Riyadh – Mubasher: National Petrochemical Company (Petrochem) reported a 44% year-on-year net profit decline in the first quarter of 2019.

The Saudi firm’s net profits, after zakat and taxes, retreated to SAR 187 million in Q1-19, compared to SAR 334 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The profit drop was ascribed to reduced sales value and decreased prices.

Quarter-on-quarter, the Saudi firm’s net profits fell 20.76% from SAR 236 million in Q4-18.