2018 1,500.00 1.00 1.02 10.18
Q3 2018 1,500.00 1.06 1.08 10.50
Q4 2018 1,500.00 1.13 1.15 10.47
Q1 2019 1,500.00 0.69 0.70 10.32
Q2 2019 1,500.00 (0.07) (0.07) 10.13
Q3 2019 1,500.00 (0.39) (0.39) 10.08
Q4 2019 1,500.00 (0.42) (0.42) 9.97
Q1 2020 1,500.00 (0.64) (0.64) 9.62
Q2 2020 1,500.00 (0.72) (0.72) 9.33
Q3 2020 1,500.00 (0.74) (0.74) 9.30
Q4 2020 1,500.00 (0.52) (0.50) 9.34
Q1 2021 1,500.00 0.15 0.17 9.71
Q2 2021 1,500.00 0.94 0.96 10.21
Q3 2021 1,500.00 1.40 1.42 10.65
Q4 2021 1,500.00 1.59 1.59 10.98
Q1 2022 1,500.00 1.40 1.40 11.18
Q2 2022 1,500.00 0.98 0.98 11.36
Q3 2022 1,500.00 0.00 0.00 10.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 1.21
Q2 2013 NEG NEG 1.22
Q3 2013 NEG NEG 1.28
Q4 2013 NEG NEG 1.67
Q1 2014 NEG NEG 1.76
Q2 2014 NEG NEG 1.58
Q3 2014 NEG NEG 1.78
Q4 2014 NEG NEG 1.17
Q1 2015 NEG NEG 1.20
Q2 2015 NEG NEG 1.20
Q3 2015 NEG NEG 0.93
Q4 2015 NEG NEG 0.79
Q1 2016 NEG NEG 0.59
Q2 2016 NEG NEG 0.77
Q3 2016 NEG NEG 0.63
Q4 2016 87.20 73.29 1.00
Q1 2017 19.42 17.30 0.88
Q2 2017 17.45 15.97 0.96
Q3 2017 13.82 12.87 0.96
Q4 2017 23.98 21.50 1.15
Q1 2018 23.71 22.88 1.43
Q2 2018 15.76 15.44 1.55
Q3 2018 15.90 15.61 1.61
Q4 2018 11.63 11.46 1.26
Q1 2019 20.24 20.21 1.36
Q2 2019 NEG NEG 1.21
Q3 2019 NEG NEG 1.01
Q4 2019 NEG NEG 1.11
Q1 2020 NEG NEG 0.75
Q2 2020 NEG NEG 0.88
Q3 2020 NEG NEG 1.26
Q4 2020 NEG NEG 1.53
Q1 2021 More than 100 92.00 1.64
Q2 2021 19.29 18.82 1.77
Q3 2021 14.66 14.42 1.93
Q4 2021 10.68 10.68 1.55
Q1 2022 16.09 16.09 2.02
Q2 2022 16.03 16.03 1.39
Q3 2022 NEG NEG 1.26

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 41.31 (812.27) (2066.4 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Riyad Capital 106.00 (812.27) (866.3) %
Goldman Sachs 105.00 (812.27) (873.6) %
AlJazira Capital (62.90) (812.27) (1191.4) %
SNB Capital 41.00 (812.27) (2081.1) %
OSOOL AND BAKHEET 31.44 (812.27) (2683.5) %
Bank of America 27.31 (812.27) (3074.3) %

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