Riyadh – Mubasher: Saudi Arabia-based Sahara Petrochemical Company on Thursday reported a 13% year-on-year profit increase during the full-year 2018.
The firm’s profits after calculating Zakat and Tax amounted to SAR 500.8 million ($133.51 million) in 2018, compared to SAR 444.5 million ($118.50 million) a year earlier, according to a bourse filing.
Sahara Petrochemical attributed the 2018 profit growth to a rise in the profits of Tasnee and Sahara Olefins Company, coupled with an increase in profits of Sahara and Maaden Petrochemicals.
Operational profits levelled up 15% to SAR 557.8 million from January to December 2018, against SAR 486.5 million in 2017.
Earnings per share (EPS) reached SAR 1.14 in 2018, up from SAR 1.01 in the year before.
“The company has proved in 2018 that it is moving in the right direction according to the company's strategic plans to deal with the external and internal conditions of the company,” CEO Saleh bin Mohammed Bahamdan stated.
Sahara Petrochemical suffered SAR 29.1 million losses during the fourth quarter of 2018, against achieving SAR 94.8 million profits in Q4-17, according to data compiled by Mubasher.
The Tadawul-listed firm last December announced a cash dividend distribution of SAR 219.4 million for the second half of 2018.
By 10:21 am Saudi time, Sahara Petrochemical Company‘s stock levelled down 0.25% to SAR 16.04.
