Riyadh – Mubasher: Saudi Arabia-based Sahara Petrochemicals Company (Sahara) on Monday reported a 46.16% year-on-year jump in its net profits for the first quarter of 2018.
Sahara posted a net profit of SAR 140.24 million in Q1-18, up from SAR 95.95 million in Q1-17, according to a bourse filing.
The company attributed the growth in its first-quarter net profits to a rise in profits of its 75% subsidiary Al Waha Petrochemical Company, and an increase in the profits of the Tasnee and Sahara olefins company’s profits.
“Shareholders 'equity as at 31 March 2018 amounted to SAR 5,495 million (no minority interest) against shareholders' equity of SAR 5,375 million as at 31 March 2017, an increase of 2.23%,” the statement added.
Sahara’s stock inched up 0.26%, to close Monday at SAR 18.99.
