By: Thabet Shehata

Riyadh – Mubasher: Petrochemical companies listed on the Saudi Stock Exchange (Tadawul) achieved a 14.6% year-on-year increase in profits during the third quarter of 2018.

The Kingdom-based petrochemical firms generated a profit of SAR 9.28 billion from July to September, up from SAR 8.1 billion in the same period last year, according to Mubasher’s statistics based on the companies’ statements to Tadawul.

The Saudi bourse includes 14 petrochemical firms and all of them disclosed their financial statement, except Alujain Corp and Rabigh Refining and Petrochemical (Petro Rabigh).

All companies posted a rise in their profits, while Advanced Petrochemical Company’s profit fell 3% to SAR 202.2 million in the three-month period ended September.

Saudi Basic Industries Corporation (SABIC) acquired 65.7% of petrochemical companies’ profits with SAR 6.1 billion during Q3-18, followed by Yanbu National Petrochemical Company with a profit of SAR 729 million.

Nama Chemicals Company came third after turning profitable, generating SAR 750,000 during Q3-18, against a loss of SAR 2.02 million in the year-ago period.

During the first nine months of 2018, Saudi petrochemical firms’ profits surged to SAR 28 billion, from SAR 20.65 billion in the corresponding months during 2017.

Translated by: Mohammad Hesham Azab