Saudi Kayan Reports Increase in Net Loss

Saudi Kayan, a Sabic affiliate, said on Saturday that it made a net loss of SR250.25 million ($66.73 million) in 2011 compared with a net loss of SR14.61 million in 2010. The company realized a gross profit of SR32.44 million and an operating loss of SR56.16 million. Saudi Kayan, citing chairman of the board Mutlaq Al Morished, attributes the increased net loss to lower petrochemical prices in the fourth quarter of 2011 and an increase in the obligatory Zakat Islamic charity provisions. Saudi Kayan commenced commercial operation at its large complex at...

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