RIYADH: Saudi Kayan Petrochemical Co. has recorded a 72 percent fall in profit during the first half of 2022 on the back of higher feedstock costs and lower selling prices.
Profits of the homegrown petrochemical producer fell to SR360 million ($96 million) from SR1.3 billion in the same period a year earlier, according to a bourse filing.
Saudi Kayan attributed the fall to a rise in the average cost of feedstock and lower selling prices, despite an increase in sales of 16 percent to SR6.5 billion.
The profit per share amounted to SR0.24, against SR0.85 a year ago.
Headquartered in Jubail Industrial City, Saudi Kayan is a leading chemical company operating in the Kingdom’s petrochemical sector since 2007.
