Mubasher - Riyadh: Sahara Petrochemicals’ profits fell 13% year-on-year to SAR 105.3 million ($28 million) in the third quarter of 2016 from SAR 121 million ($32.27 million).

The decrease in net profits was attributed to lower sales and productions prices of Al-Waha petrochemical company, adding to lower feedstock prices and higher financing expenses, according to a bourse filing on Tuesday.

Moreover, the increase of SAMAPCO losses due to the decrease of sales prices contributed to the low profits, although the improvement of Tasnee and Sahara Olefins company and the decrease in losses of Saudi Acrylic Acid Company.

The company’s profits surged 209.2% to SAR 256.3 million in the first nine months of 2016 from SAR 82.9 million in the year-ago period.