A picture taken on January 17, 2016 shows the headquarters of Saudi Basic Industries Corporation (SABIC) in the Saudi capital Riyadh. (AFP)
Saudi Kayan Petrochemical swings to net profit in the third quarter
The company, an affiliate of Saudi Basic Industries Corp, made a net profit of 156.32 million riyals in the three months to Sept. 30
Saudi Kayan Petrochemical Co swung to a net profit in the third quarter, it said in a statement on Thursday, beating analysts’ estimates.
The company, an affiliate of Saudi Basic Industries Corp, made a net profit of 156.32 million riyals ($41.7 million) in the three months to Sept. 30, compared with a loss of 13.81 million riyals in the same period of 2015.
Analysts at SICO Bahrain had forecast the firm would make a net profit of 105.00 million riyals, while analysts at NCB Capital had forecast a profit of 95.00 million riyals for the quarter.
