Riyadh – Mubasher: Saudi Kayan Petrochemical Co registered a net profit, after zakat and tax, standing at SAR 1.25 million during the third quarter of 2019 when compared to SAR 471.9 million in the same period last year, a 99.735% year-on-year decrease.
Saudi Kayan attributed the plunge in Q3-19 net profits to a decline in selling prices of products, despite a decrease in the average cost of feedstock, and general and administrative expenses.
This was in addition to lower financing costs, the company said in a bourse filing on Sunday.
From January to September 2019, Saudi Kayan turned into losses of SAR 469.36 million, against net profits of SAR 1.81 billion in the nine-month period in 2018.
By the end of September 2019, the accumulated losses reached SAR 555.03 million that represented 3.5% of the total SAR 15 billion.
It is worth noting that during the second quarter of 2019, Saudi Kayan incurred a net loss of SAR 273.13 million versus profits worth SAR 878.65 million in the same quarter a year ago.
