Financial Results : Saudi Kayan posts net profit of SAR 668 mln in FY17

Saudi Kayan posts net profit of SAR 668 mln in FY17

23/01/2018 Argaam Exclusive

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Saudi Kayan Petrochemical Co.’s net profit more than quadrupled to SAR 668.2 million for fiscal year 2017, compared to a net profit of SAR 152.1 million in the previous year, backed by higher average selling prices and improved operating performance.



Financials (M)

Item 2016 2017 Change‬
Revenues 8,608.82 9,983.93 16.0 %
Gross Income 1,766.26 2,228.39 26.2 %
Operating Income 1,059.20 1,630.48 53.9 %
Net Income 152.06 668.17 339.4 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.10 0.45 339.4 %

The company swung to a net loss of SAR 220.3 million in the fourth quarter, compared to a net profit of SAR 91.6 million in Q4 2016 and SAR 381 million in Q3 2017, hurt by a decline in production and sales volumes, and higher average feedstock prices.

 

In addition, the scheduled maintenance at most of the company’s plants also weighed on the quarterly figures.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 2,448.52 2,304.93 (5.9 %)
Gross Income 531.95 155.60 (70.7 %)
Operating Income 350.46 11.62 (96.7 %)
Net Income 91.58 (220.32) (340.6 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.06 (0.15) (340.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - (6.27) -
Q2 2009 - - - - (6.49) -
Q3 2009 - - - - (3.72) -
Q4 2009 - - - - (0.37) -
Q1 2010 - - - - (3.68) 41.3 %
Q2 2010 - - - - (1.60) 75.3 %
Q3 2010 - - - - (5.05) (35.5 %)
Q4 2010 - - - - (3.92) (957.7 %)
Q1 2011 - - - - (3.46) 5.8 %
Q2 2011 - - - - (3.38) (111.3 %)
Q3 2011 - - - - (4.14) 18.0 %
Q4 2011 2,403.41 - 32.44 - (45.19) (1,051.5 %)
Q1 2012 2,043.31 - 132.23 - 75.65 2285.8 %
Q2 2012 2,316.89 - (72.29) - (162.15) (4,700.1 %)
Q3 2012 2,196.23 - 52.68 - (24.86) (500.8 %)
Q4 2012 2,925.81 21.7 % 38.99 20.2 % (67.49) (49.4 %)
Q1 2013 2,079.89 1.8 % 58.73 (55.6 %) (10.73) (114.2 %)
Q2 2013 2,288.05 (1.2 %) (20.14) 72.1 % (106.55) 34.3 %
Q3 2013 3,052.20 39.0 % 304.95 478.9 % 198.20 897.4 %
Q4 2013 2,932.52 0.2 % 264.49 578.4 % 160.27 337.5 %
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 %)
2017 9,983.93 16.0 % 2,228.39 26.2 % 1,630.48 53.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2008 95.64 - 0.06 - 95.64 0.06
Q2 2008 59.69 - 0.04 11.41 48.28 0.03
Q3 2008 24.61 - 0.02 - 24.61 0.02
Q4 2008 (8.37) - (0.01) (19.35) 10.99 0.01
Q1 2009 (6.27) (106.6 %) 0.00 - (6.27) 0.00
Q2 2009 (6.49) (110.9 %) 0.00 - (6.49) 0.00
Q3 2009 (3.72) (115.1 %) 0.00 - (3.72) 0.00
Q4 2009 (0.44) 94.7 % 0.00 - (0.44) 0.00
Q1 2010 (3.77) 39.8 % 0.00 - (3.77) 0.00
Q2 2010 (1.80) 72.3 % 0.00 - (1.80) 0.00
Q3 2010 (5.07) (36.1 %) 0.00 - (5.07) 0.00
Q4 2010 (3.98) (800.2 %) 0.00 - (3.98) 0.00
Q1 2011 (8.33) (121.1 %) (0.01) - (8.33) (0.01)
Q2 2011 (16.01) (791.4 %) (0.01) - (16.01) (0.01)
Q3 2011 (35.16) (593.7 %) (0.02) - (35.16) (0.02)
Q4 2011 (190.75) (4,693.9 %) (0.13) (10.98) (179.78) (0.12)
Q1 2012 (71.12) (753.5 %) (0.05) - (71.12) (0.05)
Q2 2012 (328.32) (1,950.7 %) (0.22) - (328.32) (0.22)
Q3 2012 (178.37) (407.3 %) (0.12) - (178.37) (0.12)
Q4 2012 (194.45) (1.9 %) (0.13) - (194.45) (0.13)
Q1 2013 (154.87) (117.8 %) (0.10) - (154.87) (0.10)
Q2 2013 (238.24) 27.4 % (0.16) - (238.24) (0.16)
Q3 2013 43.27 124.3 % 0.03 - 43.27 0.03
Q4 2013 3.42 101.8 % 0.00 - 3.42 0.00
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)
2017 668.17 339.4 % 0.45 (76.81) 744.98 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
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 %
2017 22.32 % 39.49 % 7.46 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 1,500.00 - - 10.28
Q2 2008 1,500.00 - - 10.32
Q3 2008 1,500.00 - - 10.33
Q4 2008 1,500.00 0.11 0.12 10.33
Q1 2009 1,500.00 0.05 0.05 10.33
Q2 2009 1,500.00 0.00 0.02 10.32
Q3 2009 1,500.00 (0.02) 0.00 10.32
Q4 2009 1,500.00 (0.01) (0.01) 10.32
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - 2.36
Q2 2008 - - 2.40
Q3 2008 - - 1.67
Q4 2008 85.24 81.47 0.94
Q1 2009 More than 100 More than 100 1.01
Q2 2009 More than 100 More than 100 1.33
Q3 2009 NEG NEG 1.49
Q4 2009 NEG NEG 1.76
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 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

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average (136.28) (220.32) (61.7 %)

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
SNB Capital (417.00) (220.32) 47.2 %
AlJazira Capital (146.70) (220.32) (50.2) %
Sico (90.40) (220.32) (143.7) %
Riyad Capital 109.00 (220.32) (302.1) %


Financial Ratios
Current
Market Cap (M Riyal) 10,320.00
Enterprise Value (EV) (M) 18,980.11
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.
6.88
(0.14) (1.99 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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