Saudi Kayan turns to SAR 673.3 mln loss in Q1 2023

Saudi Kayan turns to SAR 673.3 mln loss in Q1 2023

02/05/2023 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net loss of SAR 673.3 million in Q1 2023, against a net profit of SAR 209.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 3,137.89 1,682.49 (46.4 %)
Gross Income 468.79 (339.36) (172.4 %)
Operating Income 304.33 (496.29) (263.1 %)
Net Income 209.38 (673.27) (421.6 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.14 (0.45) (421.6 %)

The losses were attributed to lower average selling prices of products and sales volumes. This was due to the scheduled periodic maintenance for some plants that was previously announced on Jan. 18, 2023.

 

This is in addition to an increase in financing costs despite the lower average cost of feedstock.

 

Sequentially, the company narrowed its losses from SAR 791.13 million in Q4 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 14.78 billion as of March 31, 2023, compared to SAR 16.77 billion a year earlier.

 

Q1 2023 accumulated losses mounted to SAR 690.99 million, compared to SAR 302.1 million and SAR 854.23 million in Q1 2022 and Q4 2022, respectively.

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)

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 %)


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

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

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average (712.71) (673.27) 5.53 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Bank of America (734.66) (673.27) 8.4 %
Arqaam Capital (771.00) (673.27) 12.7 %
OSOOL AND BAKHEET (777.92) (673.27) 13.5 %
Riyad Capital (798.00) (673.27) 15.6 %
SNB Capital (800.00) (673.27) 15.8 %
AlJazira Capital (912.40) (673.27) 26.2 %
ALEMBIC (195.00) (673.27) (245.3) %


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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