10 Hrs
Source:
الاقتصادية
Kayen surpasses revenue targets despite higher costs
Kyann Saudi Petrochemical Company recorded a net loss of 673 million riyals in the second quarter of 2026, representing a 36% increase compared to the same period last year, despite a 51% year-over-year rise in the average selling price. Sales volumes declined by 40%, leading to a 10% drop in revenues to two billion riyals, as production costs did not decrease at the same rate, thereby putting additional pressure on gross margins. The rise in input costs and supply chain challenges, particularly related to the Strait of Hormuz, contributed to increased expenses and reduced sales volumes. The company’s ongoing losses have now persisted for 16 consecutive months, with accumulated losses approaching half of its capital, threatening the potential implementation of more stringent regulatory measures if losses continue.
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