Saudi Kayan narrows 2024 loss to SAR 1.8B; Q4 at SAR 685.6M

20/02/2025 Argaam Exclusive

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Saudi Kayan Petrochemical Co. decreased its net loss to SAR 1.8 billion in 2024 from SAR 2.13 billion a year before.

Financials (M)

Item	2023	2024	Change‬
Revenues	8,170.64	8,726.03	6.8 %
Gross Income	(846.44)	(642.46)	24.1 %
Operating Income	(1445.85)	(1133.73)	21.6 %
Net Income	(2136.47)	(1803.72)	15.6 %
Average Shares	1,500.00	1,500.00	-
Earnings Per Share before unusual items (Riyals)	(1.44)	(1.38)	4.0 %
EPS (Riyals)	(1.42)	(1.20)	15.6 %

The reduction of net losses was due to higher revenues on an increase in average selling prices of products. In addition, the firm collected SAR 253 million in partial insurance for the Bisphenol plant fire incident.

However, the petrochemical producer reported higher costs of some raw materials.

Meanwhile, Saudi Kayan widened Q4 2024 loss to SAR 685.61 million from SAR 622.10 million a year earlier.

On a quarterly basis, the company increased its fourth-quarter net losses from SAR 296.16 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	2,141.60	2,245.31	4.8 %
Gross Income	(271.02)	(396.77)	(46.4 %)
Operating Income	(445.09)	(522.59)	(17.4 %)
Net Income	(622.10)	(685.61)	(10.2 %)
Average Shares	1,500.00	1,500.00	-
Earnings Per Share before unusual items (Riyals)	(0.41)	(0.51)	(22.2 %)
EPS (Riyals)	(0.41)	(0.46)	(10.2 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	2,398.63	2,245.31	(6.4 %)
Gross Income	63.23	(396.77)	(727.5 %)
Operating Income	(126.50)	(522.59)	(313.1 %)
Net Income	(296.16)	(685.61)	(131.5 %)
Average Shares	1,500.00	1,500.00	-
Earnings Per Share before unusual items (Riyals)	(0.20)	(0.51)	(155.3 %)
EPS (Riyals)	(0.20)	(0.46)	(131.5 %)

Total shareholders’ equity, no minority interest, declined to SAR 11.50 billion as of Dec. 31, 2024, from SAR 13.28 billion a year earlier.

Accumulated losses reached SAR 4.51 billion by the end of 2024, representing 30.1% of capital.

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Quarterly Actuals vs Estimates 19/02/202520/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
ETIHAD ETISALAT	696.16	979.56	40.7 %
YC	106.82	123.12	15.3 %
ASTRA INDUSTRIAL	155.24	131.44	(15.3 %)
SSP	63.50	23.02	(63.8 %)
SAUDI KAYAN	(325.32)	(760.51)	(133.8 %)

Company	Estimated	Actual	Change
ETIHAD ETISALAT	696.16	979.56	40.7 %
YC	106.82	123.12	15.3 %

Company	Estimated	Actual	Change
SAUDI KAYAN	(325.32)	(760.51)	(133.8 %)
SSP	63.50	23.02	(63.8 %)
ASTRA INDUSTRIAL	155.24	131.44	(15.3 %)

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