Saudi Kayan’s net profit drops 72% to SAR 359.5 mln in H1 2022; Q2 falls 81% to SAR 150.13 mln

27/07/2022 Argaam Exclusive

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Saudi Kayan Petrochemical Co.
8.60
(0.19) (2.16 %)

Saudi Kayan Petrochemical Co. (SAUDI KAYAN)

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Saudi Kayan Petrochemical Co. reported a net profit of SAR 359.5 million for H1 2022, a decline of 72% from SAR 1.273 billion in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 5,657.04 6,544.71 15.7 %
Gross Income 1,806.45 904.24 (49.9 %)
Operating Income 1,494.35 550.52 (63.2 %)
Net Income 1,273.89 359.50 (71.8 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.85 0.24 (71.8 %)

The profit decline was due to higher average feedstock cost and lower average selling prices of products despite the increase in the quantities produced and sold.

 

The second-quarter net profit fell 81% to SAR 150.13 million from SAR 781 million in Q2 2021.

 

Sequentially, net profit fell by 28.3% from SAR 209.38 million in Q1 2021 on higher average cost of feedstock, general and administrative expenses and financing costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 2,973.71 3,406.82 14.6 %
Gross Income 1,048.75 435.45 (58.5 %)
Operating Income 901.23 246.20 (72.7 %)
Net Income 781.00 150.13 (80.8 %)
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.52 0.10 (80.8 %)

Shareholders’ equity, after minority interest, increased to SAR 17.036 billion as of June 30, 2022, compared to SAR 15.316 billion in the year-earlier period.

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