Riyadh – Mubasher: Saudi Kayan Petrochemical Company reported an increase in net losses by 161.67% during the first quarter (Q1) of 2020.

The net loss after Zakat and tax amounted to SAR 516.78 million in Q1-20, compared with SAR 197.49 million for the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The reason for the increase in net loss is due to a decrease in the average selling prices of products and a decrease in the quantities sold, as a result of most company factories that were stopped due to the scheduled periodic maintenance previously announced.

In addition, the company saw an increase in the average cost of feedstock and a decrease in financing costs.