Riyadh - Mubasher: Sahara Petrochemicals Company reported net profits of SAR 159.7 million ($42.59 million) in the fourth quarter of 2016 versus losses of SAR 47.9 million ($12.77 million) in the fourth quarter of 2015.

Profits increased by 51.7% in the fourth quarter of 2016 compared to the third quarter of the same year, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Turing to profits is attributed to the growth in sales and production volumes of Al-Waha petrochemical company, and the increase of Tasnee and Sahara Olefins company profits due to increases in production volumes and selling prices improvement.

It also comes as a result of the decrease in SAMAPCO loses during this quarter compared to the same quarter last year, and the improvement of Saudi Acrylic Acid Company results.

The company achieved a jump in total profit by 1091.60% to SAR 415.9 million in 2016 compared to SAR 34.9 million in the year before.

Profits surged due to higher returns on monetary deposits and short term investments, and as a result of Sahara set plans to improve efficiency and increasing production levels, and the positive impact from the commercial operations of the Butanol Company.