Riyadh – Mubasher: Saudi Arabia-based National Petrochemical Company (Petrochem) on Monday posted a 55.8% year-on-year profit rise after calculating Zakat and Tax in the third quarter of 2018.

Petrochem’s profits amounted to SAR 307 million ($81.85 million) during Q3-18, up from SAR 197 million ($52.52 million) in Q3-17, according to a bourse filing.

Sales jumped 31% to SAR 2.29 billion from July to September this year, from SAR 1.75 billion during Q3-17.

During the first nine months of 2018, Petrochem’s net profits after calculating Zakat and Tax soared 87% to SAR 929 million, compared to SAR 497 million in the same period a year ago.

The firm ascribed that the nine-month profit hike to a rise in sales and other income, coupled with lower administrative, general, and Zakat expenses.

The company’s revenues increased 30% to SAR 6.74 billion in the nine-month period ended September, from SAR 5.19 billion a year before.

Earnings per share (EPS) amounted to SAR 1.94 by the end of September, up from SAR 1.04.

By 10:08 am Saudi time, Petrochem’s stock rose 3.66% to reach SAR 28.35.