The Saudi Kayan Petrochemical Company achieved a profit growth of 185.6% to reach, after zakat and tax, 452.5 million riyals in the fourth quarter of 2021, compared to 158.4 million riyals in the fourth quarter of 2020.
According to Arabia Net, profits fell on a quarterly basis by 32%, from 667.4 million riyals in the previous quarter.
The value of the company’s operating profits amounted to about 543 million riyals in the fourth quarter of 2021, compared to 299 million riyals in the fourth quarter of 2020, a growth of 81%.
The reason for the increase in net profit, according to a company statement, is due to the increase in the average selling prices of the company's products and a decrease in financing costs despite the increase in the average cost of feedstock.
The value of Kayan’s annual profits amounted to 2.4 billion riyals, compared to losses of 748 million riyals, in 2020.
