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Saudi Kayan Petrochemical Co. (Saudi Kayan) announces its accumulated losses reaching 20.44% of its capital.

3/10/2024

Element List Explanation
Introduction Saudi Kayan Petrochemical Co. (Saudi Kayan) announces that its accumulated loses reached 20.44% of its capital of Saudi Riyals 15,000 million based on the unaudited financial results for the month of Feb 2024 that was closed on 10 Mar 2024G corresponding to 29 Sha’ban 1445H.
Date of Realization of the Loss 2024-02-29 Corresponding to 1445-08-19
Amount of the Accumulated Losses Saudi Riyals 3,066.36 million
Percentage of the Accumulated Losses out of the Capital (%) 20.44 %
Major Reasons Leading to the Losses The losses were mainly due to sharp decline in profit margins as a result of the decrease in average product prices which was impacted by the slow global demand for petrochemicals, as well as the decrease in quantities produced and sold due to the suspension of some plants to perform scheduled periodic maintenance, which was previously announced.
Application of the Procedures and Instructions The company will apply the procedure and instructions related to listed companies with accumulated losses reaching 20% or more of their share capital.
Reference to additional procedures or instructions NA
Additional Information Its worth to mention that the Board of Directors and Executive Management are working to find the best opportunities and solutions to reduce the accumulated losses and burdens of the company.