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.
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.

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