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Saudi Kayan turns profitable at over SAR 1bn in H1-21

Saudi Kayan turns profitable at over SAR 1bn in H1-21
Earnings per share stood at SAR 0.85 in H1-21
SAUDI KAYAN
2350
0.00% 17.04 0.00

Riyadh – Mubasher: Saudi Kayan Petrochemical Company registered net profits after Zakat and tax worth SAR 1.27 billion during the first six months of 2021, against losses of SAR 914.98 million in the same period last year.

Earnings per share stood at SAR 0.85 in the first half (H1) of 2021, versus a loss per share of SAR 0.61 in H1-20, according to a bourse filing on Monday.

Revenues increased by 65.17% to SAR 5.65 billion in the January-June 2021 period from SAR 3.42 billion in the corresponding period in 2020.

During the second quarter (Q2) of 2021, the company achieved net profits of SAR 780.99 million, against losses of SAR 398.19 million in Q2-20.

The revenues soared by 93.4% to SAR 2.97 billion in Q2-21 from SAR 1.53 billion in Q2-20.

On a quarterly basis, Saudi Kayan’s Q2-21 profits were higher by 58.4% than SAR 492.89 million in Q1-21. The revenues also increased by 10.8% from SAR 2.68 billion.

Until 30 June 2021, the company’s accumulated losses stood at SAR 209 million, representing 1.39% of the SAR 15 billion capital.