Net profits of Tadawul listed petrochemical sector firms rose by 12.1 % to SAR28 billon in the first nine months of the current year compared to SAR25 billion in the same period last year, Arab News cited a report as showing.
The contribution of petrochemical firms to the overall profits growth of the sector varied. The share of Rabigh Refining and Petrochemical Co. (Petro Rabigh) was the highest at 58.4 %, or SAR1.8 billion, followed by the National Petrochemical Company (PetroChem) at 24 % (SAR723 million), and the Saudi Industrial Investment Group at 11.2 %, or SAR336 million, the report, carried by Al-Eqtisadiya daily, said.
Referring to the performance of the firms during the last nine months, the report said that 11 companies out of 14 listed firms registered growth in their profits while two, notably Sahara Petrochemical Company (Sahara) and Yanbu National Petrochemical Company (Yansab), have their profits dropped, the report said.
Meanwhile, Namaa Petrochemical Co. (Namaa) was the sole company to have registered losses in the nine months of the year at 138.6 %, or SAR66.6 million compared to SAR27.9 million in the same period last year.
On the other hand, Petro Rabigh converted its losses of the nine months of 2013 into net profits of SAR879 million in the nine months of the current year.
Saudi Kayan Petrochemical Company (Saudi Kayan) saw its losses dropping by 84 % to SAR56.24 million in 9 months compared to its losses of SAR 349.8 million in the same period of 2013.
PetroChem registered losses of SAR 14.7 million in the first nine months of 2013 but converted its losses into net profits of SAR582.2 million in the same period of the current year (2014), the report said.
The contribution of petrochemical firms to the overall profits growth of the sector varied. The share of Rabigh Refining and Petrochemical Co. (Petro Rabigh) was the highest at 58.4 %, or SAR1.8 billion, followed by the National Petrochemical Company (PetroChem) at 24 % (SAR723 million), and the Saudi Industrial Investment Group at 11.2 %, or SAR336 million, the report, carried by Al-Eqtisadiya daily, said.
Referring to the performance of the firms during the last nine months, the report said that 11 companies out of 14 listed firms registered growth in their profits while two, notably Sahara Petrochemical Company (Sahara) and Yanbu National Petrochemical Company (Yansab), have their profits dropped, the report said.
Meanwhile, Namaa Petrochemical Co. (Namaa) was the sole company to have registered losses in the nine months of the year at 138.6 %, or SAR66.6 million compared to SAR27.9 million in the same period last year.
On the other hand, Petro Rabigh converted its losses of the nine months of 2013 into net profits of SAR879 million in the nine months of the current year.
Saudi Kayan Petrochemical Company (Saudi Kayan) saw its losses dropping by 84 % to SAR56.24 million in 9 months compared to its losses of SAR 349.8 million in the same period of 2013.
PetroChem registered losses of SAR 14.7 million in the first nine months of 2013 but converted its losses into net profits of SAR582.2 million in the same period of the current year (2014), the report said.
Source:
Mubasher
