KARACHI (ICIS)--Saudi Arabian National Petrochemical Company’s (Petrochem) net profit for the first quarter of the year stood at Saudi riyal (SR) 141m ($37.6m) compared with a net loss of SR1.3m in the same period last year, the producer said on Sunday.
The producer’s gross profit in January to March 2014 more than doubled to SR164.62m, while its operating profit increased more than three times to SR280.8m.
“The main reason of improved result of this quarter compared to similar quarter of last year is improved operational performance at the Saudi Polymers Company during this quarter,” Petrochem, the Saudi Polymers Company’s parent firm, said in a statement to Saudi stock exchange.
Saudi Polymers has a production capacity of 1.16m tonnes/year of ethylene; 1.1m tonnes/year of polyethylene (PE), 430,000 tonnes/year of propylene, 400,000 tonnes/year of polypropylene (PP), 200,000 tonnes/year of polystyrene (PS) and 100,000 tonnes/year of hexane 1.
The company’s polymers plant has faced several production interruptions since the start of commercial operations in October 2012, due to technical faults.
Petrochem holds a 65% stake in Saudi Polymers, while the remaining 35% is owned by Arabian Chevron Phillips Petrochemical Co Ltd – a wholly owned subsidiary of US-based Chevron Phillips Chemical.
($1 = SR3.75)