Saudi Kayan’s Q3 net loss widens to SR178.4m on lower prices

15 October 2012 04:57  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Kayan Petrochemical’s third-quarter realised net loss widened to Saudi riyal (SR) 178.4m ($47.6m) this year from SR35.2m in the same period in 2011, on the back of lower average selling prices, the company said over the weekend.

The company posted an operating loss of SR24.9m in the July-September this year, it said in a filing to the Saudi Stock Exchange or Tadawul on 14 October.

Saudi Kayan started commercial operations for most of its plants at Al Jubail in Saudi Arabia on 1 October last year.

For the first nine months of this year, the company’s realised net loss widened to SR577.8m from SR59.5m in the same period of 2011. It posted an operating loss of SR 111.4m in the same period.

Saudi Arabian chemicals major SABIC owns a 35% stake in Saudi Kayan Petrochemical, while Al-Kayan Petrochemical holds a 20% stake. The remaining 45% is held by public shareholders.

($1 = SR3.75)

By: Nurluqman Suratman

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