Saudi Kayan Petrochemical Company on Sunday posted a 23.85% year-on-year profit growth for the third quarter of 2018.
Net profits amounted to SAR 471.9 million in the three-month period ended September, compared to SAR 381.03 million in the prior-year period, according to a filing to the Saudi Stock Exchange (Tadawul).
Kayan attributed the thord-quarter profit increase to the improvement in operating performance for most of the plants that contributed to increasing the produced and sold quantities.
The growth in the average selling prices of products also helped in boosting the company’s net profits despite the increase in average feedstock price.
During the first nine months of 2018, Saudi Kayan’s profit hiked 104% to SAR 1.8 billion, from SAR 888.5 million in the same period of the prior year.
By the end of Sunday’s session, Saudi Kayan’s stock plunged 2.97% at SAR 15.04.