The quarterly profit of the Saudi Kayan Petrochemical Company, after zakat and taxes, increased by 185.6% in the fourth quarter of 2021 to 452.5 million riyals, compared to 158.4 million riyals in the fourth quarter of 2020.
Profits decreased on a quarterly basis by 32%, from 667.4 million riyals in the previous quarter.
The value of the company’s operating profits was approximately 543 million riyals in the fourth quarter of 2021, compared to 299 million riyals in the fourth quarter of 2020, an increase of 81%.
The reason for the increase in net profit, according to a press release from the company, is due to the increase in the average selling prices of the company’s products and the decrease in financing costs despite the increase in the average cost of raw materials.
The value of Kayan’s annual profits was 2.4 billion riyals, compared to losses of 748 million riyals in 2020.
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