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Petrochem turns profitable at SAR 914m in H1-21

Petrochem turns profitable at SAR 914m in H1-21
Earnings per share stood at SAR 1.9 in H1-21
PETROCHEM
2002
-1.30% 45.45 -0.60

Riyadh – Mubasher: National Petrochemical Company (Petrochem) achieved net profits after Zakat and tax worth SAR 914 million in the first half (H1) of 2021, against losses of SAR 139 million in H1-20.

Earnings per share stood at SAR 1.9 in H1-21, versus a loss per share of SAR 0.29 in H1-20, according to the financial results on Wednesday.

Revenues increased by 53.8% to SAR 4.58 billion in H1-21 from SAR 2.98 million in H1-20.

In the second quarter (Q2) of 2021, Petrochem also turned to profits worth SAR 603 million, against net losses of SAR 189 million in Q2-20.

Revenues rose by 74.5% to SAR 2.45 billion in Q2-21, compared to SAR 1.4 billion in the same period last year.

On a quarterly basis, the net profits in Q2-21 were higher by 93.89% than SAR 311 million in Q1-21, and the revenues surged 15.4% from SAR 2.12 billion.