Riyadh – Mubasher: Saudi Kayan Petrochemical Company on Monday reported that net losses after calculating Zakat and Tax tumbled 50% year-on-year in the fourth quarter of 2018.

Kayan suffered a loss of SAR 110.9 million from October to December 2018, compared to SAR 220.32 million in the prior-year period, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the decline in losses to an improvement in operating performance of its plants which contributed to boosting produced and sold products.

Revenues levelled up 14.3% to SAR 2.63 billion during Q4-18, from SAR 2.30 billion in Q4-17.

Operating profits skyrocketed 429.4% year-on-year reaching SAR 61.52 million in the October-December period of 2018, compared to SAR 11.62 million.

Quarter-on-quarter, the company turned to losses in the quarter ended December, after generating a profit of SAR 471.9 million in the previous quarter.

For the full-year 2018, Saudi Kayan’s net profits after calculating Zakat and Tax surged 155% to SAR 1.70 billion, versus SAR 668.17 million.

Sales rose 23% to SAR 12.26 billion last year, compared to SAR 9.98 billion in 2017.

Operating profits jumped 63% year-on-year to SAR 2.66 billion in 2018, against SAR 1.63 billion in the year before, while earnings per share (EPS) amounted to SAR 1.13, compared to SAR 0.44.

The stock inched up 0.71% to close Sunday's trading session at SAR 14.18.