Saudi Kayan net losses double to SAR 943.1 mln in 9M 2020

Saudi Kayan net losses double to SAR 943.1 mln in 9M 2020

20/10/2020 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) widened its net loss after Zakat and tax by 100.9% to SAR 943.1 million for the first nine months of 2020, compared to SAR 469.4 million a year earlier.

 

The losses were attributed to lower selling product prices and sales volumes due to the scheduled periodic maintenance announced earlier.

 

The loss was incurred despite a decline in average feedstock and financing costs, and a decrease in administrative and general expenses.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 7,276.73 5,530.38 (24.0 %)
Gross Income 842.29 (55.00) (106.5 %)
Operating Income 339.31 (486.62) (243.4 %)
Net Income (469.36) (943.14) (100.9 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.31) (0.63) (100.9 %)

In Q3 2020, the company turned to a net loss of SAR 28.2 million versus a net profit of SAR 1.26 million in prior-year period, due to lower average selling prices and sales volumes despite lower feedstock prices and financing costs.

 

On a quarterly basis, Saudi Kayan cut its net loss by 93%, backed by an increase in average product selling prices, and sales volumes, along with lower financing costs, despite the increase in the average cost of feedstock.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 2,303.21 2,105.54 (8.6 %)
Gross Income 379.59 236.53 (37.7 %)
Operating Income 201.23 79.72 (60.4 %)
Net Income 1.26 (28.16) (2342.1 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.00 (0.02) (2342.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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)
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
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)

Profitability

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


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2019 NEG NEG 1.11
Q1 2020 NEG NEG 0.75
Q2 2020 NEG NEG 0.88
Q3 2020 NEG NEG 1.26

Analysts Estimates (Million)

Item Q3 2020 (e) Q3 2020 (a) Change‬
Average (171.80) (28.16) 83.61 %

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (a) Change
Riyad Capital (111.00) (28.16) 74.6 %
SNB Capital (178.00) (28.16) 84.2 %
AlJazira Capital (226.40) (28.16) 87.6 %


Financial Ratios
Current
Market Cap (M Riyal) 11,955.00
Enterprise Value (EV) (M) 21,075.66
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 )
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Share Price

Saudi Kayan Petrochemical Co.
7.97
(0.05) (0.62 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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