Riyadh – Mubasher: Saudi Kayan Petrochemical Company on Sunday has said that net profits skyrocketed 263% year-on-year in the second quarter of 2018.

Kayan saw SAR 878.7 million net profits during Q2-18, compared to SAR 242 million in Q2-17, according to a bourse statement.

Quarter-on-quarter, profits jumped 90%, from SAR 462.6 million.

The company attributed the large increase in its year-on-year net profits to an improvement in operating performance for most of its plants that led to a growth in sold and produced volumes.

Kayan further indicated that its profits soared due to a rise in average of products' selling prices.

Sales revenues grew 53%, reaching SAR 3.52 million during Q2-18, compared to SAR 2.31 million in the year-ago period.

At the level of first six months of current year, Kayan’s net profits surged 164.3%, reaching SAR 1.34 billion, compared to SAR 507.5 million during H1-17.

Sales revenues increased 26% to SAR 6.25 billion in H1-18, from SAR 4.98 billion in the year-ago period.

Kayan’s stock inched up 0.83% to close Sunday at SAR 17.08.