Riyadh – Mubasher: The National Petrochemical Company (Petrochem) on Sunday posted a 117.69% surge in net profits during the second quarter of 2018.

Petrochem’s net profits amounted to SAR 288 million during the period April and June, compared to SAR 132.3 million during Q2-17, according to a bourse statement.

Quarter-on-quarter, profits tumbled 13.75% in Q2-18, from SAR 333.9 million.

The Saudi Arabia-based petrochemical firm attributed the second-quarter profit increase to a rise in products’ average prices in its 65% subsidiary, Saudi Polymers Company, in addition to a growth in sold quantities.

Sales jumped 27.6% to SAR 2.23 billion during Q2-18, from SAR 1.75 billion in the prior-year period.

The shareholders' equity, excluding non-controlling interests, jumped 15.4% to SR 7.2 million in Q2-18, compared to SR 6.2 million Q2-17, the statement added.

Petrochem’s profits skyrocketed 107.2% to SAR 622 million during H1-18, from SAR 300.2 million in H1-17.

The company’s sales went up 29.4% to SAR 4.45 billion during the January-June period of this year, compared to SAR 3.43 billion in the same period a year earlier.

By 10:19 am Saudi time, the stock fell 3.75% to SAR 28.20.