Riyadh – Mubasher: Saudi Kayan Petrochemical Company reported turning to losses in the first quarter of 2019, against generating profits in the year-ago period.
The firm’s losses amounted to SAR 197.48 million in Q1-19, against SAR 462.58 million in profits during Q1-18, according to a statement released on Monday to the Saudi Stock Exchange (Tadawul).
Saudi Kayan Petrochemical attributed first-quarter losses to a decrease in average selling prices of most products, as well as higher financing costs.
Quarter-on-quarter, losses increased by 78%, from SAR 110.9 million in Q4-18.
