Saudi Kayan Petrochemical Co.’s (Saudi Kayan) annual net loss after Zakat and tax widened to SAR 784.7 million for 2020, compared to SAR 636.8 million a year earlier.
Higher losses were driven by lower average selling prices, and decline in production volumes and sales due to the scheduled periodic maintenance, despite lower average feedstock cost, as well as a decrease in financing costs, and general and administrative (G&A) expenses.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 9,536.40 | 8,007.33 | (16.0 %) |
| Gross Income | 1,072.21 | 447.88 | (58.2 %) |
| Operating Income | 379.00 | (167.38) | (144.2 %) |
| Net Income | (636.78) | (784.73) | (23.2 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.42) | (0.52) | (23.2 %) |
In Q4 2020, the petrochemicals major turned to a net profit after Zakat and tax of SAR 158.4 million, compared to a net loss after Zakat and tax of SAR 167.4 million, thanks to higher average selling prices, lower average feedstock cost and drop in financing costs, and G&A expenses.
On a quarterly basis, Saudi Kayan swung to a net profit.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 2,259.67 | 2,476.95 | 9.6 % |
| Gross Income | 229.92 | 480.88 | 109.1 % |
| Operating Income | 39.70 | 299.91 | 655.5 % |
| Net Income | (167.41) | 158.42 | 194.6 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.11) | 0.11 | 194.6 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 2,105.54 | 2,476.95 | 17.6 % |
| Gross Income | 236.53 | 480.88 | 103.3 % |
| Operating Income | 79.72 | 299.91 | 276.2 % |
| Net Income | (28.16) | 158.42 | 662.5 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.02) | 0.11 | 662.5 % |
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