Saudi Kayan trims 9M 2024 loss to SAR 1.11B; Q3 at SAR 296.2M

29/10/2024 Argaam Exclusive

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Saudi Kayan Petrochemical Co. cut net losses to SAR 1.11 billion in the first nine months of 2024, from SAR 1.51 billion a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	6,029.05	6,480.72	7.5 %
Gross Income	(575.42)	(245.69)	57.3 %
Operating Income	(1033.24)	(770.90)	25.4 %
Net Income	(1514.38)	(1118.11)	26.2 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(1.01)	(0.75)	26.2 %

The lower losses were attributed to higher average product selling prices. The company also collected SAR 178 million insurance claims despite higher feedstock prices.

The petrochemical producer’s net losses decreased from SAR 448.9 million in Q3 2023 to SAR 296.1 million in Q3 2024, thanks to improved revenue amid higher average selling prices of products despite increased feedstock costs.

On a sequential basis, net losses widened by 18.4% from SAR 250 million in Q2 2024. Saudi Kayan collected SAR 130 million insurance claims during Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,137.26	2,398.63	12.2 %
Gross Income	(120.62)	63.23	152.4 %
Operating Income	(274.06)	(125.29)	54.3 %
Net Income	(448.98)	(296.16)	34.0 %
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.30)	(0.20)	34.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,106.24	2,398.63	13.9 %
Gross Income	(34.10)	63.23	285.4 %
Operating Income	(203.60)	(125.29)	38.5 %
Net Income	(250.09)	(296.16)	(18.4 %)
Average Shares	1,500.00	1,500.00	-
EPS (Riyals)	(0.17)	(0.20)	(18.4 %)

It also reported higher feedstock costs. On the other hand, average selling prices of products and sales volumes went up.

Total shareholders’ equity, no minority interest, declined to SAR 12.15 billion as of Sept. 30, 2024, from SAR 14.02 billion a year earlier.

Accumulated losses reached SAR 3.83 billion as of Sept. 30, 2024, representing -25.5% of the company’s capital.

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