Saudi Kayan posts net profit of SAR 668 mln in FY17

23/01/2018 Argaam Exclusive

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Share Price

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

Saudi Kayan Petrochemical Co.’s net profit more than quadrupled to SAR 668.2 million for fiscal year 2017, compared to a net profit of SAR 152.1 million in the previous year, backed by higher average selling prices and improved operating performance.

Financials (M)

Item	2016	2017	Change‬
Revenues	8,608.82	9,983.93	16.0 %
Gross Income	1,766.26	2,228.39	26.2 %
Operating Income	1,059.20	1,630.48	53.9 %
Net Income	152.06	668.17	339.4 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.10	0.45	339.4 %

The company swung to a net loss of SAR 220.3 million in the fourth quarter, compared to a net profit of SAR 91.6 million in Q4 2016 and SAR 381 million in Q3 2017, hurt by a decline in production and sales volumes, and higher average feedstock prices.

In addition, the scheduled maintenance at most of the company’s plants also weighed on the quarterly figures.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	2,448.52	2,304.93	(5.9 %)
Gross Income	531.95	155.60	(70.7 %)
Operating Income	350.46	11.62	(96.7 %)
Net Income	91.58	(220.32)	(340.6 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.06	(0.15)	(340.6 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	2,703.09	2,304.93	(14.7 %)
Gross Income	780.94	155.60	(80.1 %)
Operating Income	624.02	11.62	(98.1 %)
Net Income	381.03	(220.32)	(157.8 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.25	(0.15)	(157.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	95.64	-	0.06
Q2 2008	-	-	-	-	59.69	-	0.04
Q3 2008	-	-	-	-	24.61	-	0.02
Q4 2008	-	-	-	-	(8.37)	-	(0.01)
2008	-	-	-	-	171.57	(46.8 %)	0.11
Q1 2009	-	-	-	-	(6.27)	(106.6 %)	0.00
Q2 2009	-	-	-	-	(6.49)	(110.9 %)	0.00
Q3 2009	-	-	-	-	(3.72)	(115.1 %)	0.00
Q4 2009	-	-	-	-	(0.44)	94.7 %	0.00
2009	-	-	-	-	(16.92)	(109.9 %)	(0.01)
Q1 2010	-	-	-	-	(3.77)	39.8 %	0.00
Q2 2010	-	-	-	-	(1.80)	72.3 %	0.00
Q3 2010	-	-	-	-	(5.07)	(36.1 %)	0.00
Q4 2010	-	-	-	-	(3.98)	(800.2 %)	0.00
2010	-	-	-	-	(14.61)	13.6 %	(0.01)
Q1 2011	-	-	-	-	(8.33)	(121.1 %)	(0.01)
Q2 2011	-	-	-	-	(16.01)	(791.4 %)	(0.01)
Q3 2011	-	-	-	-	(35.16)	(593.7 %)	(0.02)
Q4 2011	2,403.41	-	32.44	-	(190.75)	(4,693.9 %)	(0.13)
2011	2,403.41	-	32.44	-	(250.25)	(1,612.6 %)	(0.17)
Q1 2012	2,043.31	-	132.23	-	(71.12)	(753.5 %)	(0.05)
Q2 2012	2,316.89	-	(72.29)	-	(328.32)	(1,950.7 %)	(0.22)
Q3 2012	2,196.23	-	52.68	-	(178.37)	(407.3 %)	(0.12)
Q4 2012	2,925.81	21.7 %	38.99	20.2 %	(194.45)	(1.9 %)	(0.13)
2012	9,482.23	294.5 %	151.61	367.4 %	(772.27)	(208.6 %)	(0.51)
Q1 2013	2,079.89	1.8 %	58.73	(55.6 %)	(154.87)	(117.8 %)	(0.10)
Q2 2013	2,288.05	(1.2 %)	(20.14)	72.1 %	(238.24)	27.4 %	(0.16)
Q3 2013	3,052.20	39.0 %	304.95	478.9 %	43.27	124.3 %	0.03
Q4 2013	2,932.52	0.2 %	264.49	578.4 %	3.42	101.8 %	0.00
2013	10,352.65	9.2 %	625.10	312.3 %	(346.41)	55.1 %	(0.23)
Q1 2014	2,909.36	39.9 %	260.96	344.4 %	9.94	106.4 %	0.01
Q2 2014	2,965.26	29.6 %	126.54	728.2 %	(133.09)	44.1 %	(0.09)
Q3 2014	3,235.38	6.0 %	317.95	4.3 %	66.91	54.6 %	0.04
Q4 2014	2,526.04	(13.9 %)	267.87	1.3 %	11.78	244.7 %	0.01
2014	11,636.03	12.4 %	975.60	56.1 %	(44.71)	87.1 %	(0.03)
Q1 2015	1,752.65	(39.8 %)	(367.86)	(241.0 %)	(591.64)	(6052.2 %)	(0.39)
Q2 2015	2,149.08	(27.5 %)	257.85	103.8 %	(13.42)	89.9 %	(0.01)
Q3 2015	2,194.63	(32.2 %)	269.19	(15.3 %)	(13.81)	(120.6 %)	(0.01)
Q4 2015	1,879.36	(25.6 %)	(368.21)	(237.5 %)	(624.14)	(5397.8 %)	(0.42)
2015	7,975.72	(31.5 %)	(209.04)	(121.4 %)	(1243.01)	(2,680.5 %)	(0.83)
Q1 2016	1,692.59	(3.4 %)	185.21	150.3 %	(194.99)	67.0 %	(0.13)
Q2 2016	2,154.63	0.3 %	508.21	97.1 %	97.31	825.1 %	0.06
Q3 2016	2,313.08	5.4 %	579.95	115.4 %	158.16	1245.6 %	0.11
Q4 2016	2,448.52	30.3 %	531.95	244.5 %	91.58	114.7 %	0.06
2016	8,608.82	7.9 %	1,766.26	944.9 %	152.06	112.2 %	0.10
Q1 2017	2,667.18	57.6 %	726.70	292.4 %	265.46	236.1 %	0.18
Q2 2017	2,308.72	7.2 %	582.69	14.7 %	242.01	148.7 %	0.16
Q3 2017	2,703.09	16.9 %	780.94	34.7 %	381.03	140.9 %	0.25
Q4 2017	2,304.93	(5.9 %)	155.60	(70.7 %)	(220.32)	(340.6 %)	(0.15)
2017	9,983.93	16.0 %	2,228.39	26.2 %	668.17	339.4 %	0.45

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	171.57	(46.8 %)	0.11
2009	-	-	-	-	(16.92)	(109.9 %)	(0.01)
2010	-	-	-	-	(14.61)	13.6 %	(0.01)
2011	2,403.41	-	32.44	-	(250.25)	(1,612.6 %)	(0.17)
2012	9,482.23	294.5 %	151.61	367.4 %	(772.27)	(208.6 %)	(0.51)
2013	10,352.65	9.2 %	625.10	312.3 %	(346.41)	55.1 %	(0.23)
2014	11,636.03	12.4 %	975.60	56.1 %	(44.71)	87.1 %	(0.03)
2015	7,975.72	(31.5 %)	(209.04)	(121.4 %)	(1243.01)	(2,680.5 %)	(0.83)
2016	8,608.82	7.9 %	1,766.26	944.9 %	152.06	112.2 %	0.10
2017	9,983.93	16.0 %	2,228.39	26.2 %	668.17	339.4 %	0.45

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	1.35 %	16.92 %	(9.96 %)
2011	1.35 %	16.92 %	(9.96 %)
Q1 2012	3.70 %	21.55 %	(6.79 %)
Q2 2012	1.37 %	19.05 %	(9.08 %)
Q3 2012	1.62 %	19.64 %	(8.46 %)
Q4 2012	1.60 %	19.88 %	(8.14 %)
2012	1.60 %	19.88 %	(8.14 %)
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 %)
2013	6.04 %	24.41 %	(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 %)
2014	8.38 %	25.35 %	(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 %)
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 %
2016	20.52 %	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 %
2017	22.32 %	39.49 %	7.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	1.35 %	16.92 %	(9.96 %)
2012	1.60 %	19.88 %	(8.14 %)
2013	6.04 %	24.41 %	(3.35 %)
2014	8.38 %	25.35 %	(0.38 %)
2015	(2.62 %)	23.62 %	(15.58 %)
2016	20.52 %	39.26 %	2.10 %
2017	22.32 %	39.49 %	7.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	1.35 %	17.38 %	(7.48 %)
Q1 2012	6.47 %	26.83 %	(3.48 %)
Q2 2012	(3.12 %)	14.10 %	(14.17 %)
Q3 2012	2.40 %	21.25 %	(8.12 %)
Q4 2012	1.33 %	18.58 %	(6.65 %)
Q1 2013	2.82 %	24.54 %	(7.45 %)
Q2 2013	(0.88 %)	31.44 %	(10.41 %)
Q3 2013	9.99 %	29.63 %	1.42 %
Q4 2013	9.02 %	12.82 %	0.12 %
Q1 2014	8.97 %	26.18 %	0.34 %
Q2 2014	4.27 %	21.38 %	(4.49 %)
Q3 2014	9.83 %	25.10 %	2.07 %
Q4 2014	10.60 %	29.30 %	0.47 %
Q1 2015	(20.99 %)	11.87 %	(33.76 %)
Q2 2015	12.00 %	35.84 %	(0.62 %)
Q3 2015	12.27 %	35.37 %	(0.63 %)
Q4 2015	(19.59 %)	6.89 %	(33.21 %)
Q1 2016	10.94 %	33.59 %	(10.18 %)
Q2 2016	23.59 %	41.06 %	4.81 %
Q3 2016	25.07 %	42.17 %	6.84 %
Q4 2016	21.73 %	38.86 %	3.74 %
Q1 2017	27.25 %	42.46 %	12.53 %
Q2 2017	25.24 %	44.19 %	10.56 %
Q3 2017	28.89 %	45.37 %	14.18 %
Q4 2017	6.75 %	24.40 %	(9.38 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	1,500.00	-	-	10.28
Q2 2008	1,500.00	-	-	10.32
Q3 2008	1,500.00	-	-	10.33
Q4 2008	1,500.00	0.11	0.12	10.33
Q1 2009	1,500.00	0.05	0.05	10.33
Q2 2009	1,500.00	0.00	0.02	10.32
Q3 2009	1,500.00	(0.02)	0.00	10.32
Q4 2009	1,500.00	(0.01)	(0.01)	10.32
Q1 2010	1,500.00	(0.01)	(0.01)	10.32
Q2 2010	1,500.00	(0.01)	(0.01)	10.31
Q3 2010	1,500.00	(0.01)	(0.01)	10.31
Q4 2010	1,500.00	(0.01)	(0.01)	10.31
Q1 2011	1,500.00	(0.01)	(0.01)	10.30
Q2 2011	1,500.00	(0.02)	(0.02)	10.29
Q3 2011	1,500.00	(0.04)	(0.04)	10.27
Q4 2011	1,500.00	(0.17)	(0.16)	10.14
Q1 2012	1,500.00	(0.21)	(0.20)	10.09
Q2 2012	1,500.00	(0.42)	(0.41)	9.88
Q3 2012	1,500.00	(0.51)	(0.51)	9.76
Q4 2012	1,500.00	(0.51)	(0.51)	9.63
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	1,500.00	0.11	0.12	10.33
2009	1,500.00	(0.01)	(0.01)	10.32
2010	1,500.00	(0.01)	(0.01)	10.31
2011	1,500.00	(0.17)	(0.16)	10.14
2012	1,500.00	(0.51)	(0.51)	9.63
2013	1,500.00	(0.23)	(0.23)	9.40
2014	1,500.00	(0.03)	(0.03)	9.37
2015	1,500.00	(0.83)	(0.83)	8.54
2016	1,500.00	0.10	0.12	8.83
2017	1,500.00	0.45	0.50	9.27

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	2.36
Q2 2008	-	-	2.40
Q3 2008	-	-	1.67
Q4 2008	More than 50	More than 50	0.94
Q1 2009	More than 50	More than 50	1.01
Q2 2009	More than 50	More than 50	1.33
Q3 2009	NEG	NEG	1.49
Q4 2009	NEG	NEG	1.76
Q1 2010	NEG	NEG	1.87
Q2 2010	NEG	NEG	1.74
Q3 2010	NEG	NEG	1.72
Q4 2010	NEG	NEG	1.87
Q1 2011	NEG	NEG	1.81
Q2 2011	NEG	NEG	1.79
Q3 2011	NEG	NEG	1.66
Q4 2011	NEG	NEG	1.72
Q1 2012	NEG	NEG	2.00
Q2 2012	NEG	NEG	1.51
Q3 2012	NEG	NEG	1.34
Q4 2012	NEG	NEG	1.26
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	More than 50	More than 50	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

Period	P/E	Adjusted P/E	Price/book
2008	More than 50	More than 50	0.94
2009	NEG	NEG	1.76
2010	NEG	NEG	1.87
2011	NEG	NEG	1.72
2012	NEG	NEG	1.26
2013	NEG	NEG	1.67
2014	NEG	NEG	1.17
2015	NEG	NEG	0.79
2016	More than 50	More than 50	1.00
2017	23.98	21.50	1.15

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	(136.28)	(220.32)	(61.7 %)

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
SNB Capital	(417.00)	(220.32)	47.2 %
AlJazira Capital	(146.70)	(220.32)	(50.2) %
Sico	(90.40)	(220.32)	(143.7) %
Riyad Capital	109.00	(220.32)	(302.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	13,260.00
Enterprise Value (EV) (M)	22,380.66
Shares Outstanding ((M))	1,500.00
EPS ( Riyal) (TTM)	(1.36)
Book Value (BV) ( Riyal)	8.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.04
Return on Average Assets (%) (TTM)	(7.44 )
Return on Average Equity (%) (TTM)	(14.78 )

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Saudi Kayan posts net profit of SAR 668 mln in FY17

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Share Price

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

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Per Share Data (Riyal)

Per Share Data (Riyal)

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Analysts Estimates (Million)

Analysts Estimates (Million)

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Saudi Kayan posts net profit of SAR 668 mln in FY17

View other reports

Share Price

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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