Saudi Kayan Petrochemical Co. reported a net loss of SAR 571.9 million in Q1 2024, compared with SAR 673.3 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,682.49 | 1,975.84 | 17.4 % |
| Gross Income | (339.36) | (274.82) | 19.0 % |
| Operating Income | (496.29) | (442.00) | 10.9 % |
| Net Income | (673.27) | (571.86) | 15.1 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.45) | (0.38) | 15.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,141.60 | 1,975.84 | (7.7 %) |
| Gross Income | (271.02) | (274.82) | (1.4 %) |
| Operating Income | (436.89) | (442.00) | (1.2 %) |
| Net Income | (622.10) | (571.86) | 8.1 % |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | (0.41) | (0.38) | 8.1 % |
The improved results were attributed to higher revenues resulting from an increase in sales volumes despite lower average selling prices.
Sequentially, the company's Q1 2024 losses declined from SAR 622.10 million in Q4 2023.
Total shareholders’ equity, no minority interest, stood at SAR 12.74 billion as of March 31, 2024, compared to SAR 14.78 billion a year earlier.
Accumulated losses mounted to SAR 3.28 billion at the end of the current period, representing 21.9% of the company's capital.
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