Riyadh – Mubasher: Saudi Kayan Petrochemical Company’s net losses widened by 45.78% annually during the second quarter (Q2) of 2020, reaching SAR 398.19 million when compared to SAR 273.13 million in Q2-19, as shown by the company’s interim financial results.
Revenues declined by 36.73% year-on-year (YoY) to stand at SAR 1.53 billion in Q2-20, compared to SAR 2.42 billion, according to a bourse disclosure on Monday.
The increase in losses is ascribed to lower average prices of products and quantities sold, despite the drop in the average cost of feedstock as well as financing costs, and general and administrative expenses.
