Saudi Kayan swings to losses in 2019

Riyadh – Mubasher: Saudi Kayan Petrochemical Company announced turning to losses for the fiscal year ended 31 December 2019.

The Saudi firm incurred net losses of SAR 636.7 million last year, against net profits of SAR 1.702 billion in 2018, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The negative turn in 2019 financials was attributed to a drop in the average selling prices of products, despite a rise in quantities sold and produce and a reduction in the average cost of feedstock and general and administrative expenses.    

As for the fourth quarter of 2019, Saudi Kayan’s net losses widened to SAR 167.41 million from SAR 110.9 million in the year-ago period.

It is noteworthy that during the first nine months of 2019, the company turned to losses of SAR 469.36 million, against net profits of SAR 1.81 billion in the January-September period in 2018.

Mubasher Contribution Time: 23-Jan-2020 12:58 (GMT)
Mubasher Last Update Time: 23-Jan-2020 12:58 (GMT)