Saudi Kayan Petrochemical Company incurred losses of 452.8 million riyals in the period ending on September 30, 2022, compared to profits of 1.94 billion riyals achieved by the company during the same period in 2021.
According to Arabia Net, the company recorded losses of 812.3 million riyals in the third quarter of 2022, compared to profits of 667.45 million riyals for the same quarter last year.
Kayan explained in a statement that the reason for recording losses during the first nine months of this year, compared to the same period of the previous year, is due to an increase in the average cost of feedstock and a decrease in the average selling prices of products, despite the increase in the quantities produced and sold.
The company attributed the reason for recording losses during the third quarter of 2022 compared to the same quarter of the previous year to a decrease in the average selling prices of products, in addition to an increase in the average cost of feedstock, despite the increase in the quantities sold.
The company attributed the reason for recording losses during the third quarter of this year compared to the previous quarter to a decrease in the average selling prices of products and the increase in the cost of products sold, despite the decrease in the average cost of feedstock and the increase in the quantities sold.
Kayan Company stated that the shareholders' equity (after excluding minority rights) at the end of the period amounted to 16331.5 million riyals, compared to 15,974 million riyals at the end of the same period of the previous year.
