Financial Results : Saudi Kayan widens 9M 2023 loss to SAR 1.51 bln; Q3 at SAR 449 mln

Saudi Kayan widens 9M 2023 loss to SAR 1.51 bln; Q3 at SAR 449 mln

23/10/2023 Argaam Exclusive

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Saudi Kayan Petrochemical Co. (Saudi Kayan) posted a net loss of SAR 1.51 billion for the first nine months of 2023, compared with SAR 452.8 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 9,141.04 6,029.05 (34.0 %)
Gross Income 415.55 (575.42) (238.5 %)
Operating Income (125.04) (1033.24) (726.4 %)
Net Income (452.77) (1514.38) (234.5 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.30) (1.01) (234.5 %)

The nine-month losses were attributed to a decrease in the average selling prices of products and sales volume due to the scheduled periodic maintenance of some plants that were previously announced on Jan. 18, 2023.

 

This was in addition to an increase in financing costs and a provision of SAR 75 million for property, plants and equipment that were affected by the fire accident in the operating unit of the bisphenol plant. On the other hand, the company recorded a decrease in the average feedstock cost.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 2,596.32 2,137.26 (17.7 %)
Gross Income (488.69) (120.62) 75.3 %
Operating Income (675.56) (274.06) 59.4 %
Net Income (812.27) (448.98) 44.7 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.54) (0.30) 44.7 %

In Q3 2022, the petrochemical producer reported a net loss of SAR 449 million, compared with SAR 812.27 million a year earlier.

 

This was mainly due to the lower average cost of feedstock and recording a provision of SAR 75 million for property, plants and equipment that were affected by the fire accident in the operating unit of the bisphenol plant.

 

Compared with the previous quarter, Saudi Kayan widened Q3 loss from SAR 392.13 million.

 

Shareholders’ equity, no minority interest, increased to SAR 140.23 billion as of Sept. 30, 2023, compared to SAR 16.33 billion in the year-earlier period.

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