Riyadh – Mubasher: Saudi Kayan Petrochemical Company shifted to net losses after Zakat and tax worth SAR 452.77 million in the first nine months (9M) of 2022, against net profits of SAR 1.94 billion in 9M-21.

The revenues inched up by 0.55% to SAR 9.14 billion in January-September 2022, compared to SAR 9.09 billion in the year-ago period, according to the interim income statements.

The loss per share settled at SAR 0.30 in 9M-22, versus earnings per share (EPS) of SAR 1.29 in 9M-21.

During the third quarter (Q3) of 2022, the Tadawul-listed firm incurred net losses after Zakat and tax of SAR 812.27 million, compared to net profits worth SAR 667.45 million in Q3-21.

Meanwhile, the company’s revenues plummeted by 24.39% year-on-year (YoY) to SAR 2.59 billion in Q3-22 from SAR 3.43 billion.

On a quarterly basis, the Q3-22 revenues declined by 23.79% from SAR 3.40 billion in Q2-22.

In the first half (H1) of 2022, Saudi Kayan logged net profits after Zakat and tax of SAR 359.50 million, an annual drop of 71.78% from SAR 1.27 billion.