Riyadh – Mubasher: Saudi Kayan Petrochemical turned profitable in the third quarter of 2016, according to a bourse statement.
The company sees profits of SAR 156.32 million ($41.7 million) in Q3-16, against losses of SAR 13.81 million ($3.68 million).
The company’s positive results are mainly driven by increased production and sales, recovery of operational performance and lower feedstock costs.
Kayan posted profits of SAR 31.07 million in the first nine months of 2016, against losses of SAR 618.87 million in the prior-year period.
Revenues rose 5.4% to reach SAR 2.3 billion in Q3-16, compared to SAR 2.2 billion in Q2-15.
In the nine-month period of 2016, revenues went up 1% to SAR 6.16 billion from SAR 6.1 billion in the corresponding period of 2015.
