Saudi Kayan widens 2023 loss to SAR 2.13B; Q4 at SAR 622.1M

15/02/2024 Argaam Exclusive

View other reports

Saudi Kayan Petrochemical Co. increased its net loss to SAR 2.13 billion in 2023 from SAR 1.24 billion a year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	11,157.02	8,170.64	(26.8 %)
Gross Income	(96.84)	(846.44)	(774.1 %)
Operating Income	(836.07)	(1470.13)	(75.8 %)
Net Income	(1243.89)	(2136.47)	(71.8 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.83)	(1.42)	(71.8 %)

The company attributed the increase in losses to lower revenues, given the decrease in average selling prices and sales volumes. This was due to the scheduled periodic maintenance and partial shutdown in Bisphenol plant, as announced earlier on Jan. 18, 2023, and Sept. 14, 2023, respectively.

The petrochemical producer also cited higher financing costs in 2023, despite a decrease in average feedstock prices.

Meanwhile, Saudi Kayan narrowed Q4 2023 loss to SAR 622.10 million from SAR 791.12 million a year earlier.

On a quarterly basis, the company increased its fourth-quarter net losses from SAR 448.97 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	2,016.98	2,141.60	6.2 %
Gross Income	(512.39)	(271.02)	47.1 %
Operating Income	(711.03)	(436.89)	38.6 %
Net Income	(791.12)	(622.10)	21.4 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.53)	(0.41)	21.4 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	2,137.26	2,141.60	0.2 %
Gross Income	(120.62)	(271.02)	(124.7 %)
Operating Income	(274.06)	(436.89)	(59.4 %)
Net Income	(448.98)	(622.10)	(38.6 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.30)	(0.41)	(38.6 %)

Total shareholders’ equity, no minority interest, amounted to SAR 13.28 billion as of Dec. 31, 2023, from SAR 15.47 billion a year earlier.

Attached Documents:

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×