Saudi Kayan Petrochemical Co. reported a net loss of SAR 673.3 million in Q1 2023, against a net profit of SAR 209.3 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 3,137.89 | 1,682.49 | (46.4 %) |
| Gross Income | 468.79 | (339.36) | (172.4 %) |
| Operating Income | 304.33 | (496.29) | (263.1 %) |
| Net Income | 209.38 | (673.27) | (421.6 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 0.14 | (0.45) | (421.6 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2,016.98 | 1,682.49 | (16.6 %) |
| Gross Income | (512.39) | (339.36) | 33.8 % |
| Operating Income | (711.03) | (496.29) | 30.2 % |
| Net Income | (791.12) | (673.27) | 14.9 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.53) | (0.45) | 14.9 % |
The losses were attributed to lower average selling prices of products and sales volumes. This was due to the scheduled periodic maintenance for some plants that was previously announced on Jan. 18, 2023.
This is in addition to an increase in financing costs despite the lower average cost of feedstock.
Sequentially, the company narrowed its losses from SAR 791.13 million in Q4 2022.
Total shareholders’ equity, no minority interest, stood at SAR 14.78 billion as of March 31, 2023, compared to SAR 16.77 billion a year earlier.
Q1 2023 accumulated losses mounted to SAR 690.99 million, compared to SAR 302.1 million and SAR 854.23 million in Q1 2022 and Q4 2022, respectively.
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