Saudi producers report financial results for Q3
Kayan’s net income in the July- September period rose 55% year over year to Riyals 66.9 million ($18 million) which the company attributed to more sales at higher prices and a decrease in feedstock costs. The company’s Jubail site houses a 1.478 million tons/year ethylene plant, a 630,000 tons/year propylene plant, a 350,000 tons /year PP plant and a 400,000 tons /year HDPE plant.
Yansab’s net income fell 20.06% on a yearly basis to reach Riyals 691.3 million ($184.3 million) in the third quarter. However, it was an increase of 12.8% from Riyals 613 million posted for the second quarter of the year. The company cited lower sales volumes and higher feedstock prices as the main reasons behind weaker yearly results. Yansab operates a 1.3 million tons/year ethylene plant, a 700,000 tons/year propylene plant and a 700,000 tons/year MEG plant among other products in Yanbu.
Meanwhile, Sipchem reported a 13.3% decrease year over year in their net profit for the third quarter of 2014 with net profit reaching Riyals 160.6 million ($27.1 million). On a quarterly basis, its profit decreased 34.34% compared to Riyals 244.6 million recorded in the second quarter. The company attributed their weak financial results to shutdowns at its methanol and butanol plants as well as higher feedstock costs.
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