Riyadh – Mubasher: Saudi Kayan Petrochemical Company achieved SAR 91 million ($24.26 million) net profits in the second quarter of 2016, against net losses of SAR 13.42 million ($3.58 million) in Q2-15, according to a bourse filing.
The increase in Q2-16 profits is attributed to higher sold volumes, enhanced operating performance in addition to a decline in feedstock’s expenses, marketing fees by Saudi Basic Industries Corp. (SABIC) and Zakat provisions.
The company’s losses declined 79.3% to SAR 125.25 million in the first six months of 2016 compared to SAR 605 million in the same period of 2015.
