Saudi Kayan posts SAR 469 mln loss in 9M

20/10/2019 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net loss after zakat and tax of SAR 469.4 million for the first nine months of 2019, compared to a net profit of SAR 1.81 billion a year earlier due to lower average selling prices.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	9,627.64	7,276.73	(24.4 %)
Gross Income	3,091.78	842.29	(72.8 %)
Operating Income	2,599.05	339.31	(86.9 %)
Net Income	1,813.15	(469.36)	(125.9 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	1.21	(0.31)	(125.9 %)

In Q3 2019, net profit plunged 99.7 percent year-on-year (YoY) to SAR 1.25 million due to a decrease in products selling price.

When compared to the previous quarter, Saudi Kayan turned profitable compared to a net loss of SAR 273 million, driven by a decline in average feedstock costs and financing charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	3,376.06	2,303.21	(31.8 %)
Gross Income	929.49	379.59	(59.2 %)
Operating Income	761.53	201.23	(73.6 %)
Net Income	471.91	1.26	(99.7 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.31	0.00	(99.7 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	2,429.18	2,303.21	(5.2 %)
Gross Income	196.70	379.59	93.0 %
Operating Income	39.59	201.23	408.3 %
Net Income	(273.13)	1.26	100.5 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.18)	0.00	100.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2018	2,727.33	2.3 %	861.63	18.6 %	462.58	74.3 %	0.31
Q2 2018	3,524.25	52.6 %	1,300.66	123.2 %	878.66	263.1 %	0.59
Q3 2018	3,376.06	24.9 %	929.49	19.0 %	471.91	23.8 %	0.31
Q4 2018	2,635.52	14.3 %	273.55	75.8 %	(110.90)	49.7 %	(0.07)
2018	12,263.16	22.8 %	3,365.33	51.0 %	1,702.25	154.8 %	1.13
Q1 2019	2,544.34	(6.7 %)	265.99	(69.1 %)	(197.49)	(142.7 %)	(0.13)
Q2 2019	2,429.18	(31.1 %)	196.70	(84.9 %)	(273.13)	(131.1 %)	(0.18)
Q3 2019	2,303.21	(31.8 %)	379.59	(59.2 %)	1.26	(99.7 %)	0.00

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2018	12,263.16	22.8 %	3,365.33	51.0 %	1,702.25	154.8 %	1.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2018	27.44 %	40.23 %	14.08 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q1 2018	31.59 %	46.40 %	17.82 %
Q2 2018	36.91 %	47.86 %	24.97 %
Q3 2018	27.53 %	39.68 %	13.98 %
Q4 2018	10.38 %	24.32 %	(4.21 %)
Q1 2019	10.45 %	26.59 %	(7.76 %)
Q2 2019	8.10 %	25.93 %	(11.24 %)
Q3 2019	16.48 %	34.42 %	0.05 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2018	1,500.00	1.13	1.15	10.47

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	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

Period	P/E	Adjusted P/E	Price/book
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	87.20	73.29	1.00
2017	23.98	21.50	1.15
2018	11.63	11.46	1.26

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	(142.83)	1.26	100.88 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
AlJazira Capital	3.70	1.26	(66.1) %
Riyad Capital	(223.00)	1.26	100.6 %
SNB Capital	(184.00)	1.26	100.7 %
Al Rajhi Capital	(168.00)	1.26	100.7 %

Financial Ratios

	Current
Market Cap (M Riyal)	12,015.00
Enterprise Value (EV) (M)	21,135.66
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	0.94
Return on Average Assets (%) (TTM)	(7.44 )
Return on Average Equity (%) (TTM)	(14.78 )

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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Saudi Kayan posts SAR 469 mln loss in 9M

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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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Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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Saudi Kayan posts SAR 469 mln loss in 9M

View other reports

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

Share Price

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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