12 Saudi petrochemical firms report profit decline in three months

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Riyadh – A number of 12 Saudi petrochemical companies recorded a 40% year-on-year decline in their profits during the first quarter of 2019, reaching SAR 4.88 billion.

The 12 companies’ operating profit declined by 32% YoY to SAR 8.9 billion, according to data compiled by Mubasher.

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Yanbu National Petrochemical Company’s (Yansab) net profit went down 38% YoY in the three-month period ended 31 March.

Meanwhile, Saudi Arabia Fertilizers Co (SAFCO) posted SAR 335.47 million profit in Q1-19, compared to SAR 237.2 million a year earlier.

The decline in the Saudi petrochemical firm’s profit was not at odds with the expectation of research companies.

Translated by: Muhammad Abdul-Wakeel

Source: Mubasher Exclusive

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