Saudi Kayan H1 net profit soars to SAR 508 mln

Saudi Kayan H1 net profit soars to SAR 508 mln

17/07/2017 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net profit of SAR 507.5 million for the first half of 2017, versus net losses of SAR 97.68 million in the year-earlier period, driven by improved operating performance, despite higher expenses.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 3,847.23 4,975.90 29.3 %
Gross Income 693.42 1,291.85 86.3 %
Operating Income 322.97 994.85 208.0 %
Net Income (97.68) 507.46 619.5 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.07) 0.34 619.5 %

The company’s net profit for the second quarter surged 149 percent YoY to SAR 242 million due to higher production, increased sales and improved selling prices, which offset higher feedstock rates and increased Zakat provisions.

 

On a quarterly basis, Q2 net profit retreated 8.8 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 2,154.63 2,308.72 7.2 %
Gross Income 508.21 582.69 14.7 %
Operating Income 311.41 438.87 40.9 %
Net Income 97.31 242.01 148.7 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.06 0.16 148.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - (6.27) -
Q2 2009 - - - - (6.49) -
Q3 2009 - - - - (3.72) -
Q4 2009 - - - - (0.37) -
Q1 2010 - - - - (3.68) 41.3 %
Q2 2010 - - - - (1.60) 75.3 %
Q3 2010 - - - - (5.05) (35.5 %)
Q4 2010 - - - - (3.92) (957.7 %)
Q1 2011 - - - - (3.46) 5.8 %
Q2 2011 - - - - (3.38) (111.3 %)
Q3 2011 - - - - (4.14) 18.0 %
Q4 2011 2,403.41 - 32.44 - (45.19) (1,051.5 %)
Q1 2012 2,043.31 - 132.23 - 75.65 2285.8 %
Q2 2012 2,316.89 - (72.29) - (162.15) (4,700.1 %)
Q3 2012 2,196.23 - 52.68 - (24.86) (500.8 %)
Q4 2012 2,925.81 21.7 % 38.99 20.2 % (67.49) (49.4 %)
Q1 2013 2,079.89 1.8 % 58.73 (55.6 %) (10.73) (114.2 %)
Q2 2013 2,288.05 (1.2 %) (20.14) 72.1 % (106.55) 34.3 %
Q3 2013 3,052.20 39.0 % 304.95 478.9 % 198.20 897.4 %
Q4 2013 2,932.52 0.2 % 264.49 578.4 % 160.27 337.5 %
Q1 2014 2,909.36 39.9 % 260.96 344.4 % 161.50 1604.9 %
Q2 2014 2,965.26 29.6 % 126.54 728.2 % 7.23 106.8 %
Q3 2014 3,235.38 6.0 % 317.95 4.3 % 207.06 4.5 %
Q4 2014 2,526.04 (13.9 %) 267.87 1.3 % 144.72 (9.7 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 95.64 - 0.06 - 95.64 0.06
Q2 2008 59.69 - 0.04 11.41 48.28 0.03
Q3 2008 24.61 - 0.02 - 24.61 0.02
Q4 2008 (8.37) - (0.01) (19.35) 10.99 0.01
Q1 2009 (6.27) (106.6 %) 0.00 - (6.27) 0.00
Q2 2009 (6.49) (110.9 %) 0.00 - (6.49) 0.00
Q3 2009 (3.72) (115.1 %) 0.00 - (3.72) 0.00
Q4 2009 (0.44) 94.7 % 0.00 - (0.44) 0.00
Q1 2010 (3.77) 39.8 % 0.00 - (3.77) 0.00
Q2 2010 (1.80) 72.3 % 0.00 - (1.80) 0.00
Q3 2010 (5.07) (36.1 %) 0.00 - (5.07) 0.00
Q4 2010 (3.98) (800.2 %) 0.00 - (3.98) 0.00
Q1 2011 (8.33) (121.1 %) (0.01) - (8.33) (0.01)
Q2 2011 (16.01) (791.4 %) (0.01) - (16.01) (0.01)
Q3 2011 (35.16) (593.7 %) (0.02) - (35.16) (0.02)
Q4 2011 (190.75) (4,693.9 %) (0.13) (10.98) (179.78) (0.12)
Q1 2012 (71.12) (753.5 %) (0.05) - (71.12) (0.05)
Q2 2012 (328.32) (1,950.7 %) (0.22) - (328.32) (0.22)
Q3 2012 (178.37) (407.3 %) (0.12) - (178.37) (0.12)
Q4 2012 (194.45) (1.9 %) (0.13) - (194.45) (0.13)
Q1 2013 (154.87) (117.8 %) (0.10) - (154.87) (0.10)
Q2 2013 (238.24) 27.4 % (0.16) - (238.24) (0.16)
Q3 2013 43.27 124.3 % 0.03 - 43.27 0.03
Q4 2013 3.42 101.8 % 0.00 - 3.42 0.00
Q1 2014 9.94 106.4 % 0.01 - 9.94 0.01
Q2 2014 (133.09) 44.1 % (0.09) - (133.09) (0.09)
Q3 2014 66.91 54.6 % 0.04 - 66.91 0.04
Q4 2014 11.78 244.7 % 0.01 - 11.78 0.01
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

Profitability

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 % 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 %)
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 %)
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 %


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

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 85.24 81.47 0.94
Q1 2009 More than 100 More than 100 1.01
Q2 2009 More than 100 More than 100 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 87.20 73.29 1.00
Q1 2017 19.42 17.30 0.88
Q2 2017 17.45 15.97 0.96

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 192.02 242.01 26.03 %

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
SNB Capital 227.00 242.01 6.6 %
AlJazira Capital 210.10 242.01 15.2 %
Sico 198.00 242.01 22.2 %
Riyad Capital 168.00 242.01 44.1 %
HSBC 157.00 242.01 54.1 %


Financial Ratios
Current
Market Cap (M Riyal) 10,305.00
Enterprise Value (EV) (M) 18,965.11
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 )
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Share Price

Saudi Kayan Petrochemical Co.
6.87
(0.03) (0.43 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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