In 2006, Saudi Basic Industries Corporation became a strategic partner in the creation of a company called Saudi Kayan and entered into a loan agreement for Saudi Kayan of USD 4,8 billion with BNP Paribas and Samba Financial Group as financial consultants and leading organizers.
After that, Kellogg Brown and Root received permission to build a 1.55 million tonne annual Saudi Kayan ethylene plant.
At the end of 2007, the company entered into contracts for the construction of plants for the production of bisphenol-A, polycarbonate, polyolefin, polypropylene, polyethylene and so on.
In May 2008, Saudi Kayan entered into a 15-year agreement with a group of regional and international financial institutions and banks to finance the construction of a new complex of USD 6 billion.
At the end of 2009, the Saudi Kayan petrochemical complex with a capacity of 6 million tons per year was put into operation, and in 2010 the project was fully completed. At that time, Saudi Basic Industries Corporation owned a 35% stake in the company.
Interim financial statements for the second quarter of 2019 indicate that the company suffered losses – 273,13 million riyals against a profit of 878,65 million riyals.
Revenues fell 31.07% year on year to 2,42 billion riyals for the three months ending in June.
The reason for the net loss is a decrease in the average selling price of products and an increase in financing costs, despite a reduction of the average cost of raw materials, administrative and general expenses, costs of sale and distribution.
For the first half of 2019, Saudi Kayan suffered a loss of 470,62 million riyals, compared with a profit of 1,34 billion riyals in the first half of the year. Revenues decreased by 20.4% to 4,97 billion riyals in the first half of last year compared with 6,25 billion riyals in the same period a year earlier. Losses per share for the first six months of 2019 amounted to – 0.31%.
The net profit of Saudi Kayan for 2018 amounted to 1,7 billion riyals, which is 154.8% more than in the previous year; this is due to improved operating performance in most plants, which led to an increase in production and sales. Also, average selling prices for that period increased, despite an increase in administrative, general expenses, selling and distribution costs, as well as higher financial fees.
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