Tawasul
Mubasher TV
Contact Us Advertising   العربية

Saudi Kayan moves to SAR 28m loss in Q3

Saudi Kayan moves to SAR 28m loss in Q3
The turn to loss was driven by a slump in the average selling prices of products.
SAUDI KAYAN
2350
3.45% 12.00 0.40

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.