Riyadh – Mubasher: Sahara Petrochemicals Co on Thursday said it achieved a 75.57% increase in its profits for the first quarter of 2017, compared to Q1-16.
Profits reached SAR 95.95 million ($25.58 million) in Q1-17, compared to SAR 54.65 million ($14.57 million) in the corresponding period the year before, according to a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the rise in profits to the improvement in the results of its subsidiaries, namely Saudi Acrylic Acid Company and Tasnee and Sahara Olefins Company.
Total income surged 101.59% to SAR 109.36 million in Q1-17, compared to SAR 54.25 million in the same period in the year before.
Quarter-on-quarter, Sahara’s profits declined 37.34% owing to a drop in Al-Waha Petrochemical Company’s profits following a scheduled shutdown in Q1-17.
Earnings per share (EPS) amounted to SAR 0.22 in Q1-17, versus SAR 0.12 in the year-ago period.
By 1:20 pm Saudi time, Sahara’s stock lost 0.28% to reach SAR 14.
