Riyadh – Mubasher: Saudi Arabia-based National Petrochemical Company (Petrochem) on Wednesday reported a 40% year-on-year profit decline during the fourth quarter of 2018 after calculating Zakat and Tax.
Petrochem’s net profits amounted to SAR 236 million from October to December 2018, down from SAR 391 million in the same period of 2017, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the fourth-quarter profit drop to a decline its products.
Revenues inched up 0.64% to SAR 2.18 billion during Q4-18, compared to SAR 2.16 billion in the same period in 2017.
Quarter-on-quarter, profits fell 23% in the October-December period of 2018, from SAR 307 million.
Petrochem’s profits after calculating Zakat and Tax levelled up 31% to SAR 1.16 billion from January to December last year, compared to SAR 888 million in 2017.
The company attributed 2018 profit rise to an increase in sales, coupled with lower administrative, general, and Zakat expenses.
Sales jumped 21% to SAR 8.93 billion in the twelve-month period ended last December, from SAR 7.36 billion in the same period of 2017.
Earnings per share (EPS) amounted to SAR 2.43 in 2018, compared to SAR 1.85.
Petrochem’s stock inched down 0.19% to close Wednesday’s trading session at SAR 25.75.
