Riyadh – Mubasher: National Petrochemical Company (Petrochem) announced its interim consolidated financial results for the third quarter of 2019.

Net profits after zakat and tax plunged by 44.2% to SAR 171 million in Q3-19, from SAR 307 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.

The drop in profits was attributed to lower average selling prices and a decrease in other income.

On a yearly basis, revenues of the Saudi firm decreased by 14.7% to SAR 1.95 billion over the three-month period ended September.

For the first nine months of 2019, Petrochem’s net profits fell by 41.65% to SAR 542 million, compared to SAR 929 million in the same period of 2018.

The firm generated SAR 5.6 billion in revenues by the end of September, down 16.57% from 6.7 billion in the same period a year ago.

Profit per share recorded SAR 1.13 in a nine-month period, versus SAR 1.94 in the corresponding period last year.