Riyadh – Mubasher: The National Petrochemical Company (Petrochem) on Wednesday said that its net profits grew 2.77% in the third quarter of 2017, compared to the year-ago period.

The firm’s net profits increased to SAR 196.9 million in Q3-17, from SAR 191.6 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits levelled up 48.83%.

Saudi Arabia-based petrochemical firm attributed the growth in its year-on-year net profits to an increase in sales, and lower selling and marketing expenses, in addition to decrease in financing costs.

The company’s net profits declined 4.59% to reach SAR 497.1 million from January until September 2017, compared to SAR 521 million in the same period in the previous year.

By 10:47 am KSA time, Petrochem’s stock dropped 1.66% to reach SAR 17.76.