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Saudi Kayan Petrochemical Company announces the preliminary financial results for the period ending December 31, 2009 (Twelve Months)

17/01/2010

1.Realized net loss of (SR 0.366 Million) for the 4th  QTR 2009 compared to net loss of (SR 8.36 Million) for the 4th  QTR 2008 , lower by  95.62 % . and net loss of (SR 3.7 Million ) For the 3rd   QTR 2009, lower  by 90.16%.

 

2.Realized net loss of (SR 16.84 Million) for the twelve months ending December 31, 2009 compared to net profit of (SR 171.56 Million ) for the same period last year.

 

3.The per share loss for the twelve months ending December 31, 2009 was (SR 0.011) compared to per share profit (SR 0.114)for the same period 2008.

4.Comparisons were done with the twelve months results for 2008 while published figures for 2008 covered the period from June 12,  2007  till December 31, 2008.

 

5.Saudi Kayan is still in the pre operating stage and all these gains or losses during this stage are classified as none operational. On this occasion, Eng. Mutlaq Al-Morished, Chairman of the Board of Directors of Saudi Kayan and Executive Vice President, SABIC Corporate Finance reported:” Implementation works are well on track.