Riyadh – Mubasher: Saudi Kayan Petrochemical Company’s financial statement showed that the company turned to losses in the fourth quarter of 2017, whereas its profits soared 339% in 2017.

Net losses stood at SAR 220.3 million during Q4-17, against SAR 91.6 million net profits in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi petrochemical firm attributed the losses to a drop in production and sales on the back of suspending operation at most of its plants for scheduled maintenance, as well as the growth in average feedstock prices.

Sales’ revenues decreased 5.8% to SAR 2.31 billion in Q4-17, compared to SAR 2.45 billion in the same period a year before.

Saudi Kayan’s annual profits surged to SAR 668.2 million in 2017, from SAR 152.1 million the previous year.

Sales’ revenues levelled up 16% to SAR 9.98 billion in 2017, compared to SAR 8.61 billion in 2016.

By 10:27 am KSA time, the stock rose 0.71% to SAR 11.32.