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Saudi petchem firms report improved third-quarter results, Kayan swings to profit

8:13 AM MDT | October 10, 2013 | Natasha Alperowicz

Saudi Kayan, a Sabic affiliate; Sahara Petrochemical Co.; and Advanced Petrochemical today reported much better third-quarter results. Kayan reported net profit of 43.27 million Saudi riyal ($11.4 million) compared with a loss of SR178.37 million in the year-ago period. Operating profit in the quarter was SR198.2 million compared with an operating loss of SR24.86 million in the third quarter of 2012. The company cites increased production and sales volumes as well as average selling prices for most of its products as well as lower financial charges. Sales were...

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