Riyadh – Mubasher: National Petrochemical Company (Petrochem) reported its interim consolidated financial statement for the first half of 2019.
Net profits after zakat and tax decreased by 36.4% to SAR 183 million during the second quarter of 2019, compared to SAR 288 million in Q1-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
The firm attributed the drop in profits to lower average selling prices, noting that there was a decrease in sales and distribution expenses, general and administrative expenses, financing costs, zakat expenses, At the same time, an increase in other income during the current quarter.
Total revenues plunged by 26.2% year-on-year to SAR 1.65 billion by the end of June.
In H1-19, Petrochem’s net profits declined by 40% to SAR 371 million, from SAR 622 million in H1-18.
Revenues of the Saudi-based company retreated by 17.5% to SAR 3.6 billion in H1-19, compared to SAR 4.45 billion in the same period of the prior year.
Profit per share stood at SAR 0.77 during the six-month period between January and June, compared to SAR 1.3 in the corresponding period in the prior fiscal year.
