Saudi Kayan widens 2020 net losses to SAR 784.7 mln

21/01/2021 Argaam Exclusive

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Saudi Kayan Petrochemical Co.’s (Saudi Kayan) annual net loss after Zakat and tax widened to SAR 784.7 million for 2020, compared to SAR 636.8 million a year earlier.

Higher losses were driven by lower average selling prices, and decline in production volumes and sales due to the scheduled periodic maintenance, despite lower average feedstock cost, as well as a decrease in financing costs, and general and administrative (G&A) expenses.

Financials (M)

Item	2019	2020	Change‬
Revenues	9,536.40	8,007.33	(16.0 %)
Gross Income	1,072.21	447.88	(58.2 %)
Operating Income	379.00	(167.38)	(144.2 %)
Net Income	(636.78)	(784.73)	(23.2 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.42)	(0.52)	(23.2 %)

In Q4 2020, the petrochemicals major turned to a net profit after Zakat and tax of SAR 158.4 million, compared to a net loss after Zakat and tax of SAR 167.4 million, thanks to higher average selling prices, lower average feedstock cost and drop in financing costs, and G&A expenses.

On a quarterly basis, Saudi Kayan swung to a net profit.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	2,259.67	2,476.95	9.6 %
Gross Income	229.92	480.88	109.1 %
Operating Income	39.70	299.91	655.5 %
Net Income	(167.41)	158.42	194.6 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.11)	0.11	194.6 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	2,105.54	2,476.95	17.6 %
Gross Income	236.53	480.88	103.3 %
Operating Income	79.72	299.91	276.2 %
Net Income	(28.16)	158.42	662.5 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.02)	0.11	662.5 %

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