Saudi Kayan Petrochemical Company’s full year 2015 net loss has widened as production slumped and sales volumes dropped amid falling oil prices and waning demand for petrochemical products.

The company’s net loss plunged to SR1.243bn ($331.3m) at the end of last year, down from SR44.71m reported for 2014. Kayan’s operational loss sat at SR593.53m compared with a profit of SR522m from a year earlier period, it said in a stock exchange filing.

“Other contributing factors to the net losses include a decrease in average selling prices, creating a provision for slow moving and dormant spare parts inventory for the plants,’’ according to a Kayan statement. An increase in financial charges and zakat provision, also contributed to losses.

Petrochemical companies are struggling with a decline in oil prices and falling demand for petrochemical products, especially, in the emerging markets including China and Brazil.

Saudi group Rabigh Refining & Petrochemical Company (PetroRabigh) on 21 January also said its net loss increased five-fold in the fourth quarter of 2015 due to a plant shutdown and lower petrochemicals margins.

The company reported a net loss of SR1.01bn for the last three month of 2015 compared with the net loss of SR198m in the same period of 2014. For the full year, the company reported a net loss of SR759m compared with a net profit of SR681m over the 12 months of 2014.