Saudi Kayan narrows 2024 loss to SAR 1.8B; Q4 at SAR 685.6M

Saudi Kayan narrows 2024 loss to SAR 1.8B; Q4 at SAR 685.6M

20/02/2025 Argaam Exclusive

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Saudi Kayan Petrochemical Co. decreased its net loss to SAR 1.8 billion in 2024 from SAR 2.13 billion a year before.



Financials (M)

Item 2023 2024 Change‬
Revenues 8,170.64 8,726.03 6.8 %
Gross Income (846.44) (642.46) 24.1 %
Operating Income (1470.13) (1374.54) 6.5 %
Net Income (2136.47) (1803.72) 15.6 %
Average Shares 1,500.00 1,500.00 -
Earnings Per Share before unusual items (1.44) (1.38) 4.1 %
EPS (Riyals) (1.42) (1.20) 15.6 %

The reduction of net losses was due to higher revenues on an increase in average selling prices of products. In addition, the firm collected SAR 253 million in partial insurance for the Bisphenol plant fire incident.

 

However, the petrochemical producer reported higher costs of some raw materials.

 

Meanwhile, Saudi Kayan widened Q4 2024 loss to SAR 685.61 million from SAR 622.10 million a year earlier.

 

On a quarterly basis, the company increased its fourth-quarter net losses from SAR 296.16 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2,141.60 2,245.31 4.8 %
Gross Income (271.02) (396.77) (46.4 %)
Operating Income (436.89) (603.64) (38.2 %)
Net Income (622.10) (685.61) (10.2 %)
Average Shares 1,500.00 1,500.00 -
Earnings Per Share before unusual items (0.41) (0.50) (21.6 %)
EPS (Riyals) (0.41) (0.46) (10.2 %)

Total shareholders’ equity, no minority interest, declined to SAR 11.50 billion as of Dec. 31, 2024, from SAR 13.28 billion a year earlier.

 

Accumulated losses reached SAR 4.51 billion by the end of 2024, representing 30.1% of capital.

View More Financial Results

 


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
Q3 2023 (448.98) 44.7 % (0.30) - (448.98) (0.30)
Q4 2023 (622.10) 21.4 % (0.41) - (622.10) (0.41)
Q1 2024 (571.86) 15.1 % (0.38) 46.70 (618.56) (0.41)
Q2 2024 (250.09) 36.2 % (0.17) 141.31 (391.40) (0.26)
Q3 2024 (296.16) 34.0 % (0.20) 1.73 (297.88) (0.20)
Q4 2024 (685.61) (10.2 %) (0.46) 71.06 (756.66) (0.50)
2024 (1803.72) 15.6 % (1.20) 260.79 (2064.51) (1.38)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2023 2,137.26 (17.7 %) (120.62) 75.3 % (274.06) 59.4 %
Q4 2023 2,141.60 6.2 % (271.02) 47.1 % (436.89) 38.6 %
Q1 2024 1,975.84 17.4 % (274.82) 19.0 % (442.00) 10.9 %
Q2 2024 2,106.24 (4.7 %) (34.10) 69.3 % (203.60) 22.6 %
Q3 2024 2,398.63 12.2 % 63.23 152.4 % (125.29) 54.3 %
Q4 2024 2,245.31 4.8 % (396.77) (46.4 %) (603.64) (38.2 %)
2024 8,726.03 6.8 % (642.46) 24.1 % (1374.54) 6.5 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2023 (13.47 %) 8.64 % (28.87 %)
Q4 2023 (10.31 %) 12.11 % (26.36 %)
Q1 2024 (9.19 %) 12.75 % (24.80 %)
Q2 2024 (8.38 %) 13.75 % (24.89 %)
Q3 2024 (5.99 %) 14.59 % (22.38 %)
Q4 2024 (7.36 %) 12.33 % (23.66 %)
2024 (7.36 %) 12.33 % (23.66 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2023 1,500.00 (1.42) (1.44) 8.86
Q1 2024 1,500.00 (1.36) (1.40) 8.50
Q2 2024 1,500.00 (1.26) (1.39) 8.34
Q3 2024 1,500.00 (1.16) (1.29) 8.10
Q4 2024 1,500.00 (1.20) (1.38) 7.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 1.24
Q1 2024 NEG NEG 1.07
Q2 2024 NEG NEG 0.97
Q3 2024 NEG NEG 1.04
Q4 2024 NEG NEG 0.92

Analysts Estimates (Million)

Item Q4 2024 (e) Q4 2024 (a) Change‬
Average (325.32) (685.61) (110.8 %)

Estimates vs Actual (Million)

Item Q4 2024 (e) Q4 2024 (a) Change
Bank of America (480.99) (685.61) (42.5) %
OSOOL AND BAKHEET (384.47) (685.61) (78.3) %
SNB Capital (365.00) (685.61) (87.8) %
GIB Capital (347.00) (685.61) (97.6) %
AlJazira Capital (337.70) (685.61) (103.0) %
Arqaam Capital (334.00) (685.61) (105.3) %
Riyad Capital (305.00) (685.61) (124.8) %
Citi Bank Group (48.38) (685.61) (1317.1) %


Financial Ratios
Current
Market Cap (M Riyal) 8,850.00
Enterprise Value (EV) (M) 16,696.81
Shares Outstanding ((M)) 1,500.00
EPS ( Riyal) (TTM) (1.20)
Book Value (BV) ( Riyal) 7.67
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 0.77
Return on Average Assets (%) (TTM) (7.00 )
Return on Average Equity (%) (TTM) (9.45 )
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Share Price

Saudi Kayan Petrochemical Co.
5.90
0.02 0.34 %

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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