Saudi Kayan’s net profit drops 72% to SAR 359.5 mln in H1 2022; Q2 falls 81% to SAR 150.13 mln

27/07/2022 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net profit of SAR 359.5 million for H1 2022, a decline of 72% from SAR 1.273 billion in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	5,657.04	6,544.71	15.7 %
Gross Income	1,806.45	904.24	(49.9 %)
Operating Income	1,494.35	550.52	(63.2 %)
Net Income	1,273.89	359.50	(71.8 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.85	0.24	(71.8 %)

The profit decline was due to higher average feedstock cost and lower average selling prices of products despite the increase in the quantities produced and sold.

The second-quarter net profit fell 81% to SAR 150.13 million from SAR 781 million in Q2 2021.

Sequentially, net profit fell by 28.3% from SAR 209.38 million in Q1 2021 on higher average cost of feedstock, general and administrative expenses and financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	2,973.71	3,406.82	14.6 %
Gross Income	1,048.75	435.45	(58.5 %)
Operating Income	901.23	246.20	(72.7 %)
Net Income	781.00	150.13	(80.8 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.52	0.10	(80.8 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	3,137.89	3,406.82	8.6 %
Gross Income	468.79	435.45	(7.1 %)
Operating Income	304.33	246.20	(19.1 %)
Net Income	209.38	150.13	(28.3 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.14	0.10	(28.3 %)

Shareholders’ equity, after minority interest, increased to SAR 17.036 billion as of June 30, 2022, compared to SAR 15.316 billion in the year-earlier period.

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