Riyadh – Mubasher: Saudi Kayan Petrochemical Company announced that its accumulated losses reached SAR 3.06 billion at the end of February 2024.
The company’s accumulated losses account for 20.44% of its capital of SAR 15 billion, according to a bourse filing.
The losses were ascribed to a drop in profit margins due to the decrease in average product prices, driven by the slow global demand for petrochemicals.
The increased losses were also attributed to the decline in production and sales due to the suspension of some plants for scheduled periodic maintenance.
It is worth noting that Saudi Kayan’s accumulated losses recorded SAR 1.64 billion as of 30 June 2023.
The Tadawul-listed company posted net losses of SAR 1.51 billion in the first nine months (9M) of 2023, a 234.47% annual surge from SAR 452.77 million.
