Saudi Kayan Records Net Profit of SR667 Million during the 3Q

24 Oct 2021

الرياض - مال

Saudi Kayan Petrochemical Company recorded a net profit after zakat and tax of SR667.45 million during the third quarter, compared to losses of SR18 million during the same quarter of the previous year.

This came following the announcement on Sunday by Kayan of its interim financial results for the period ending on 2021-09-30 (Nine Months)

The operating profit amounted to SR783 million during the third quarter, compared to SR80 million during the same quarter of the previous year, a growth of 882%.

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The gross profit amounted to SR976 million during the third quarter, compared to SR237 million during the same quarter of the previous year, an increase of 313%.

The net profit after zakat and tax during the current period amounted to SR1.9 billion, compared to losses of SR943 million during the same period of the previous year.

Earnings per share during the current period amounted to SR1.29, compared to a loss of SR0.63 during the same period of the previous year.

The reason for achieving the net profit is due to an increase in the average selling prices of products and a decrease in financing costs despite the increase in the average cost of feedstock and decrease the quantities sold.

The reason for the decrease in net profit is due to a decrease in the average selling prices of products and an increase in the average prices of feedstocks, despite the increase in the quantities sold.

The reason for achieving the net profit is due to an increase in the average selling prices of products and a decrease in financing costs despite an increase in the average cost of feedstock and a decrease in the quantities sold.

“Certain prior period figures have been re-classified to be aligned with the current period presentation.” the company said.

According to the profits achieved at the end of the third quarter of the fiscal year 2021, all the accumulated losses on the company have been recovered, and the balance of the retained earnings amounting to SR458.24 million.