Riyadh – Mubasher: Saudi Arabia-based The National Petrochemical Company (Petrochem) on Monday reported a 98.87% year-on-year surge in its net profits for the first quarter of 2018.

Petrochem logged a net profit of SAR 333.9 million during the three-month period ended March 2018, up from SAR 167.9 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the rise of the first-quarter profits to a growth in sold quantities, coupled with an increase in prices of the subsidiary's products, Saudi Polymers Company.

Petrochem also ascribed the profit rise to a decline in general and administrative expenses.

“The shareholders equity (excluding non-controlling interests) at the end of Q1-18 is SAR 7,130 million compared to SAR 6,326 million in Q1-17, with an increase of 12.7%,” the statement added.

The company’s sales jumped 31.2% to SAR 2.21 billion in the first three months of 2018 versus SAR 1.69 billion during the corresponding period a year earlier.

Quarter-on-quarter, the Tadawul-listed petrochemical firm’s profits tumbled 14.65%.

Petrochem’s stock fell 2.55% to close Sunday’s session at SAR 26.81.