Saudi Kayan turns to net profit of SAR 2.392 bln in 2021

27/01/2022 Argaam Exclusive

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Share Price

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

Saudi Kayan Petrochemical Co. swung to a net profit after Zakat and tax of SAR 2.392 billion in 2021, compared to a net loss of SAR 784.7 million a year earlier, driven by higher average selling prices of the company's products and a decrease in financing costs, despite increased average cost of feedstock.

Financials (M)

Item	2020	2021	Change‬
Revenues	8,007.33	12,656.21	58.1 %
Gross Income	447.88	3,557.65	694.3 %
Operating Income	(167.38)	2,824.13	1787.2 %
Net Income	(784.73)	2,390.62	404.6 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.52)	1.59	404.6 %

Saudi Kayan’s Q4 2021 net profit after Zakat and tax more than doubled to SAR 452.6 million, from SAR 158.4 million in the year-ago period, on an increase in the average product selling prices and lower financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	2,476.95	3,565.10	43.9 %
Gross Income	480.88	768.16	59.7 %
Operating Income	299.91	540.98	80.4 %
Net Income	158.42	449.28	183.6 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.11	0.30	183.6 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	3,434.07	3,565.10	3.8 %
Gross Income	983.04	768.16	(21.9 %)
Operating Income	788.81	540.98	(31.4 %)
Net Income	667.45	449.28	(32.7 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.44	0.30	(32.7 %)

On a quarterly basis, net profit fell by 32% from SAR 667.45 million.

Total shareholders equity, after minority interest, grew by 17.57% to SAR 16.471 billion in 2021, from SAR 14.008 billion in 2020.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2019	2,259.67	(14.3 %)	229.92	(15.9 %)	(167.41)	(51.0 %)	(0.11)
2019	9,536.40	(22.2 %)	1,072.21	(68.1 %)	(636.78)	(137.4 %)	(0.42)
Q1 2020	1,887.93	(25.8 %)	(220.77)	(183.0 %)	(516.79)	(161.7 %)	(0.34)
Q2 2020	1,536.91	(36.7 %)	(70.76)	(136.0 %)	(398.19)	(45.8 %)	(0.27)
Q3 2020	2,105.54	(8.6 %)	236.53	(37.7 %)	(28.16)	(2342.1 %)	(0.02)
Q4 2020	2,476.95	9.6 %	480.88	109.1 %	158.42	194.6 %	0.11
2020	8,007.33	(16.0 %)	447.88	(58.2 %)	(784.73)	(23.2 %)	(0.52)
Q1 2021	2,683.33	42.1 %	757.71	443.2 %	492.89	195.4 %	0.33
Q2 2021	2,973.71	93.5 %	1,048.75	1582.2 %	781.00	296.1 %	0.52
Q3 2021	3,434.07	63.1 %	983.04	315.6 %	667.45	2470.1 %	0.44
Q4 2021	3,565.10	43.9 %	768.16	59.7 %	449.28	183.6 %	0.30
2021	12,656.21	58.1 %	3,557.65	694.3 %	2,390.62	404.6 %	1.59

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2019	9,536.40	(22.2 %)	1,072.21	(68.1 %)	(636.78)	(137.4 %)	(0.42)
2020	8,007.33	(16.0 %)	447.88	(58.2 %)	(784.73)	(23.2 %)	(0.52)
2021	12,656.21	58.1 %	3,557.65	694.3 %	2,390.62	404.6 %	1.59

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2019	11.24 %	28.50 %	(6.68 %)
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 %)
2020	5.59 %	27.46 %	(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 %
2021	28.11 %	41.44 %	18.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	11.24 %	28.50 %	(6.68 %)
2020	5.59 %	27.46 %	(9.36 %)
2021	28.11 %	41.44 %	18.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2019	10.17 %	27.38 %	(7.41 %)
Q1 2020	(11.69 %)	11.67 %	(27.37 %)
Q2 2020	(4.60 %)	23.44 %	(25.91 %)
Q3 2020	11.23 %	31.40 %	(1.34 %)
Q4 2020	19.41 %	37.86 %	7.81 %
Q1 2021	28.24 %	44.56 %	18.37 %
Q2 2021	35.27 %	50.46 %	26.26 %
Q3 2021	28.63 %	40.62 %	19.44 %
Q4 2021	21.55 %	32.38 %	12.60 %

Per Share Data (Riyal)

Compared With The

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	1,500.00	(0.42)	(0.42)	9.97
2020	1,500.00	(0.52)	(0.50)	9.34
2021	1,500.00	1.59	1.59	10.98

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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 50	More than 50	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

Period	P/E	Adjusted P/E	Price/book
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
2018	11.63	11.46	1.26
2019	NEG	NEG	1.11
2020	NEG	NEG	1.53
2021	10.68	10.68	1.55

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	501.78	449.28	(10.5 %)

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
Bank of America	465.42	449.28	(3.5) %
OSOOL AND BAKHEET	408.30	449.28	10.0 %
AlJazira Capital	514.20	449.28	(12.6) %
Riyad Capital	534.00	449.28	(15.9) %
SNB Capital	587.00	449.28	(23.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	12,690.00
Enterprise Value (EV) (M)	21,810.66
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	1.00
Return on Average Assets (%) (TTM)	(7.44 )
Return on Average Equity (%) (TTM)	(14.78 )

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Saudi Kayan turns to net profit of SAR 2.392 bln in 2021

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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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Saudi Kayan turns to net profit of SAR 2.392 bln in 2021

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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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