Financial Results : Saudi Kayan swings to SAR 492.9 mln in profit in Q1 2021

Saudi Kayan swings to SAR 492.9 mln in profit in Q1 2021

22/04/2021 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) reported net profit after Zakat and tax of SAR 492.9 million in Q1 2021, versus net loss after Zakat and tax of SAR 516.8 million in year-earlier period, driven by higher average selling prices and lower financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1,887.93 2,683.33 42.1 %
Gross Income (220.77) 757.71 443.2 %
Operating Income (350.93) 593.12 269.0 %
Net Income (516.79) 492.89 195.4 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.34) 0.33 195.4 %

When compared to the previous quarter, net profit increased by more than three-fold, due to lower general and administrative expenses (G&As).



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %


Profit Performance (Million)

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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 98.64 492.89 399.69 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
AlJazira Capital 161.20 492.89 205.8 %
OSOOL AND BAKHEET 132.00 492.89 273.4 %
Riyad Capital 121.00 492.89 307.3 %
SNB Capital 106.00 492.89 365.0 %
Al Rajhi Capital (27.00) 492.89 1,925.5 %


Financial Ratios
Current
Market Cap (M Riyal) 10,530.00
Enterprise Value (EV) (M) 19,190.11
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 0.87
Return on Average Assets (%) (TTM) (6.64 )
Return on Average Equity (%) (TTM) (13.30 )
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Share Price

Saudi Kayan Petrochemical Co.
7.02
(0.09) (1.27 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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