Saudi Kayan net losses double to SAR 943.1 mln in 9M 2020

20/10/2020 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) widened its net loss after Zakat and tax by 100.9% to SAR 943.1 million for the first nine months of 2020, compared to SAR 469.4 million a year earlier.

The losses were attributed to lower selling product prices and sales volumes due to the scheduled periodic maintenance announced earlier.

The loss was incurred despite a decline in average feedstock and financing costs, and a decrease in administrative and general expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	7,276.73	5,530.38	(24.0 %)
Gross Income	842.29	(55.00)	(106.5 %)
Operating Income	339.31	(486.62)	(243.4 %)
Net Income	(469.36)	(943.14)	(100.9 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.31)	(0.63)	(100.9 %)

In Q3 2020, the company turned to a net loss of SAR 28.2 million versus a net profit of SAR 1.26 million in prior-year period, due to lower average selling prices and sales volumes despite lower feedstock prices and financing costs.

On a quarterly basis, Saudi Kayan cut its net loss by 93%, backed by an increase in average product selling prices, and sales volumes, along with lower financing costs, despite the increase in the average cost of feedstock.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	2,303.21	2,105.54	(8.6 %)
Gross Income	379.59	236.53	(37.7 %)
Operating Income	201.23	79.72	(60.4 %)
Net Income	1.26	(28.16)	(2342.1 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.00	(0.02)	(2342.1 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	1,536.91	2,105.54	37.0 %
Gross Income	(70.76)	236.53	434.3 %
Operating Income	(215.41)	79.72	137.0 %
Net Income	(398.19)	(28.16)	92.9 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.27)	(0.02)	92.9 %

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