Saudi Arabia’s Sahara Petrochemicals Q1 net profit nearly triples

17 April 2013 04:33  [Source: ICIS news]

SINGAPORE (ICIS)--Sahara Petrochemicals’ first-quarter net profit nearly tripled year-on-year to Saudi riyal (SR) 125m ($33m), partly on higher sales prices accompanied with a decline in feedstock cost, the Saudi Arabian firm said late on Tuesday.

The company generated SR42m in operating profit in the first three months of the year, reversing a loss of SR58m in the same period in 2012, Sahara said in a filing to the Saudi Stock Exchange.

Sahara Petrochemicals also cited improvement in the performance of its affiliate Al Waha Petrochemicals, as well as “relative stability in production”, among the reasons for its better financial results in the first quarter of 2013.

($1 = SR3.75)

By: Pearl Bantillo
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