Saudi Kayan sees lower profits at $95.86mln in H1-22 interim results

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Riyadh – Saudi Kayan Petrochemical Company’s net profits after Zakat and tax plunged by 71.78% to SAR 359.50 million in the first half (H1) of 2022, compared to SAR 1.27 billion in H1-21.

Revenues surged by 15.69% year-on-year (YoY) to SAR 6.54 billion in H1-22, compared to SAR 5.65 billion, according to the interim financial results on Wednesday.

The earnings per share (EPS) stood at SAR 0.24 during the first six months (6M) of 2022, lower than SAR 0.85 in the year-ago period.

In the second quarter (Q2) of 2022, Saudi Kayan generated SAR 150.13 million in net profit after Zakat and tax, down 80.78% YoY from SAR 780.99 million.

Meanwhile, the company’s revenues amounted to SAR 3.40 billion in Q2-22, up 14.56% from SAR 2.97 billion during the same period a year earlier.

During the January-March 2022 period, the listed firm recorded net profits after Zakat and tax worth SAR 209.38 million, lower by 57.52% than SAR 492.90 million in Q1-21.