Saudi Kayan turns to profits worth $178mln in Q3

Revenues increased by 63% year-on-year

  
A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

A Saudi trader casts a shadow as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri
Riyadh – Saudi Kayan Petrochemical Company has turned profitable at SAR 667.45 million in the third quarter (Q3) of 2021, against losses worth SAR 28.16 million in Q3-20.

Revenues increased by 63% year-on-year (YoY) to SAR 3.43 billion in Q3-21 from SAR 2.1 billion, according to the initial income statements on Sunday.

On a quarterly basis, the net profits in Q3-21 shrank 14.5% from SAR 781 million, while the revenues grew 15.4% from SAR 2.97 billion.

During the first nine months of 2021, Saudi Kayan achieved net profits worth SAR 1.94 billion, against losses of SAR 943.14 billion in the corresponding period last year.

Earnings per share amounted to SAR 1.29 at the end of September this year, versus a loss per share of SAR 0.63 in the same period in 2020.

Revenues soared by 64% on an annual basis to SAR 9.09 billion in the January-September 2021 period from SAR 5.53 billion.

Source: Mubasher

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