Riyadh – Mubasher: Saudi Kayan Petrochemical Company posted 15.06% year-on-year (YoY) lower net losses at SAR 571.90 million in the first quarter (Q1) of 2024, versus SAR 673.30 million.

Revenues hiked by 17.43% to SAR 1.97 billion as of 31 March 2024 from SAR 1.68 billion a year earlier, according to the interim financial results.

The loss per share hit SAR 0.38 during the first three months (3M) of 2024, an annual drop from SAR 0.45.

On a quarterly basis, the Q1-24 net losses retreated by 8.06% from SAR 622.10 million in Q4-23, while the revenues fell by 7.74% from SAR 2.14 billion.

Accumulated Losses

Saudi Kayan incurred accumulated losses valued at SAR 3.28 billion as of 31 March 2024, accounting for 21.90% of the capital.

The registered amount is higher than the SAR 3.06 billion accumulated losses registered at the end of February 2024.