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Kayan turns profitable in Q1-17

Kayan turns profitable in Q1-17
(Photo Credit: Company website)
SAUDI KAYAN
2350
-13.77% 9.02 -1.44

Riyadh – Mubasher: Saudi Kayan Petrochemical turned profitable in the first quarter of 2017.

The company posted profits of SAR 265.46 million in Q1-17, against losses of SAR 195 million in the year-ago period.

Profits were attributable to increased production and sales, enhanced operational performance, against higher feedstock costs and financial expenses, according to a bourse filing.

Total sales hiked 58% to reach SAR 2.67 billion in Q1-17, compared to SAR 1.69 billion in Q1-16.