Riyadh – Mubasher: Saudi Kayan Petrochemical Company shifted to net losses after Zakat and tax totalling SAR 673.27 million in the first quarter (Q1) of 2023, against profits worth SAR 209.34 million in Q1-22.
The firm witnessed a 46.38% year-on-year (YoY) plunge in revenue to SAR 1.68 billion during the January-March 2023 period from SAR 3.13 billion, according to the interim income statements.
Loss per share hit SAR 0.45 in the first three months (3M) of 2023, compared to earnings per share (EPS) valued at SAR 0.14 in 3M-22.
On a quarterly basis, the Q1-23 net losses after Zakat and tax plummeted by 14.90% from SAR 791.12 million in Q4-22, while the revenues declined by 16.59% from SAR 2.01 billion.
Accumulated Losses
The company’s accumulated losses amounted to SAR 1.24 billion as of 31 March 2023, equivalent to 8.30% of the SAR 15 billion capital.
Last year, Saudi Kayan swung to net losses after Zakat and tax worth SAR 1.24 billion, versus net profits valued at SAR 2.39 billion in the January-December 2021 period.
