The decrease in the average selling prices of products and the decline in the quantities sold put pressure on performance
Dubai – Al Arabiya.net
Posted on: July 30, 2023: 05:41 PM GST Last updated: July 30, 2023: 06:09 PM GST
The Saudi Kayan Petrochemical Company, “Saudi Kayan”, turned to a loss of about 392.13 million riyals in the second quarter of 2023, compared to a net profit of about 150.13 million riyals in the same quarter of 2022.
On a quarterly basis, the company’s losses decreased by 41.76% in the second quarter of 2023, compared to losses of about 673.27 million riyals in the first quarter of 2023.
“Kayan” said in a statement on “Saudi Tadawul”, today, Sunday, that the reason for the shift to a net loss for the second quarter of the current year compared to the same quarter of the previous year is due to the decrease in the average selling prices of products and the decrease in the quantities sold in addition to the increase in financing expenses despite of a decrease in the average cost of feedstock.
Saudi Kayan turned into a loss of about 1.065 billion riyals in the first half of 2023, compared to a net profit of about 359.5 million riyals in the first half of 2022.
The company’s accumulated losses amounted to about 1.64 billion riyals by the end of the first half of 2023, equivalent to 10.94% of the capital of 15 billion riyals.
2023-07-30 13:41:00
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