Saudi petro firm Kayan settles $450m loan repayment to cut financing cost 

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Saudi-listed Kayan had seen its net profit plunge by 57.5 percent to SR209 million in the first quarter of 2022. (Supplied)
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RIYADH: Saudi Kayan Petrochemical Co. has cut its financial costs after paying SR1.68 billion ($450 million) as an early loan settlement.

The petrochemical firm said in a bourse filing that the transaction will reduce financial costs by nearly SR72 million.

Saudi-listed Kayan had seen its net profit plunge by 57.5 percent to SR209 million in the first quarter of 2022, weighed down by higher average sales prices.