Riyadh – Mubasher: The net losses after Zakat and tax of Saudi Kayan Petrochemical Company reached SAR 1.51 billion in the first nine months (9M) of 2023, an annual hike of 234.47% from SAR 452.77 million.
Revenues plummeted by 34.04% to SAR 6.09 billion in 9M-23 from SAR 9.14 billion in 9M-22, according to the initial financial results.
The loss per share hit SAR 0.97 as of 30 September 2023, up year-on-year (YoY) from SAR 0.30.
Financials for Q3-23
In the third quarter (Q3) of 2023, the firm recorded a 44.73% plunge in net loss after Zakat and tax to SAR 448.97 million, versus SAR 812.27 million a year earlier.
The revenues amounted to SAR 2.13 billion during the July-September 2023 period, lower by 17.68% YoY than SAR 2.59 billion.
On a quarterly basis, the net losses incurred in Q3-23 rose by 14.49% from SAR 392.13 million in Q2-23, while the revenues dropped by 3.26% from SAR 2.20 billion.
