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Saudi Kayan incurs SAR 197.5m losses in 3M

Saudi Kayan incurs SAR 197.5m losses in 3M
The company attributed Q1-19 losses to a decrease in selling prices of most products
SAUDI KAYAN
2350
-2.15% 10.00 -0.22

Riyadh – Mubasher: Saudi Kayan Petrochemical Company reported turning to losses in the first quarter of 2019, against generating profits in the year-ago period.

The firm’s losses amounted to SAR 197.48 million in Q1-19, against SAR 462.58 million in profits during Q1-18, according to a statement released on Monday to the Saudi Stock Exchange (Tadawul).

Saudi Kayan Petrochemical attributed first-quarter losses to a decrease in average selling prices of most products, as well as higher financing costs.

Quarter-on-quarter, losses increased by 78%, from SAR 110.9 million in Q4-18.