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12 Saudi petrochemical firms report profit decline in 3M

12 Saudi petrochemical firms report profit decline in 3M
The companies’ operating profit declined by 32% YoY
YANSAB
2290
-0.50% 59.30 -0.30
SAFCO
2020
-0.88% 90.10 -0.80
SABIC
2010
0.00% 114.60 0.00

By: Thabet Shehata

Riyadh – Mubasher: A number of 12 Saudi petrochemical companies recorded a 40% year-on-year decline in their profits during the first quarter of 2019, reaching SAR 4.88 billion.

The 12 companies’ operating profit declined by 32% YoY to SAR 8.9 billion, according to data compiled by Mubasher.

Saudi Basic Industries Corporation (SABIC) reported a 38.1% YoY net profit decline in Q1-19, registering SAR 3.41 billion ($910.64 million).

Yanbu National Petrochemical Company’s (Yansab) net profit went down 38% YoY in the three-month period ended 31 March.

Meanwhile, Saudi Arabia Fertilizers Co (SAFCO) posted SAR 335.47 million profit in Q1-19, compared to SAR 237.2 million a year earlier.

The decline in the Saudi petrochemical firm’s profit was not at odds with the expectation of research companies.

 

Translated by: Muhammad Abdul-Wakeel