MOSCOW (MRC) -- Saudi Kayan Petrochemical Co. turned to losses of SR812 million (USD216 million) in the third quarter of 2022, against profits of SR667 million during the same period last year, making it the company's largest loss since listing on Oct. 1, 2011, said Arabnews.
The petrochemical firm also recorded losses of SR453 million in the first nine months of 2022 on the back of higher feedstock costs and lower selling prices.
The losses were against profits of SR1.9 billion the homegrown petrochemical producer made in the same period a year earlier, according to a bourse filing.
In response to the earning announcement, shares of Kayan slipped 3.77 percent at SR13.80 to lead the fallers at 10:07 a.m. Saudi time.
Saudi Kayan attributed the losses to a rise in the average cost of feedstock and lower selling prices, despite a slight increase in sales to SR9.1 billion in the first nine months.
We remind, Saudi Kayan Petrochemical Company has appointed Metab Zaid Al-Shahrani as its new CEO, effective 24 July. Al-Shahrani has held various leadership positions at SABIC and was until recently CEO of Saudi Methanol Company (AR-RAZI). In his new role, he succeeds Omar Ali Al-Ruhaily, who will take on another position in SABIC’s manufacturing sector, Kayan said in a brief regulatory filing.