Saudi Kayan results remain in the red, shares dip

February 12, 2014 2:08 pm

The Tadawul All Share Index declined by 0.17 per cent to 8,859.20 points on Wednesday, February 12. Saudi Kayan Petrochemical Company lost 0.33 per cent, falling to SAR15.10. Earlier in the day, Saudi Kayan said that it recorded a net loss of SAR346.41 million ($93.53m) in 2013, representing an improvement of 55 per cent year on year. In a filing to the bourse, Saudi Kayan said the decrease in net losses compared with last year was due to improvement in the average selling prices for most of the company products, an increase in the sales volume and a decrease in the financial charges noting that there is an increase in Zakat (Islamic donation) provision.

Gérard Al-Fil