Saudi Kayan swings to Q3 net profit
Riyadh, October 20, 2013
Saudi Kayan Petrochemical said it has registered a net profit of SR43.3 million ($11.55 million) in the third quarter compared to a net loss of SR178.4 million in the same period last year.
A unit of Saudi Basic Industries Corp (Sabic), Saudi Kayan has a capital of SR15 billion. It is building a large manufacturing complex in Jubail Industrial City with eventual planned output capacity of 6 million tonnes a year.
The company will also make ethylene, propelene, polypropelene, butene-1 and other products.
After the announcement of the results, the shares in Kayan surged 8.8 per cent to its highest since August 22. Sabic too climbed 5.6 per cent as investors appeared optimistic over petrochemical firms' estimate-beating earnings.-Reuters