Riyadh – Mubasher: Saudi Kayan Petrochemical Company turned to a net loss of SAR 28.16 million in the third quarter (Q3) of the year, against net profits of SAR 1.26 million in the corresponding period a year earlier.

The move to losses was driven by a slump in the average selling prices of the company's products, according to a bourse disclosure on Tuesday.

This came despite an increase in the quantities sold, a drop in the average feedstock cost, and lower financing costs and general and administrative expenses.

Revenues slipped by 8.6% yearly, standing at SAR 2.1 billion in the July-September period.

In the first nine months of 2020, the company’s losses deepened by 100.9% to SAR 943.14 million from SAR 469.36 million in the prior-year period.