Saudi Kayan Petrochemical Company announces the annual financial results from inception (June 12, 2007) to December 31, 2008 (19 months).
Net profit from inception (June 12, 2007) to December 31, 2008 was 494.08 million and there is no previous periods for comparison.
The profit per share in this 19 months period is SAR 0.33 .
These profits are the result of “Murabaha” investments of cash balances of the paid capital. The construction of complex units is being financed from these balances and all profits and losses shown are considered as non-operational .
Mutlaq Al-Morished, Chairman of the Board of Directors of Saudi Kayan and Vice President, SABIC Corporate Finance reported:” Implementation works are well on track. 92.5 percent of engineering works have been completed by end of 2008 with an average completion of engineering, supply and construction works at 63.3 percent.