Saudi Kayan swings to SAR 1.06 bln loss in H1 2023; Q2 at SAR 392.1 mln

30/07/2023 Argaam Exclusive

View other reports

Saudi Kayan Petrochemical Co. turned to a net loss of SAR 1.06 billion in H1 2023, against a net profit of SAR 359.5 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	6,544.71	3,891.79	(40.5 %)
Gross Income	904.24	(450.40)	(149.8 %)
Operating Income	550.52	(759.18)	(237.9 %)
Net Income	359.50	(1065.40)	(396.4 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.24	(0.71)	(396.4 %)

The company was hurt by a decline in the average selling prices of products and sales volumes, due to the scheduled periodic maintenance of some plants as previously announced on Jan. 18, 2023. Higher financing costs (FC) also weighed on the six-month results.

In Q2 2023, the petrochemical producer swung to a net loss of SAR 392.13 million, from a net profit of SAR 150.13 million in Q2 2022, on a drop in sales volumes and increased FC.

Saudi Kayan trimmed net losses by 41.8% from SAR 673.2 million in the previous quarter on lower average selling prices of products and sales volumes, along with higher FC.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	3,406.82	2,209.30	(35.2 %)
Gross Income	435.45	(111.04)	(125.5 %)
Operating Income	246.20	(262.89)	(206.8 %)
Net Income	150.13	(392.13)	(361.2 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	0.10	(0.26)	(361.2 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	1,682.49	2,209.30	31.3 %
Gross Income	(339.36)	(111.04)	67.3 %
Operating Income	(496.29)	(262.89)	47.0 %
Net Income	(673.27)	(392.13)	41.8 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.45)	(0.26)	41.8 %

Total shareholders’ equity, no minority interest, stood at SAR 14.41 billion as of June 30, 2023, down from SAR 17.03 billion a year earlier.

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.

×