Saudi Kayan Petrochemical Co. (Saudi Kayan) widened its net loss after Zakat and tax by 100.9% to SAR 943.1 million for the first nine months of 2020, compared to SAR 469.4 million a year earlier.
The losses were attributed to lower selling product prices and sales volumes due to the scheduled periodic maintenance announced earlier.
The loss was incurred despite a decline in average feedstock and financing costs, and a decrease in administrative and general expenses.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 7,276.73 | 5,530.38 | (24.0 %) |
| Gross Income | 842.29 | (55.00) | (106.5 %) |
| Operating Income | 339.31 | (486.62) | (243.4 %) |
| Net Income | (469.36) | (943.14) | (100.9 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.31) | (0.63) | (100.9 %) |
In Q3 2020, the company turned to a net loss of SAR 28.2 million versus a net profit of SAR 1.26 million in prior-year period, due to lower average selling prices and sales volumes despite lower feedstock prices and financing costs.
On a quarterly basis, Saudi Kayan cut its net loss by 93%, backed by an increase in average product selling prices, and sales volumes, along with lower financing costs, despite the increase in the average cost of feedstock.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 2,303.21 | 2,105.54 | (8.6 %) |
| Gross Income | 379.59 | 236.53 | (37.7 %) |
| Operating Income | 201.23 | 79.72 | (60.4 %) |
| Net Income | 1.26 | (28.16) | (2342.1 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 0.00 | (0.02) | (2342.1 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,536.91 | 2,105.54 | 37.0 % |
| Gross Income | (70.76) | 236.53 | 434.3 % |
| Operating Income | (215.41) | 79.72 | 137.0 % |
| Net Income | (398.19) | (28.16) | 92.9 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.27) | (0.02) | 92.9 % |
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