Saudi Kayan trims 9M 2024 loss to SAR 1.11B; Q3 at SAR 296.2M

29/10/2024 Argaam Exclusive

Saudi Kayan Petrochemical Co. cut net losses to SAR 1.11 billion in the first nine months of 2024, from SAR 1.51 billion a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 6,029.05 6,480.72 7.5 %
Gross Income (575.42) (245.69) 57.3 %
Operating Income (1033.24) (770.90) 25.4 %
Net Income (1514.38) (1118.11) 26.2 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (1.01) (0.75) 26.2 %

The lower losses were attributed to higher average product selling prices. The company also collected SAR 178 million insurance claims despite higher feedstock prices.

 

The petrochemical producer’s net losses decreased from SAR 448.9 million in Q3 2023 to SAR 296.1 million in Q3 2024, thanks to improved revenue amid higher average selling prices of products despite increased feedstock costs.

 

On a sequential basis, net losses widened by 18.4% from SAR 250 million in Q2 2024. Saudi Kayan collected SAR 130 million insurance claims during Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,137.26 2,398.63 12.2 %
Gross Income (120.62) 63.23 152.4 %
Operating Income (274.06) (125.29) 54.3 %
Net Income (448.98) (296.16) 34.0 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.30) (0.20) 34.0 %

It also reported higher feedstock costs. On the other hand, average selling prices of products and sales volumes went up.

 

Total shareholders’ equity, no minority interest, declined to SAR 12.15 billion as of Sept. 30, 2024, from SAR 14.02 billion a year earlier.

 

Accumulated losses reached SAR 3.83 billion as of Sept. 30, 2024, representing -25.5% of the company’s capital.

Attached Document:

 

 

 

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Share Price

Saudi Kayan Petrochemical Co.
6.88
0.08 1.18 %

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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Financial Ratios
Current
Market Cap (M Riyal) 10,320.00
Enterprise Value (EV) (M) 18,980.11
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 0.85
Return on Average Assets (%) (TTM) (6.64 )
Return on Average Equity (%) (TTM) (13.30 )
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2022 2,016.98 (43.4 %) (512.39) (166.7 %) (711.03) (231.4 %)
Q1 2023 1,682.49 (46.4 %) (339.36) (172.4 %) (496.29) (263.1 %)
Q2 2023 2,209.30 (35.2 %) (111.04) (125.5 %) (262.89) (206.8 %)
Q3 2023 2,137.26 (17.7 %) (120.62) 75.3 % (274.06) 59.4 %
Q4 2023 2,141.60 6.2 % (271.02) 47.1 % (436.89) 38.6 %
Q1 2024 1,975.84 17.4 % (274.82) 19.0 % (393.40) 20.7 %
Q2 2024 2,106.24 (4.7 %) (34.10) 69.3 % (203.60) 22.6 %
Q3 2024 2,398.63 12.2 % 63.23 152.4 % (125.29) 54.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 (791.12) (276.1 %) (0.53) - (791.12) (0.53)
Q1 2023 (673.27) (421.6 %) (0.45) - (673.27) (0.45)
Q2 2023 (392.13) (361.2 %) (0.26) 17.00 (409.13) (0.27)
Q3 2023 (448.98) 44.7 % (0.30) - (448.98) (0.30)
Q4 2023 (622.10) 21.4 % (0.41) - (622.10) (0.41)
Q1 2024 (571.86) 15.1 % (0.38) 46.70 (618.56) (0.41)
Q2 2024 (250.09) 36.2 % (0.17) 141.31 (391.40) (0.26)
Q3 2024 (296.16) 34.0 % (0.20) 1.73 (297.88) (0.20)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 (0.87 %) 14.02 % (11.15 %)
Q1 2023 (9.33 %) 7.73 % (21.92 %)
Q2 2023 (17.07 %) 2.86 % (31.58 %)
Q3 2023 (13.47 %) 8.64 % (28.87 %)
Q4 2023 (10.31 %) 12.11 % (26.36 %)
Q1 2024 (9.19 %) 13.32 % (24.80 %)
Q2 2024 (8.38 %) 14.33 % (24.89 %)
Q3 2024 (5.99 %) 15.15 % (22.38 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 1,500.00 (0.83) (0.83) 10.32
Q1 2023 1,500.00 (1.42) (1.42) 9.86
Q2 2023 1,500.00 (1.78) (1.79) 9.61
Q3 2023 1,500.00 (1.54) (1.55) 9.35
Q4 2023 1,500.00 (1.42) (1.44) 8.86
Q1 2024 1,500.00 (1.36) (1.40) 8.50
Q2 2024 1,500.00 (1.26) (1.39) 8.34
Q3 2024 1,500.00 (1.16) (1.29) 8.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 NEG NEG 1.32
Q1 2023 NEG NEG 1.23
Q2 2023 NEG NEG 1.44
Q3 2023 NEG NEG 1.34
Q4 2023 NEG NEG 1.24
Q1 2024 NEG NEG 1.07
Q2 2024 NEG NEG 0.97
Q3 2024 NEG NEG 1.04

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average (306.35) (296.16) 3.33 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Bank of America (338.29) (296.16) 12.5 %
SNB Capital (342.00) (296.16) 13.4 %
JP Morgan (347.00) (296.16) 14.7 %
AlJazira Capital (248.10) (296.16) (19.4) %
OSOOL AND BAKHEET (438.09) (296.16) 32.4 %
Riyad Capital (221.00) (296.16) (34.0) %
GIB Capital (210.00) (296.16) (41.0) %

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