Riyadh – Mubasher: Saudi Arabia-based The National Petrochemical Company (Petrochem) on Thursday posted a 123.5% jump in its profits for the full year 2017.

Petrochem’s profits amounted to SAR 888 million during 2017, compared to SAR 397 million a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The rise in annual profits was attributed to the scheduled periodic maintenance shutdown at Saudi Polymers Company, as well as an increase in other income backed by an improvement in bank accounts' income, gains from foreign currency revaluation, and a decrease in the zakat provision,

The Tadawul-listed firm also stated that there were improvements in the production lines performance during the second half of 2017 that led to a growth in production capacities.