Saudi Kayan Petrochemical Co. increased its net loss to SAR 2.13 billion in 2023 from SAR 1.24 billion a year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 11,157.02 | 8,170.64 | (26.8 %) |
| Gross Income | (96.84) | (846.44) | (774.1 %) |
| Operating Income | (836.07) | (1470.13) | (75.8 %) |
| Net Income | (1243.89) | (2136.47) | (71.8 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.83) | (1.42) | (71.8 %) |
The company attributed the increase in losses to lower revenues, given the decrease in average selling prices and sales volumes. This was due to the scheduled periodic maintenance and partial shutdown in Bisphenol plant, as announced earlier on Jan. 18, 2023, and Sept. 14, 2023, respectively.
The petrochemical producer also cited higher financing costs in 2023, despite a decrease in average feedstock prices.
Meanwhile, Saudi Kayan narrowed Q4 2023 loss to SAR 622.10 million from SAR 791.12 million a year earlier.
On a quarterly basis, the company increased its fourth-quarter net losses from SAR 448.97 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,016.98 | 2,141.60 | 6.2 % |
| Gross Income | (512.39) | (271.02) | 47.1 % |
| Operating Income | (711.03) | (436.89) | 38.6 % |
| Net Income | (791.12) | (622.10) | 21.4 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.53) | (0.41) | 21.4 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,137.26 | 2,141.60 | 0.2 % |
| Gross Income | (120.62) | (271.02) | (124.7 %) |
| Operating Income | (274.06) | (436.89) | (59.4 %) |
| Net Income | (448.97) | (622.10) | (38.6 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.30) | (0.41) | (38.6 %) |
Total shareholders’ equity, no minority interest, amounted to SAR 13.28 billion as of Dec. 31, 2023, from SAR 15.47 billion a year earlier.
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