Riyadh – Mubasher: National Petrochemical Company (Petrochem) registered a net profit after tax and Zakat worth SAR 50 million over the first quarter (Q1) of 2020, down by 73.3% from SAR 187 million in Q1-19.

Sales for the period amounted to SAR 1.5 billion in the three-month period ended 31 March 2020 when compared to SAR 2 billion in Q1-19, posting a 25% annual drop, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday. 

The fall in earnings is primarily due to lower selling prices and sold quantities and a decline in other income, despite improving selling and distribution expenses, general and administrative expenses, and financing costs.

It is noteworthy that in 2019, Petrochem’s net profit after Zakat and tax amounted to SAR 673 million, compared with SAR 1.165 billion in 2018.