Riyadh – Mubasher: Saudi Kayan Petrochemical Company incurred net losses amounting to SAR 1.11 billion in the first nine months (9M) of 2024, an annual drop of 26.16% from SAR 1.51 billion.
The revenues stood at SAR 6.48 billion in 9M-24, up 7.49% from SAR 6.02 billion in 9M-23, according to the interim financial statements.
Loss per share plunged to SAR 0.75 in 9M-24 from SAR 1.01 in the nine-month period that ended on 30 September 2023.
Income Results for Q3-24
In the third quarter (Q3) of 2024, the Saudi group suffered net losses valued at SAR 296.16 million, marking a 34.03% drop from SAR 448.97 million in Q3-23.
The company’s revenues plunged by 34.21% to SAR 2.39 billion in Q3-24, compared to SAR 2.13 billion during the same period in 2023.
Quarter-on-quarter (QoQ), the Q3-24 net losses enlarged by 18.42% from SAR 250.09 million in Q2-24, whereas the revenues climbed by 13.88% from SAR 2.10 billion.
Accumulated Losses
As of 30 September 2024, the accumulated losses hit SAR 3.83 billion, accounting for 25.50% of the share capital.
