Kayan records SAR 572 million losses in Q1

Saudi Kayan Petrochemical Co. has recorded a net loss of SAR 572 million during the first quarter 2024 in exchange for a loss of SAR 673.3 million in the same quarter of last year, a decrease of 15%, this came after the announcement on Monday of the estimated financial results for the period ending March 31, 2024 (3 months).

The operational loss was SAR 393.4 million in the first quarter, compared to a loss of SAR 494.6 million in the same quarter of the previous year, a decrease of 20.4%.

The share loss in the current period reached SAR 0.38, compared to SAR 0.45 in the same period last year.

The increase in sales during the current quarter compared to the same quarter last year can be attributed to a rise in sales quantities, despite a decline in average selling prices of products.

Similarly, the reduction in net loss for this quarter compared to the same period last year is primarily due to increased sales quantities, despite the decrease in average selling prices of products.

Conversely, the decrease in sales during the current quarter compared to the previous one is a result of diminished sales quantities, despite an increase in average sales price.

Furthermore, the decrease in net loss for this quarter compared with the previous quarter is attributed to an increase in average selling prices of products, despite a decrease in sales quantities.