Saudi Kayan's H1 profit more than doubled on higher prices

22/07/2018 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net profit of SAR 1.34 billion for the first half of 2018, more than double on a year-on-year (YoY) basis, driven by higher selling prices despite increased prices of feedstock.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 4,975.90 6,251.58 25.6 %
Gross Income 1,291.85 2,162.29 67.4 %
Operating Income 994.85 1,837.52 84.7 %
Net Income 507.46 1,341.24 164.3 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.34 0.89 164.3 %

The company’s net profit for the second quarter more than tripled YoY at SAR 878.65 million due to improved operating performance and higher selling prices.

 

On quarter-on-quarter basis, the profit for the current period hiked by 89.95 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 2,308.72 3,524.25 52.6 %
Gross Income 582.69 1,300.66 123.2 %
Operating Income 438.87 1,116.46 154.4 %
Net Income 242.01 878.66 263.1 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.16 0.59 263.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2018 23.70 % 40.57 % 8.93 %
Q2 2018 27.52 % 42.11 % 13.62 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2018 1,500.00 0.58 0.60 9.60
Q2 2018 1,500.00 1.00 1.02 10.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2018 23.71 22.88 1.43
Q2 2018 15.76 15.44 1.55

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 463.94 878.66 89.39 %

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
AlJazira Capital 503.70 878.66 74.4 %
Sico 489.00 878.66 79.7 %
Riyad Capital 451.00 878.66 94.8 %
OSOOL AND BAKHEET 450.00 878.66 95.3 %
SNB Capital 426.00 878.66 106.3 %


Financial Ratios
Current
Market Cap (M Riyal) 12,240.00
Enterprise Value (EV) (M) 21,360.66
Shares Outstanding ((M)) 1,500.00
EPS ( Riyal) (TTM) (1.26)
Book Value (BV) ( Riyal) 8.34
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 0.98
Return on Average Assets (%) (TTM) (7.03 )
Return on Average Equity (%) (TTM) (14.06 )
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Share Price

Saudi Kayan Petrochemical Co.
8.16
0.01 0.12 %

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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