Sahara Petchem Q4 profit triples on higher sales
Riyadh, January 17, 2014
Saudi's Sahara Petrochemical said its fourth-quarter profit nearly tripled as increased product prices, larger sales volumes and lower raw material costs boosted its bottom line.
The firm, which in December announced plans to merge with Saudi International Petrochemical Co (Sipchem) in the first half of 2014, made a net profit of SR178.2 million ($47.5 million) in the three months to December 31.
This compared with a profit of SR64.5 million in the prior-year period, according to a statement to the Saudi bourse.
Sahara's net profit for 2013 was SR578.7 million, up from SR204.4 million in 2012.
Sahara attributed the quarterly and annual profit increases to more sales, higher sale prices and lower raw material costs.-Reuters