Financial Results : Saudi Kayan narrows Q1 2024 loss to SAR 571.9M

Saudi Kayan narrows Q1 2024 loss to SAR 571.9M

29/04/2024 Argaam Exclusive

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Saudi Kayan Petrochemical Co. reported a net loss of SAR 571.9 million in Q1 2024, compared with SAR 673.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,682.49 1,975.84 17.4 %
Gross Income (339.36) (274.82) 19.0 %
Operating Income (496.29) (393.40) 20.7 %
Net Income (673.27) (571.86) 15.1 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) (0.45) (0.38) 15.1 %

The improved results were attributed to higher revenues resulting from an increase in sales volumes despite lower average selling prices.

 

Sequentially, the company's Q1 2024 losses declined from SAR 622.10 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 12.74 billion as of March 31, 2024, compared to SAR 14.78 billion a year earlier.

 

Accumulated losses mounted to SAR 3.28 billion at the end of the current period, representing 21.9% of the company's capital.

 

Attached Documents

 

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