Saudi Kayan swings to SAR 1.941 bln profit in 9M 2021

24/10/2021 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) swung to a net profit after Zakat and tax of SAR 1.941 billion for the first nine months of 2021, versus a net loss of SAR 943.1 million in the prior-year period, driven by higher average selling prices and lower cost of financing, despite an increase in cost of feedstock and a decrease in quantities sold.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	5,530.38	9,091.10	64.4 %
Gross Income	(55.00)	2,789.49	5172.0 %
Operating Income	(486.62)	2,283.16	569.2 %
Net Income	(943.14)	1,941.33	305.8 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.63)	1.29	305.8 %

Q3 2021 net profit after Zakat and tax stood at SAR 667.5 million, versus a net loss after Zakat and tax of SAR 28.16 million in the year-earlier period, due to higher average selling prices and lower cost of financing.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	2,105.54	3,434.07	63.1 %
Gross Income	236.53	983.04	315.6 %
Operating Income	79.72	788.81	889.4 %
Net Income	(28.16)	667.45	2470.1 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.02)	0.44	2470.1 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	2,973.71	3,434.07	15.5 %
Gross Income	1,048.75	983.04	(6.3 %)
Operating Income	901.23	788.81	(12.5 %)
Net Income	781.00	667.45	(14.5 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.52	0.44	(14.5 %)

On a sequential basis, Q3 net profit dropped 14.5% from SAR 781 million.

The company’s accumulated losses were recovered, with retained earnings amounting to SAR 458.24 million.

Total shareholders equity, after minority interest, for the first nine months of 2021 rose 14.56% year-on-year (YoY) to SAR 15.97 billion.

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