Saudi Kayan turns into profits of $640m in 2021 as petrochemical sector blossoms

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RIYADH: Saudi Kayan Petrochemical Co. has seen its 2021 earnings turn into profits of SR2.39 billion ($640 million), buoyed by higher selling prices and sector-wide growth.

As the economic situation improved globally, the homegrown firm managed to erase losses of SR785 million from a year earlier, according to a bourse filing.

Revenues soared over 58 percent in 2021, and earnings per share amounted to SR1.6, against a loss per share of SR0.52 a year ago.

The improved performance was driven by higher selling prices and a drop in financing costs, despite an increase in feedstock costs, Saudi Kayan said in a bourse statement.

On a broader scale, data by Gastat earlier showed that outgoing chemical shipments picked up pace significantly prompting the Saudi non-oil exports growth to hit an annual rate of 26.1 percent in November.

Headquartered in Jubail Industrial City, Saudi Kayan is a leading chemical maker operating in the Kingdom’s petrochemical sector since 2007.