Saudi Kayan has announced its 1Q18 financial results, showing net profit of SAR463mn (+74% Y-o-Y vs. net loss of SAR220mn in 4Q17). Gross profit came in at SAR862mn (+22% Y-o-Y vs. gross profit of SAR158mn in 4Q17), while operating profit was stated at SAR721mn (+30% Y-o-Y vs. SAR12mn operating profit in 4Q17). Revenues came in at SAR2,727mn, which represents a 2% Y-o-Y increase. The company stated that the strong Q-o-Q results came on the back of: i) increase in sales volume and operating performance after debottlenecking projects conducted in 4Q17; and ii) increase in product prices.
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