Saudi Kayan Loss Widens, Accumulated Losses Hit 47.9% of Capital

Saudi Kayan Petrochemical Company posted a net loss of SAR 672.76 million for the second quarter, widening 35.5% from the year-ago period. The company attributed the wider loss to higher average costs of certain production inputs and supply chain challenges that cut sales volumes.

Revenue fell 10% to SAR 2.01 billion. Average selling prices rose 51%. Sales volumes dropped 40%. Sequentially, revenue improved 35% from the first quarter.

The first-half net loss reached SAR 1.29 billion, up 1.2% from a year earlier.

Accumulated losses as of June 30 stood at SAR 7.19 billion, representing 47.92% of the company's SAR 15 billion paid-up capital. Total shareholders' equity declined 22.78% year-on-year to SAR 7.90 billion.