Saudi Kayan Petrochemical Company (Saudi Kayan) announced its interim financial statements for the second quarter of 2019.
The company turned to losses recording SAR 273.13 million in Q2-19, against SAR 878.65 million profits in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
Revenues plunged by 31.07% year-on-year to SAR 2.42 billion during the three-month period ended in June.
The reason for net loss comes due to a decrease in the average selling prices of products and increase in financing costs, despite a decrease in average cost of feedstock, administrative and general expenses, selling and distribution expenses and decrease provision for Zakat.
For the first half of 2019, Saudi Kayan suffered SAR 470.62 million in losses, versus profits of SAR 1.34 billion in H1-18.
Revenues of the Saudi-based company retreated by 20.4% to SAR 4.97 billion in H1-19, compared to SAR 6.25 billion in the same period the year before.
Losses per share stood at SAR -0.31% during the first six months of 2019.