Riyadh – Mubasher: Sahara Petrochemical Co achieved an increase of 3.1% in net profits during fiscal year 2017 compared to the previous fiscal year.
Earnings grew to SAR 444.5 million in FY17 from SAR 431.4 million in FY16, according to a bourse filing to the Saudi Stock Exchange (Tadawul) on Thursday.
It is noteworthy that Sahara Petrochemical posted SAR 349.7 million profits in the first nine months of 2017, 31.9% higher than SAR 265.1 million in the corresponding period in FY16.
Sahara Petrochemical clarified that the growth in FY17 net profits is attributed higher profits achieved by Tasnee and Sahara Olefins company due to increases in sales prices and volumes in Saudi Ethylene and Polyethylene Company, the bourse filing added.
“The increase in net profit was in spite of the increase in losses in the Saudi Acrylic Acid Company due to the decline in the value of the assets of the polymer absorption plant of Saudi Acrylic Company, which is 75% owned by the Saudi Acrylic Acid Company in partnership with the German company Ivonk,” Sahara Petrochemical added.
It is noteworthy that on 27 December, the board members of the company recommended a cash dividend of 10% or a total of SAR 438.8 million for FY17.
At the stock level, Sahara closed Thursday’s session 0.4% higher at SAR 16.68.
