Saudi Kayan Petrochemical Co. (Saudi Kayan) widened net loss after Zakat and tax by more than two-fold year-on-year (YoY) to SAR 516.8 million in the first quarter of 2020, compared to SAR 197.5 million a year earlier.
The increase in loss is attributed to lower average selling prices and fall in sales volumes as most factories were shut down for scheduled maintenance. In addition, the average cost of feedstock increased despite a decline in financing costs.
When compared to the previous quarter, net loss widened in Q1 2020 by 209% due to lower selling prices as well as shutdown of factories for periodic maintenance.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2,544.34 | 1,887.93 | (25.8 %) |
| Gross Income | 265.99 | (220.77) | (183.0 %) |
| Operating Income | 98.49 | (350.93) | (456.3 %) |
| Net Income | (197.49) | (516.79) | (161.7 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.13) | (0.34) | (161.7 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2,259.67 | 1,887.93 | (16.5 %) |
| Gross Income | 229.92 | (220.77) | (196.0 %) |
| Operating Income | 39.70 | (350.93) | (984.1 %) |
| Net Income | (167.41) | (516.79) | (208.7 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.11) | (0.34) | (208.7 %) |
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