Logo of Saudi Kayan Petrochemical Co. (Saudi Kayan)
Saudi Kayan Petrochemical Co. (Saudi Kayan) announced that its accumulated losses reached 20.44% of its capital amounting to SAR 15 billion, based on the unaudited financial results for February 2024 that were closed today, March 10.
In a statement to Tadawul today, the company said its losses reached nearly SAR 3.07 billion.
The losses were mainly due to the sharp decline in profit margins on lower average product prices. This was due to the slow global demand for petrochemicals and the decrease in sales volumes and value on the suspension of some plants to perform scheduled periodic maintenance, which was previously announced.
The chemical producer will apply the procedures and instructions related to listed companies with accumulated losses of 20% or more of their capital.
The board and executive management are working to find the best opportunities and solutions to reduce the accumulated losses and related burdens on the company.
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