Riyadh – Mubasher: The net losses of Saudi Kayan Petrochemical Company fell by 22.85% to SAR 821.90 million in the first half (H1) of 2024 from SAR 1.06 billion in H1-23.
The company's revenues stood at SAR 4.08 billion in H1-24, higher by 4.88% year-on-year (YoY) than SAR 3.89 billion, according to the income results.
Loss per share fell to SAR 0.55 during the first six months (6M) of 2024 from SAR 0.71 in H1-23.
Financial Results for Q2-24
In the second quarter (Q2) of 2024, the net losses reached SAR 250.09 million, lower by 36.22% YoY than SAR 392.13 million.
The revenues dropped by 4.66% to SAR 2.10 billion in the three-month period that ended on 30 June 2024 from SAR 2.20 billion in Q2-23.
Quarter-on-quarter (QoQ), the net losses generated in Q2-24 shrank by 56.27% from SAR 571.90 million in January-March 2024, while the revenues increased by 6.60% from SAR 1.97 billion.
Accumulated Losses
The company’s accumulated losses hit SAR 3.53 billion as of 30 June 2024, representing 23.60% of the capital.
