The Saudi Kayan Petrochemical Company announced its transformation to achieving profits after zakat and tax in the third quarter of 2021 to 667.45 million riyals, compared to a loss of 28.16 million riyals in the same quarter of 2020.
The company recorded a decrease of 14.53% in the third quarter of 2021, compared to a profit of 781 million riyals in the previous second quarter.
The company explained in a statement to “Saudi Tadawul”, today, Sunday, that the profits in the third quarter are due to an increase in the average selling prices of products and a decrease in financing costs, despite an increase in the average cost of feedstock and a decrease in the quantities sold.
In terms of results for the first nine months of 2021, the company turned to achieve profits of 1.941 billion riyals, compared to a loss of 1.009 billion riyals in the corresponding period of 2020.
The company indicated that as a result of the profits achieved at the end of the third quarter of the fiscal year 2021, all the accumulated losses on the company were amortized, as the balance of the retained earnings amounted to 458.24 million riyals.
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