Saudi’s Sahara Petrochemicals Q3 net profit falls 55%

15 October 2012 03:45  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi Arabia’s Sahara Petrochemicals Co reported a 55% year-on-year slump in its third-quarter net profit to Saudi riyal (SR) 43.7m ($11.7m), weighed by lower selling prices and higher feedstock prices.

Lower production volume and sales because of a planned turnaround at a plant, which is owned by affiliate Al Waha during the quarter, also affected Sahara Petrochemicals’ earnings, it said in a filing to the Saudi Stock Exchange or Tadawul on Sunday.

The company’s gross profit fell by 79% year on year to SR9.7m in the third quarter of this year.

Sahara Petrochemicals incurred an operating loss of SR7.2m in the third quarter of this year, reversing a profit of SR27.9m in the same period 2011, the company said in a statement.

In the first nine months of this year, the company’s net profit fell by 66% year on year to SR139.9m.

The company swung to an operational loss of SR78.2m in the January-September period from a profit of SR158.8m in the same period in 2011.

($1 = SR3.75)

By: Nurluqman Suratman

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