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Petrochem profits level down 36% in Q2

Petrochem profits level down 36% in Q2
Net profits went down to reach SAR 132.2 million in Q2-17, compared to SAR 208 million in Q2-16
PETROCHEM
2002
-1.30% 45.45 -0.60

Riyadh – Mubasher: The National Petrochemical Company (Petrochem) on Wednesday said its net profits fell 36.4% in the second quarter of 2017, compared to the year-ago period.

Net profits went down to reach SAR 132.2 million in Q2-17, compared to SAR 208 million in Q2-16, according to a bourse filing.

Quarter-on-quarter, net profits retreated 21.2%.

The Saudi petrochemical firm attributed the decrease in its year-on-year net profits to the unscheduled halt of its project of the Saudi Polymers Company on the back of a sudden outage of nitrogen supply to Al-Jubail area, and higher financing and production costs.

Sales rose 6.8% to SAR 1.75 billion in Q2-17, from SAR 1.64 million in the same period in the year before.

In the first six months of 2017, net profits declined 8.9% reaching SAR 300.2 million, compared to SAR 329.4 million in H1-16.

Sales increased 4.1% to SAR 3.44 billion in H1-17, from SAR 3.3 billion in the corresponding period in the year earlier.

By 12:03 pm KSA time, Petrochem’s stock went up 2.08% to SAR 16.72.