Drop in demand weighs on profits of petrochemical firm Kayan

RIYADH: Saudi Kayan Petrochemical Co.’s profit was dragged down by lower demand during the first quarter, the firm’s chairman, Ahmed Al-Shaikh, told Argaam. Riyadh-listed Kayan saw its net profit plunge by 57.5 percent to SR209 million ($55.7 million), down from SR493 million for the same period last year. Al-Shaikh attributed the profit decline to a number of challenges,

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