Riyadh – Mubasher: Sahara Petrochemicals Co said its profits decreased by 14.31% year-on-year in the second quarter of 2017.
Net profits fell to SAR 88.6 million in Q2-17, from SAR 103.4 million in Q2-16, according to a bourse filing.
Quarter-on-quarter, net profits retreated 7.61%.
The Saudi petrochemical firm attributed the drop in its year-on-year net profits to the decline in the subsidiary Al-WAHA Petrochemical Company's profits, and the increase of its other subsidiary's losses, namely Saudi Acrylic Acid Company.
Sales levelled down 50.71% to reach SAR 243 million in Q2-17, compared to SAR 493 million in the same period in the year before.
The Saudi-listed company’s profits surged 17.97% to SAR 184.5 million in the first half of 2017, from SAR 156.4 million in H1-16.
The petrochemical company’s stock inched up 0.23% on Monday, closing at SAR 13.06.
