Riyadh – Saudi Kayan Petrochemical Company has posted an annual drop of 57.52% in net profits after Zakat and tax to SAR 209.38 million during the first quarter (Q1) of 2022, compared to SAR 492.90 million.

The Saudi listed firm generated SAR 3.13 billion in revenue during Q1-22, a surge of 16.94% from SAR 2.68 billion in Q1-21, according to the interim financial results disclosed on Monday.

Earnings per share (EPS) stood at SAR 0.14 in the first three months (3M) of 2022, lower than SAR 0.33 during the same period in the previous year.

On a quarterly basis, the revenues in Q1-22 went down by 11.98 % from SAR 3.56 billion in Q4-21, while the net profits fell by 53.73% from SAR 452.58 million.

Saudi Kayan turned profitable in 2021, reporting net profits after Zakat and tax worth SAR 2.39 billion, versus net losses of SAR 784.73 million a year earlier.

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