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Saudi Kayan posts SAR 462.6m profit in Q1

Saudi Kayan posts SAR 462.6m profit in Q1
The firm attributed the rise in its first-quarter profits to a growth in an average of sales prices
SAUDI KAYAN
2350
-13.77% 9.02 -1.44

Riyadh – Mubasher: Saudi Kayan Petrochemical Company on Sunday reported a 74.3% year-on-year jump in its profits for the first quarter of 2018.

Kayan’s profits amounted to SAR 462.6 million during Q1-18, compared to SAR 264.5 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed the rise in its first-quarter profits to a growth in an average of sales prices, as well as a decline in operating costs.

Sales’ revenues increased 2.25% to SAR 2.7 billion for the three-month period ended 31 March 2018, compared to SAR 2.67 billion in the year-ago period.

The company’s total income surged 83% to hit SAR 485.04 million during Q1-18 versus SAR 265.46 million for the same period in the prior year.