Saudi Kayan net profit more than doubles in FY18

21/01/2019 Argaam Exclusive

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Share Price

8.60
(0.19) (2.16 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

Saudi Kayan Petrochemical Co. reported a net profit of SAR 1.7 billion for fiscal year 2018, a 154.8 percent year-on-year (YoY) increase, attributed to improved operating performance in most plants, leading to an increase in production and sales quantities.

 

Also, average selling prices increased for the period despite a rise in administrative, general, selling and distribution expenses, as well as higher finance charges.



Financials (M)

Item 2017 2018 Change‬
Revenues 9,983.93 12,263.16 22.8 %
Gross Income 2,228.39 3,365.33 51.0 %
Operating Income 1,630.48 2,660.58 63.2 %
Net Income 668.17 1,702.25 154.8 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.45 1.13 154.8 %

The firm cut its losses in Q4 to SAR 110.9 million from SAR 220.3 million a year earlier due to improved operating performance in most plants, leading to an increase in production and sales quantities.

 

On a quarterly basis, the company swung to a net loss in Q4 compared to a net profit of around SAR 472 million in Q3 on lower average selling prices of most products, lower quantities sold, and higher administrative, general, selling and distribution expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 2,304.93 2,635.52 14.3 %
Gross Income 155.60 273.55 75.8 %
Operating Income 11.62 61.53 429.5 %
Net Income (220.32) (110.90) 49.7 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.15) (0.07) 49.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - (6.27) (106.6 %) 0.00
Q2 2009 - - - - (6.49) (110.9 %) 0.00
Q3 2009 - - - - (3.72) (115.1 %) 0.00
Q4 2009 - - - - (0.44) 94.7 % 0.00
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)
2018 12,263.16 22.8 % 3,365.33 51.0 % 1,702.25 154.8 % 1.13

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 %
Q3 2018 27.21 % 40.68 % 13.59 %
Q4 2018 27.44 % 40.23 % 14.08 %
2018 27.44 % 40.23 % 14.08 %


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
Q3 2018 1,500.00 1.06 1.08 10.50
Q4 2018 1,500.00 1.13 1.15 10.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 More than 50 More than 50 1.01
Q2 2009 More than 50 More than 50 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 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

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 335.52 (110.90) (133.1 %)

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
Riyad Capital 396.00 (110.90) (128.0) %
AlJazira Capital 379.60 (110.90) (129.2) %
OSOOL AND BAKHEET 320.00 (110.90) (134.7) %
SNB Capital 310.00 (110.90) (135.8) %
Sico 272.00 (110.90) (140.8) %

Current
Market Cap (M Riyal) 12,900.00
Enterprise Value (EV) (M) 22,020.66
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 1.01
Return on Average Assets (%) (TTM) (7.44 )
Return on Average Equity (%) (TTM) (14.78 )

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