Saudi Kayan Petrochemical shares lower after reporting Q1 profits drop

RIYADH: Saudi-listed Kayan Petrochemical's shares slumped early this morning after the company reported a drop in first-quarter profits.

As of 11:16 a.m. Saudi time, shares were down 7.55 percent at SR18.62 as opposed to SR20.14 from the previous close.

Saudi Kayan Petrochemical Co. saw its net profit plunge by 57.5 percent for the first quarter of 2022.

The net profit declined to SR209 million ($55.7 million), down from SR492.9 million for the same period last year, according to a bourse filing.

The company blamed the fall in profits on a decrease in average sale prices, despite an increase in sales.