Saudi Kayan swings to SAR 1.06 bln loss in H1 2023; Q2 at SAR 392.1 mln

Saudi Kayan swings to SAR 1.06 bln loss in H1 2023; Q2 at SAR 392.1 mln

30/07/2023 Argaam Exclusive

View other reports

Saudi Kayan Petrochemical Co. turned to a net loss of SAR 1.06 billion in H1 2023, against a net profit of SAR 359.5 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 6,544.71 3,891.79 (40.5 %)
Gross Income 904.24 (450.40) (149.8 %)
Operating Income 550.52 (759.18) (237.9 %)
Net Income 359.50 (1065.40) (396.4 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.24 (0.71) (396.4 %)

The company was hurt by a decline in the average selling prices of products and sales volumes, due to the scheduled periodic maintenance of some plants as previously announced on Jan. 18, 2023. Higher financing costs (FC) also weighed on the six-month results.

 

In Q2 2023, the petrochemical producer swung to a net loss of SAR 392.13 million, from a net profit of SAR 150.13 million in Q2 2022, on a drop in sales volumes and increased FC.

 

Saudi Kayan trimmed net losses by 41.8% from SAR 673.2 million in the previous quarter on lower average selling prices of products and sales volumes, along with higher FC.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 3,406.82 2,209.30 (35.2 %)
Gross Income 435.45 (111.04) (125.5 %)
Operating Income 246.20 (262.89) (206.8 %)
Net Income 150.13 (392.13) (361.2 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.10 (0.26) (361.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 14.41 billion as of June 30, 2023, down from SAR 17.03 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2017 2,703.09 16.9 % 780.94 34.7 % 624.02 61.8 %
Q4 2017 2,304.93 (5.9 %) 155.60 (70.7 %) 11.62 (96.7 %)
Q1 2018 2,727.33 2.3 % 861.63 18.6 % 721.07 29.9 %
Q2 2018 3,524.25 52.6 % 1,300.66 123.2 % 1,116.46 154.4 %
Q3 2018 3,376.06 24.9 % 929.49 19.0 % 761.53 22.0 %
Q4 2018 2,635.52 14.3 % 273.55 75.8 % 61.53 429.5 %
Q1 2019 2,544.34 (6.7 %) 265.99 (69.1 %) 98.49 (86.3 %)
Q2 2019 2,429.18 (31.1 %) 196.70 (84.9 %) 39.59 (96.5 %)
Q3 2019 2,303.21 (31.8 %) 379.59 (59.2 %) 201.23 (73.6 %)
Q4 2019 2,259.67 (14.3 %) 229.92 (15.9 %) 39.70 (35.5 %)
Q1 2020 1,887.93 (25.8 %) (220.77) (183.0 %) (350.93) (456.3 %)
Q2 2020 1,536.91 (36.7 %) (70.76) (136.0 %) (215.41) (644.1 %)
Q3 2020 2,105.54 (8.6 %) 236.53 (37.7 %) 79.72 (60.4 %)
Q4 2020 2,476.95 9.6 % 480.88 109.1 % 299.91 655.5 %
Q1 2021 2,683.33 42.1 % 757.71 443.2 % 593.12 269.0 %
Q2 2021 2,973.71 93.5 % 1,048.75 1582.2 % 901.23 518.4 %
Q3 2021 3,434.07 63.1 % 983.04 315.6 % 788.81 889.4 %
Q4 2021 3,565.10 43.9 % 768.16 59.7 % 540.98 80.4 %
Q1 2022 3,137.89 16.9 % 468.79 (38.1 %) 304.33 (48.7 %)
Q2 2022 3,406.82 14.6 % 435.45 (58.5 %) 246.20 (72.7 %)
Q3 2022 2,596.32 (24.4 %) (488.69) (149.7 %) (675.56) (185.6 %)
Q4 2022 2,016.98 (43.4 %) (512.39) (166.7 %) (711.03) (231.4 %)
Q1 2023 1,682.49 (46.4 %) (339.36) (172.4 %) (496.29) (263.1 %)
Q2 2023 2,209.30 (35.2 %) (111.04) (125.5 %) (262.89) (206.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2017 381.03 140.9 % 0.25 (2.16) 383.19 0.26
Q4 2017 (220.32) (340.6 %) (0.15) (4.13) (216.20) (0.14)
Q1 2018 462.58 74.3 % 0.31 (23.51) 486.09 0.32
Q2 2018 878.66 263.1 % 0.59 (1.33) 879.99 0.59
Q3 2018 471.91 23.8 % 0.31 - 471.91 0.31
Q4 2018 (110.90) 49.7 % (0.07) - (110.90) (0.07)
Q1 2019 (197.49) (142.7 %) (0.13) - (197.49) (0.13)
Q2 2019 (273.13) (131.1 %) (0.18) - (273.13) (0.18)
Q3 2019 1.26 (99.7 %) 0.00 - 1.26 0.00
Q4 2019 (167.41) (51.0 %) (0.11) - (167.41) (0.11)
Q1 2020 (516.79) (161.7 %) (0.34) - (516.79) (0.34)
Q2 2020 (398.19) (45.8 %) (0.27) - (398.19) (0.27)
Q3 2020 (28.16) (2342.1 %) (0.02) - (28.16) (0.02)
Q4 2020 158.42 194.6 % 0.11 (34.93) 193.35 0.13
Q1 2021 492.89 195.4 % 0.33 - 492.89 0.33
Q2 2021 781.00 296.1 % 0.52 - 781.00 0.52
Q3 2021 667.45 2470.1 % 0.44 - 667.45 0.44
Q4 2021 449.28 183.6 % 0.30 - 449.28 0.30
Q1 2022 209.38 (57.5 %) 0.14 - 209.38 0.14
Q2 2022 150.13 (80.8 %) 0.10 - 150.13 0.10
Q3 2022 (812.27) (221.7 %) (0.54) - (812.27) (0.54)
Q4 2022 (791.12) (276.1 %) (0.53) - (791.12) (0.53)
Q1 2023 (673.27) (421.6 %) (0.45) - (673.27) (0.45)
Q2 2023 (392.13) (361.2 %) (0.26) 17.00 (409.13) (0.27)

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 (17.07 %) 2.86 % (31.58 %)


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

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

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average (367.32) (392.13) (6.8 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
AlJazira Capital (385.60) (392.13) (1.7) %
HSBC (360.00) (392.13) (8.9) %
SNB Capital (464.00) (392.13) 15.5 %
OSOOL AND BAKHEET (330.00) (392.13) (18.8) %
Riyad Capital (297.00) (392.13) (32.0) %


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 )
more

Share Price

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

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.