Riyadh – Mubasher: The net profits of Sahara Petrochemical Company for the third quarter of 2017 increased to SAR 165.1 million from SAR 108.7 million in the year-ago period.

The company’s financial results showed a growth in net profits in the first nine months of 2017 to reach SAR 349.7 million versus SAR 265.1 million in the comparative period of 2016, according to the Saudi Stock Exchange (Tadawul).

“The increase in net profit is attributed to the increase in Al Waha Petrochemical Company profits for this quarter after the completion of the scheduled turnaround maintenance in the first half of this year,” Sahara told Tadawul.

The scheduled maintenance increased the production to reach a record level in propylene and polypropylene plants, and resulted in a growth in sales, the company added.

In addition, the net profit’s increase in the first nine months of 2017 can be traced to Tasnee and Sahara Olefins Company profits for the same period, Sahara Petrochemical Company explained.

The growth in Sahara’s profits in the nine months ended on 30 September is also attributed to the decline in Saudi Acrylic Acid Company’s losses in this period, the company stated on Tadawul.