Saudi Kayan Announces the Interim Financial Results

14/04/2013 09:00 AST

Saudi Kayan Petrochemical Company (Saudi Kayan) announces the interim financial results for the period ended 31/03/2013:

1.The net loss for the first quarter 2013 was SR (154.87) million compared to SR (71.12) million for the same quarter last year with an increase of 117.8% and compared to SR (194.45) million for the previous quarter with a decrease of 20.4%.

2.The gross profit for the first quarter 2013 was SR 58.73 million compared to SR 132.23 million for the same quarter last year with a decrease of 55.6 %.

3.The operating loss for the first quarter 2013 was SR (10.73) million compared to operating profit of SR 75.65 million for the same quarter last year.

4.The per share loss for the three month period ended March 31, 2013 was SR (0.103) compared to SR (0.047) for the same period last year.

5.The increase in losses in the first quarter 2013 compared to the same quarter last year is due to increase in cost of sales as a result of a decrease in production and sales volume due to the scheduled turnaround for some production units. In addition, there was an increase in selling, general & administrative expenses and Zakat provision.

6.The decrease in losses in the first quarter 2013 compared to the previous quarter is due to improvement in the average selling prices for some of the company products , decrease in selling, general and administrative expenses despite the increase in Zakat provision and the decrease in the sales volume.

Tadawul