2002
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.