Built to inform

Sign up for the daily newsletters

No, Thank you

Net profits plummet 134% at Saudi Kayan Petrochemical Co in H1'19

Al Jubail-based and Tadawul-listed chemicals giant reported a 20% dip in cash revenues during first six months of 2019

Saudi Kayan has noted a profit drop in H1 2019.
Pixabay
Saudi Kayan has noted a profit drop in H1 2019.

Net profit after zakat and tax at Saudi Kayan Petrochemical Company (Saudi Kayan) declined by 134% during the first half of 2019 compared to H1 2018, the Al Jubail-based chemical firm’s latest financial statement has revealed.

According to the group’s H1 2019 financial results filed on Saudi bourse, Tadawul, losses for the six-month period ending 30 June, 2019, stood at $125.5m (SAR470.6m) – a significant fall on H1 2018, when the group reported $357.3m (SAR1.34bn) in net profits after zakat and tax.

Revenue for the period fared a little better, with the chemicals giant bringing in $1.3bn (SAR5bn) in cash between January and June 2019 – a 20% fall on the same period last year.

In its bourse missive, the group cited the H1 2019 performance to a reduction in both the average selling price and sales quantities of its products.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019