Saudi Kayan narrows Q1 2024 loss to SAR 571.9M

Saudi Kayan narrows Q1 2024 loss to SAR 571.9M

29/04/2024 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net loss of SAR 571.9 million in Q1 2024, compared with SAR 673.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,682.49 1,975.84 17.4 %
Gross Income (339.36) (274.82) 19.0 %
Operating Income (496.29) (442.00) 10.9 %
Net Income (673.27) (571.86) 15.1 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.45) (0.38) 15.1 %

The improved results were attributed to higher revenues resulting from an increase in sales volumes despite lower average selling prices.

 

Sequentially, the company's Q1 2024 losses declined from SAR 622.10 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 12.74 billion as of March 31, 2024, compared to SAR 14.78 billion a year earlier.

 

Accumulated losses mounted to SAR 3.28 billion at the end of the current period, representing 21.9% of the company's capital.

 

Attached Documents

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q2 2023 2,209.30 (35.2 %) (115.44) (126.5 %) (392.13) (361.2 %) (0.26)
Q3 2023 2,137.26 (17.7 %) (120.62) 75.3 % (448.97) 44.7 % (0.30)
Q4 2023 2,141.60 6.2 % (271.02) 47.1 % (622.10) 21.4 % (0.41)
Q1 2024 1,975.84 17.4 % (274.82) 19.0 % (571.86) 15.1 % (0.38)

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 (17.12 %) 2.86 % (31.58 %)
Q3 2023 (13.52 %) 8.64 % (28.87 %)
Q4 2023 (10.36 %) 12.11 % (26.36 %)
Q1 2024 (9.24 %) 12.75 % (24.80 %)


Per Share Data (Riyal)

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

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

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average (512.41) (571.86) (11.6 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
GIB Capital (574.00) (571.86) 0.4 %
AlJazira Capital (597.90) (571.86) 4.4 %
Bank of America (641.78) (571.86) 10.9 %
SNB Capital (477.00) (571.86) (19.9) %
OSOOL AND BAKHEET (741.32) (571.86) 22.9 %
Riyad Capital (919.00) (571.86) 37.8 %
Goldman Sachs (360.00) (571.86) (58.9) %
ALEMBIC (240.00) (571.86) (138.3) %
Citi Bank Group (60.70) (571.86) (842.2) %


Financial Ratios
Current
Market Cap (M Riyal) 12,015.00
Enterprise Value (EV) (M) 21,135.66
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.
8.01
(0.06) (0.74 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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