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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

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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.