Riyadh – Mubasher: National Petrochemical Company (Petrochem) on Wednesday announced a 38.3% increase in net profits during the first quarter of 2017, compared to the same quarter last year, according to a bourse filing.
Net profit reached SAR 167.9 million in Q1-17, compared to SAR 121.4 million in Q1-16.
Quarter-on-quarter, the company turned to profits in Q1-17, against losses of SAR 123.6 million in Q4-16.
The rise in net profit was due to higher average prices of products, improving revenues, and declining costs of sales, the company stated.
Total revenues grew 1.5% to SAR 1.69 billion in Q1-17, compared to SAR 1.66 billion in Q1-16.
