Sahara Petrochemicals reports financial results for Q1

According to media reports, Saudi Sahara Petrochemical posted a net profit of SAR95.95 million ($26 million) in Q1 of 2017, up 75.57% from SAR54.65 million ($15 million) from the same period of last year. The company’s total income also jumped by 101.59% to SAR109.36 million ($29 million) in Q1 from SAR 54.25 million ($14 million) in Q1 of 2016.

The company attributed the rise in its net profit to the improved results of its subsidiaries, Saudi Acrylic Acid Company and Tasnee and Sahara Olefins Company.

On a quarterly basis, however, the company’s net profit decreased by 37.34% due to a drop in Al-Waha Petrochemical Company’s profits after a scheduled maintenance shutdown in Q1.