Saudi’s Sahara Petrochemicals Q2 net profit falls 74%

17 July 2012 04:47  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s Sahara Petrochemicals Co reported a 74% year-on-year slump in second-quarter net profit to Saudi riyal (SR) 54.3m ($14.5m) on a combination of lower selling prices of products and higher costs.

It incurred an operating loss of SR13.2m in the three months to June 2012, a sharp reversal of the SR135m profit made in the same period last year, the company said in a filing to the Saudi Stock Exchange or Tadawul late on Monday.

Financial performance in the second quarter was also affected by a scheduled plant turnaround at its affiliate Al-Waha Petrochemical that led to lower production volume and sale, Sahara said.

Al-Waha is a 75:25 joint venture between Sahara and LyondellBasell.

In the first six months of the year, Sahara generated SR96.3m in net profit, representing a 68% year-on-year decline.

The company swung to an operating loss of SR71m in January-June 2012 from a profit of SR131m in the previous corresponding period, Sahara said.

($1 = SR3.75)

By: Pearl Bantillo
+65 6780 4359

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