Riyadh – Mubasher: Saudi Kayan Petrochemical on Thursday said its profits surged 140.91% year-on-year in the third quarter of 2017.
Net profits stood at SAR 381.03 million in Q3-17, compared to SAR 158.16 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled up 57.44%.
Saudi Arabia-based petrochemical firm attributed the year-on-year growth in net profits to the increase in sales' prices.
At the level of the first nine months of 2017 profits skyrocketed 1369% to reach SAR 888.5 million, compared to SAR 60.48 million in the corresponding period in the year earlier.
Saudi Kayan’s stock went down 2.14%, closing at SAR 8.69 on Wednesday.
