Riyadh – Mubasher: Saudi Kayan Petrochemical Company turned to net losses after Zakat and tax worth SAR 1.06 billion in the first half (H1) of 2023, versus net profits of SAR 359.50 million in H1-22.
Revenues shrank by 40.60% year-on-year (YoY) to SAR 3.89 billion during the January-June 2023 period, compared to SAR 6.54 billion, according to the interim financial results.
Loss per share reached SAR 0.71 in H1-23, against earnings per share (EPS) of SAR 0.24 in H1-22.
Financial Results for Q2-23
The firm also shifted to net losses amounting to SAR 392.13 million in the second quarter (Q2) of 2023, compared to net profits standing at SAR 150.13 million in Q2-22.
Meanwhile, the revenues dropped by 35.15% to SAR 2.20 billion in the three-month period that ended on 30 June 2023, compared to SAR 3.40 billion a year earlier.
On a quarterly basis, the Q2-23 net losses plummeted by 41.76% from the SAR 673.27 million losses recorded in Q1-23, while the revenues grew by 31.31% from SAR 1.68 billion.
Accumulated Losses
The Tadawul-listed company reported accumulated losses valued at SAR 1.64 billion as of 30 June 2023, accounting for 10.94% of the SAR 15 billion capital.
