Saudi Kayan Petrochemical company (Kayan) [2350.SE] has announced its 3Q16 financial results, showing net profit of SAR156.3mn (+72% Q-o-Q) compared to a net loss of SAR13.81mn in 3Q15. Gross profit came in at SAR467.33mn (+74% Y-o-Y ,+18% Q-o-Q), while operating profit came in at SAR369.4mn (+111% Y-o-Y ,+27% Q-o-Q). The company added that the current revenues for 3Q16 came in at SAR2,313mn (+5.4% Y-O-Y), and that the shareholders equity is currently at SAR12,837mn. The company’s management attributed the better results to the i) improvement in the volumes sold; ii) decrease in feedstock prices; iii) decrease in marketing costs; and iv) improvement in operating performance. The company also mentioned that it has faced several challenges such as the decrease in the average product prices and increase in operational expenses. (Tadawul)