Riyadh – Mubasher: Sahara Petrochemical Co. on Thursday said its net profits after calculating Zakat and tax increased by 2% year-on-year in the third quarter of 2018.
The firm posted SAR 168.5 million ($44.92 million) profits during Q3-18, compared to SAR 165.1 million ($44.02 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Sahara Petrochemical attributed the growth to a rise in profits from its subsidiary Sahara and Maaden Petrochemical Company.
At the level of the first nine months, the company’s net profits after calculating Zakat and tax surged 51.5% to SAR 530 million, compared to SAR 349.7 million in the corresponding period of 2017.
Profits went up in the January-to-September period on the back of higher profits from Tasnee and Sahara Olefins Company, Al-Waha Petrochemical Company, and Sahara and Maaden Petrochemical Company.
The total value of shareholders’ equity for the nine-month period, excluding minority shareholders’ interest, inched down 0.79% to SAR 5.22 million, from SAR 5.26 million a year earlier.
The petrochemical maker last reported that its net profits leapt 150% year-on-year to SAR 221.2 million ($58.97 million) Q2-18 from SAR 88.6 million ($23.62 million).
Sahara Petrochemical’s stock increased 6.35% to close Thursday’s trading session at SAR 16.76.
