Saudi Kayan Petrochemical Co. turned to a net loss of SAR 1.06 billion in H1 2023, against a net profit of SAR 359.5 million in the prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 6,544.71 | 3,891.79 | (40.5 %) |
| Gross Income | 904.24 | (454.80) | (150.3 %) |
| Operating Income | 550.52 | (759.18) | (237.9 %) |
| Net Income | 359.50 | (1065.40) | (396.4 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 0.24 | (0.71) | (396.4 %) |
The company was hurt by a decline in the average selling prices of products and sales volumes, due to the scheduled periodic maintenance of some plants as previously announced on Jan. 18, 2023. Higher financing costs (FC) also weighed on the six-month results.
In Q2 2023, the petrochemical producer swung to a net loss of SAR 392.13 million, from a net profit of SAR 150.13 million in Q2 2022, on a drop in sales volumes and increased FC.
Saudi Kayan trimmed net losses by 41.8% from SAR 673.2 million in the previous quarter on lower average selling prices of products and sales volumes, along with higher FC.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 3,406.82 | 2,209.30 | (35.2 %) |
| Gross Income | 435.45 | (115.44) | (126.5 %) |
| Operating Income | 246.20 | (262.89) | (206.8 %) |
| Net Income | 150.13 | (392.13) | (361.2 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 0.10 | (0.26) | (361.2 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 1,682.49 | 2,209.30 | 31.3 % |
| Gross Income | (339.36) | (115.44) | 66.0 % |
| Operating Income | (496.29) | (262.89) | 47.0 % |
| Net Income | (673.27) | (392.13) | 41.8 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.45) | (0.26) | 41.8 % |
Total shareholders’ equity, no minority interest, stood at SAR 14.41 billion as of June 30, 2023, down from SAR 17.03 billion a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}