Saudi Kayan Petrochemical Company (SAUDI KAYAN) has  announced its interim financial results for the period ending December 31, 2011:  

1. Realized net loss of SR 190.75 million for the 4Q2011 compared to net loss of SR 4.11 million for the 4Q2010, an increase of 4542 %, and compared to net loss of SR 35.16 million for the 3Q2011, an increase of 443%.
2. Realized gross profit of SR 32.44 million for the 4Q2011.
3. Realized operating loss of SR 56.16 million for the 4Q2011.
4. Realized net loss of SR 250.25 million for the 12 months period compared to net loss of SR 14.61 million for the same period in 2010, an increase of 1613%.  
5. The per share loss for the 12 months period was SR 0.167 compared to per share loss of SR 0.010 for the same period in 2010.
6. Realized gross profit of SR 32.44 million for the 12 months period in 2011.
7. Realized operating loss of SR 56.16 million for the 12 months period in 2011.
8. The reason for an increase in losses during the 4Q2011 and 12 months period in 2011, as compared to the 4Q2010 and the same period in 2010, is due to a decrease in the prices of petrochemical products during the last quarter and the increase in Zakat provisions.

The company started commercial operation on October 1, 2011 and it is normal to take some time for such mega petrochemical complex to improve the performance and stabilize production. This was stated by Mutlaq Al-Morished, Chairman of the Board of SAUDI KAYAN and Executive Vice President, SABIC Corporate Finance.