Riyadh – Mubasher: Saudi Kayan Petrochemical recorded profits during the fourth quarter of 2016 versus losses in the same period of 2015.
Saudi Kayan achieved SAR 103.65 million ($27.64 million) worth net profit in Q4-16, against losses standing at SAR 624.14 million ($166.4 million) in Q4-15, according to a bourse filing issued on Monday.
During the fiscal year 2016, the company reported a net profit of SAR 134.73 million, versus losses worth SAR 1.24 billion in the previous fiscal year.
Saudi Kayan Q4 financials turn profitable The Saudi firm clarified that the positive turn in both Q4 and annual finical statements was attributed to improvement in the increasing number of products and sales, the good operating performance, and Kayan’s growing share in profits from an associate, the statement added.
