Saudi Kayan Petrochemical Company has posted a net profit for the first time in 18 months, following five straight quarterly losses.
Saudi Kayan revealed net profits of $24.27 million in the second quarter of 2016, compared with a $3.58 million loss in Q2 2015.
In a company statement, Saudi Kayan sited an increase in sales volumes as being the main catalyst for the strong financial results. The company was able to restart its ethylene glycol plant in April 2016. It is believed that the revenue derived from the resumed production eclipsed the estimated shutdown cost of $25.6 million.
Saudi Kayan is a subsidiary of Saudi Arabia’s enormous downstream oil and gas firm Sabic. Saudi Kayan is based in Jubail and operates one of the region’s biggest petrochemical plants. The firm produces a range of downstream products, including: Ethanolamines, ethoxylates, phenol, cumene and polycarbonate which provide a wide web of opportunities for the downstream industries within the Kingdom.
Besides the products mentioned above, Saudi Kayan also produces ethylene, propylene , polyethylene, polypropylene and ethylene glycol.
