The financial statements of the Saudi Kayan Petrochemical Company showed a decline in the company's profits in the first quarter of this year by 57.5% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Monday, the profits for the period amounted to 209.4 million riyals, compared to profits of 492.9 million riyals for the same period in 2021.< /p>
The company said in a statement to the Stock Exchange that the reason for the decrease in net profit during the comparison periods is due to the high average cost of production inputs, in addition to a decrease in the average selling prices of products despite Increase in sold quantities.
It also clarified that the reason for the decline in net profit during the period is due to the decrease in the average selling prices of products despite the decrease in the average cost of production inputs.
