Saudi Kayan widens 9M 2023 loss to SAR 1.51 bln; Q3 at SAR 449 mln

Saudi Kayan widens 9M 2023 loss to SAR 1.51 bln; Q3 at SAR 449 mln

23/10/2023 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) posted a net loss of SAR 1.51 billion for the first nine months of 2023, compared with SAR 452.8 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 9,141.04 6,029.05 (34.0 %)
Gross Income 415.55 (575.42) (238.5 %)
Operating Income (125.04) (1033.24) (726.4 %)
Net Income (452.77) (1514.38) (234.5 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.30) (1.01) (234.5 %)

The nine-month losses were attributed to a decrease in the average selling prices of products and sales volume due to the scheduled periodic maintenance of some plants that were previously announced on Jan. 18, 2023.

 

This was in addition to an increase in financing costs and a provision of SAR 75 million for property, plants and equipment that were affected by the fire accident in the operating unit of the bisphenol plant. On the other hand, the company recorded a decrease in the average feedstock cost.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 2,596.32 2,137.26 (17.7 %)
Gross Income (488.69) (120.62) 75.3 %
Operating Income (675.56) (274.06) 59.4 %
Net Income (812.27) (448.97) 44.7 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.54) (0.30) 44.7 %

In Q3 2022, the petrochemical producer reported a net loss of SAR 449 million, compared with SAR 812.27 million a year earlier.

 

This was mainly due to the lower average cost of feedstock and recording a provision of SAR 75 million for property, plants and equipment that were affected by the fire accident in the operating unit of the bisphenol plant.

 

Compared with the previous quarter, Saudi Kayan widened Q3 loss from SAR 392.13 million.

 

Shareholders’ equity, no minority interest, increased to SAR 140.23 billion as of Sept. 30, 2023, compared to SAR 16.33 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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)
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
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)
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)
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)
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
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
Q1 2022 3,137.89 16.9 % 468.79 (38.1 %) 209.38 (57.5 %) 0.14
Q2 2022 3,406.82 14.6 % 435.45 (58.5 %) 150.13 (80.8 %) 0.10
Q3 2022 2,596.32 (24.4 %) (488.69) (149.7 %) (812.27) (221.7 %) (0.54)
Q4 2022 2,016.98 (43.4 %) (512.39) (166.7 %) (791.12) (276.1 %) (0.53)
Q1 2023 1,682.49 (46.4 %) (339.36) (172.4 %) (673.27) (421.6 %) (0.45)
Q2 2023 2,209.30 (35.2 %) (115.44) (126.5 %) (392.13) (361.2 %) (0.26)
Q3 2023 2,137.26 (17.7 %) (120.62) 75.3 % (448.97) 44.7 % (0.30)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 (0.87 %) 14.02 % (11.15 %)
Q1 2023 (9.33 %) 7.73 % (21.92 %)
Q2 2023 (17.12 %) 2.86 % (31.58 %)
Q3 2023 (13.52 %) 8.64 % (28.87 %)


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average (270.72) (448.97) (65.8 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
Goldman Sachs (345.00) (448.97) (30.1) %
OSOOL AND BAKHEET (342.70) (448.97) (31.0) %
AlJazira Capital (331.00) (448.97) (35.6) %
Riyad Capital (321.00) (448.97) (39.9) %
Arqaam Capital (312.00) (448.97) (43.9) %
JP Morgan (253.00) (448.97) (77.5) %
SNB Capital (251.00) (448.97) (78.9) %
Bank of America (10.07) (448.97) (4358.5) %


Financial Ratios
Current
Market Cap (M Riyal) 12,150.00
Enterprise Value (EV) (M) 21,270.66
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 0.95
Return on Average Assets (%) (TTM) (7.44 )
Return on Average Equity (%) (TTM) (14.78 )
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Share Price

Saudi Kayan Petrochemical Co.
8.09
0.02 0.25 %

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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