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Saudi Kayan swings to profits in Q4

Saudi Kayan swings to profits in Q4
The company’s revenues reached SAR 2.5 billion in Q4-20.
SAUDI KAYAN
2350
3.43% 16.90 0.56

Riyadh – Mubasher: Saudi Kayan Petrochemical Company returned to profitability in the fourth quarter (Q4) of 2020, gaining SAR 158.4 million in net profits, against losses of SAR 167.4 million in the same period a year earlier.

The move to profits was helped by a rise in the average selling prices of products and a decrease in the average cost of feedstock, coupled with a drop in financing costs as well as general and administrative expenses, according to a bourse disclosure on Thursday.

The company’s revenues reached SAR 2.5 billion in Q4-20, up by 9.6% annually.

During fiscal year (FY) 2020, Saudi Kayan’s losses widened by 23.2% on a year-on-year basis to total SAR 784.7 million.