Saudi Kayan cuts H1 2024 loss to SAR 821.9M; Q2 at SAR 250.1M

The lower losses were driven by higher revenue in the six-month period, in addition to better sales volumes and a decline in production costs. Saudi Kayan partially collected the Bisphenol plant insurance claim of SAR 177 million in the same period.

In Q2 2024, net losses narrowed by 36.2% to SAR 250.1 million, from SAR 392.1 million in the prior-year period. The drop in the quarterly net losses was attributed to an increase in average product selling prices. The company alsopartially collected the Bisphenol plant insurance claim of SAR 130 million during the quarter.

On the other hand, the second-quarter revenue decreased on an annual basis amid lower sales volumes.

Similarly, the petrochemical producer’s net losses plunged by 56.3% from SAR 571.8 million in Q1 2024 as revenues soared on a sequential basis amid higher average selling prices.

Total shareholders’ equity, no minority interest, stood at SAR 12.51 billion as of June 30, 2024, down from SAR 14.41 billion a year earlier.

Accumulated losses amounted to SAR 3.53 billion at the end of the current period, representing 23.6% of the company's capital.