Saudi Kayan announces the interim financial results for the period ended 31/12/2012 (twelve months) 13/01/2013

Saudi Kayan Petrochemical Company (Saudi Kayan) announces the interim financial results for the period ended 31/12/2012:

1. The  net loss for the fourth quarter 2012 was SR (194.45) million compared to SR (190.75) million for the same quarter last year with an increase of 1.9 % and compared to SR (178.37) million for the previous quarter with an increase of 9 %.
2. The gross profit for the fourth quarter 2012 was SR 38.99 million compared to SR 32.44 million for the same quarter last year with an increase of 20.2 %.
3. The operating loss for the fourth quarter 2012 was SR (67.49) million compared to SR (56.16) million for the same quarter last year with an increase of 20.2 %.
4. The net loss for the twelve months period ended December 31, 2012 was SR (772.27) million compared to SR (250.25) million for the same period last year with an increase of 208.6 %.
5. The per share loss for the twelve months period ended December 31, 2012 was SR (0.515) compared to SR (0.167) for the same period last year.
6. The gross profit for the twelve months period was SR 151.61 million compared to SR 32.44 million for the same period last year with an increase of 367%.
7. The operating loss for the twelve months period was SR (178.84) million compared to SR (56.16) million for the same period last year with an increase of 218.4%.
8. The increase in losses in the fourth quarter 2012 compared to the same quarter last year is due to increase in cost of sales, increase in Selling, general & administrative expenses and financial expenses. Whereas, the Zakat provision was adjusted to reflect the total Zakat provision for the year 2012. Also, the Company has achieved an increase in the quantities produced and sold as a result of improved operational performance.
9. The twelve months period comparison to the same period last year is not applicable as the company started commercial operation from 4th quarter 2011.
10. The increase in losses in the fourth quarter 2012 compared to the previous quarter is due to increase in cost of sale as a result of increase in feedstock cost. Increase in Selling, general and administrative expenses also contributed to losses. Whereas, the Zakat provision was adjusted to reflect the total Zakat provision for the year 2012. Also, the Company has achieved an increase in the quantities produced and sold as a result of improved operational performance.

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