Saudi Kayan turns to net loss of SAR 1.24 bln in 2022; Q4 at SAR 791.1 mln

23/02/2023 Argaam Exclusive

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Saudi Kayan Petrochemical Co. swung to a net loss after Zakat and tax of SAR 1.24 billion in 2022, compared to a profit of SAR 2.39 billion in 2021, due to a decrease in average selling prices and an increase in average feedstock prices.

Financials (M)

Item	2021	2022	Change‬
Revenues	12,656.21	11,157.02	(11.8 %)
Gross Income	3,557.65	(96.84)	(102.7 %)
Operating Income	2,824.13	(836.07)	(129.6 %)
Net Income	2,390.62	(1243.89)	(152.0 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	1.59	(0.83)	(152.0 %)

Meanwhile, the petrochemical firm noted an increase in the quantities produced and sold, along with higher financing costs.

Saudi Kayan turned to loss after Zakat and tax of SAR 791.1 million in Q4 2022, against a profit of SAR 449.28 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	3,565.10	2,016.98	(43.4 %)
Gross Income	768.16	(512.39)	(166.7 %)
Operating Income	540.98	(711.03)	(231.4 %)
Net Income	449.28	(791.12)	(276.1 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.30	(0.53)	(276.1 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	2,596.32	2,016.98	(22.3 %)
Gross Income	(488.69)	(512.39)	(4.8 %)
Operating Income	(675.56)	(711.03)	(5.3 %)
Net Income	(812.27)	(791.12)	2.6 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.54)	(0.53)	2.6 %

On a quarterly basis, the company narrowed net losses from SAR 812.27 million.

Total shareholders’ equity, no minority interest, declined 6.02% to SAR 15.47 billion as of December 31, 2022, from SAR 16.46 billion a year earlier.

Accumulated losses amounted to SAR 575 million, representing 3.8% of the capital.

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