DMEA: Saudi Kayan moves from profit to loss in Q3 2022

Saudi Kayan Petrochemical Co., a Jubail-based manufacturer of chemicals, polymers and specialty products, sustained a loss in the third quarter of 2022 after operating in the black in the same period of the previous year.

According to a statement filed with the Tadawul exchange in Riyadh, the company lost SAR812.27mn ($216.15mn) between July and September, marking its largest quarterly loss since its initial stock exchange listing on October 1, 2011. By contrast, it earned a profit of SAR667mn ($177.49) in the third quarter of 2021.

Saudi Kayan posted similar results for the first nine months of 2022, shifting from profit to loss. It sustained losses of SAR453mn ($120.55mn) in the January-September period of this year after making a profit of SAR1.9bn ($505.6mn) in the same interval of 2021.

Additionally, it saw the value of its sales reach SAR9.1bn ($2.42bn) in the first nine months of 2022, slightly up on the previous year’s figure.