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Sahara Petrochemical's net profit surges 183% in 2013
17 Jan '14
1 min read
Sahara Petrochemical Co., the Saudi Arabia-based firm which last month announced plans to merge with Saudi International Petrochemical Co. (Sipchem) in the first half of this year, has earned net profit of SR578.7 million in 2013, registering a growth of 183.12 percent compared to net profit of SR204.4 million in 2012.
In the fourth quarter of 2013, Sahara made a net profit of SR178.2 million, showing an increase of 176.28 percent over profit of SR64.5 million in the corresponding quarter of 2012, the company said in a statement to Saudi Stock Exchange.
The major improvement in Al Waha plant performances (an affiliate of Sahara) and the diversity of product grades produced led to the increase in sales. In addition, the increase in sale prices and lower feedstock prices, and the improvement in the results from associates were the reasons cited by the company for increases in its annual and quarterly net profits.
Sahara Petrochemical is involved in building and operating petrochemical projects, especially propylene, polypropylene, ethylene and mixed polyethylene industries.
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