Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) disclosed its consolidated interim financial results for the third quarter of 2019.

Net profits after zakat and tax fell by 38.38% to SAR 111.1 million in Q3-19, compared to SAR 180.3 million in Q3-18, according to a bourse filing on Tuesday.

Revenues of the Saudi-based company grew by 4.8% year-on-year to SAR 1.4 billion during the three-month period between July and September.

The company attributed the fall in profits to the reduction in selling prices for most of Sipchem’s products.

For the first nine months of 2019, net profits of Sipchem plunged by 19.59% to SAR 436.6 million, from SAR 543 million in the same period of the prior year.

The company generates SAR 3.93 billion in revenues by the end of September, down 1.2% from SAR 3.98 in September 2018.

Profit per share stood at SAR 0.82 in nine months, versus SAR 1.48 in the same period a year ago.