Riyadh – Mubasher: Saudi International Petrochemical Co (Sipchem) hopes to finalise a merger with Sahara Petrochemicals Company (Sahara) before the end of 2018, CEO Ahmad Al Ohali said.

Studies of the consolidation between the two firms are still being conducted by the financial advisors, Al Ohali told Al Arabiya on Thursday during an interview.

In March, Sipchem and Sahara resumed negotiations about a potential merger.

On Wednesday, 25 April, Sipchem stated that its net profits jumped 65.1% to SAR 151.4 million, compared to the year-ago period.

On Tuesday, Sahara noted that its net profits increased by 46.16% year-on-year to hit SAR 140.24 million in Q1-18, compared to SAR 95.95 million in Q1-17.

Sipchem’s stock fell 4.75% to close Thursday at SAR 23.02, while Sahara’s stock decreased by 1.73% to SAR 18.20.