Financial Results : Saudi Kayan widens Q1 2020 net loss to SAR 516.8 mln

Saudi Kayan widens Q1 2020 net loss to SAR 516.8 mln

26/04/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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