Saudi Kayan posts SAR 480 mln loss in H1 2019

22/07/2019 Argaam Exclusive

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Share Price

8.46
(0.04) (0.47 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

Saudi Kayan Petrochemical Co. (Saudi Kayan) reported a net loss after zakat and tax of SAR 479.6 million for the first half of 2019, compared to a net profit of SAR 1.34 billion a year earlier due to lower selling prices and higher financing costs.

 

The loss was incurred despite lower feedstock cost, lower administrative and general expenses, higher quantities produced and sold, and reduced provision for Zakat.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 6,251.58 4,973.51 (20.4 %)
Gross Income 2,162.29 462.70 (78.6 %)
Operating Income 1,837.52 138.08 (92.5 %)
Net Income 1,341.24 (470.62) (135.1 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.89 (0.31) (135.1 %)

The company posted a net loss of SAR 273.1 million in Q2 versus a net profit of SAR 878.6 million a year earlier due to a decrease in selling prices and higher financing costs.

 

When compared to the previous quarter’s SAR 38.3 million profit, Q2 saw a net loss of SAR 197.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 3,524.25 2,429.18 (31.1 %)
Gross Income 1,300.66 196.70 (84.9 %)
Operating Income 1,116.46 39.59 (96.5 %)
Net Income 878.66 (273.13) (131.1 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.59 (0.18) (131.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 - - - - (3.77) 39.8 % 0.00
Q2 2010 - - - - (1.80) 72.3 % 0.00
Q3 2010 - - - - (5.07) (36.1 %) 0.00
Q4 2010 - - - - (3.98) (800.2 %) 0.00
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 1,500.00 (0.01) (0.01) 10.32
Q2 2010 1,500.00 (0.01) (0.01) 10.31
Q3 2010 1,500.00 (0.01) (0.01) 10.31
Q4 2010 1,500.00 (0.01) (0.01) 10.31
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 1.87
Q2 2010 NEG NEG 1.74
Q3 2010 NEG NEG 1.72
Q4 2010 NEG NEG 1.87
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 More than 50 More than 50 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

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average (220.73) (273.13) (23.7 %)

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
AlJazira Capital (291.20) (273.13) 6.2 %
SNB Capital (213.00) (273.13) (28.2) %
Riyad Capital (158.00) (273.13) (72.9) %

Current
Market Cap (M Riyal) 12,690.00
Enterprise Value (EV) (M) 21,810.66
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 1.00
Return on Average Assets (%) (TTM) (7.44 )
Return on Average Equity (%) (TTM) (14.78 )

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