JEDDAH – Saudi Kayan Petrochemical Company posted a net loss of SR194.45 million for the fourth quarter of 2012, compared with SR190.75 million for the same quarter last year, an increase of 1.9 percent and compared to SR178.37 million for the previous quarter, or an increase of 9 percent. The gross profit for the fourth quarter 2012 was SR38.99 million compared to SR32.44 million for the same quarter last year, with an increase of 20.2 percent. Operating loss was SR67.49 million compared to SR56.16 million for the same quarter last year, or an increase of 20.2 percent. The net loss for the 12-month period ended Dec. 31, 2012 was SR772.27 million compared to SR250.25 million for the same period last year, with an increase of 208.6 percent. The per share loss for the 12-month period was SR0.515 compared to SR0.167 for the same period last year. The gross profit for the 12-month period was SR151.61 million compared to SR32.44 million for the same period last year, with an increase of 367 percent. Operating loss for the 12-month period was SR178.84 million compared to SR56.16 million for the same period last year, or an increase of 218.4 percent. 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. 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. The company noted though that it achieved an increase in the quantities produced and sold as a result of improved operational performance. — SG
