Saudi Kayan Petrochemical announces the annual financial results for the period ending on 31-12-2015
· Issued by Saudi Kayan Petrochemical Co.
07 Feb 2016
ELEMENT
CURRENT YEAR
PREVIOUS YEAR
% CHANGE
NET PROFIT (LOSS)
-1,243.01
-44.71
-2,680.16
EARNING OR LOSS PER SHARE, RIYALS
-0.83
-0.03
-
GROSS PROFIT (LOSS)
-209.04
975.6
-
OPERATIONAL PROFIT (LOSS)
-593.53
522.78
-
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT
EXPLANATION
Reasons of annual financial results
The increase in net losses during the current period as compared to the same period last year is due to a decrease in production and sales volumes associated with the first quarter scheduled turnaround which was announced on Tadawul on Feb. 1, 2015. Other contributing factors to the net losses include a decrease in average selling prices, creating a provision for slow moving and dormant spare parts inventory for the plants, increase in financial charges and zakat provision. The net losses incurred despite decrease in feedstock costs, decrease in marketing fees from SABIC and selling, general and administrative expenses.
Reclassifications in annual financial results
Certain amounts have been reclassified to conform to the presentation of current period.
