Financial Results : Saudi Kayan net profit drops 58% to SAR 209.4 mln in Q1 2022

Saudi Kayan net profit drops 58% to SAR 209.4 mln in Q1 2022

25/04/2022 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) reported net profit after Zakat and tax of SAR 209.4 million in Q1 2022, down 58% from SAR 492.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 2,683.33 3,137.89 16.9 %
Gross Income 757.71 468.79 (38.1 %)
Operating Income 593.12 304.33 (48.7 %)
Net Income 492.89 209.38 (57.5 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.33 0.14 (57.5 %)

The profit decline was driven by an increase in the average cost of production’s inputs and lower average selling prices, despite an increase sales volume.

 

When compared to the previous quarter, net profit fell 53.7% from SAR 452.58 million.

 

Shareholders’ equity, after minority interest, increased to SAR 16.771 billion as of March 31, 2022, from SAR 14.558 billion a year earlier.

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