Sahara Petrochemicals Company posts 12.6pc growth in profits

JEDDAH: Sahara Petrochemicals Company has announced a net profit of SAR 500.8 million for the year ended December 31, 2018, which is 12.66 percent higher than the profit of SAR 444.5 million in the previous year. The earnings per share (EPS) clocked in at SAR 1.14 in 2018 as against SAR 1.01 in 2017.

The increase is due to the increase in the profits of Tasnee and Sahara Olefins Company attributed to higher production volumes and sales from Saudi Ethylene and Polyethylene Company and increase in profits of Sahara and Maaden Petrochemicals attributed to improved sales prices.

The profits of Sahara Petrochemicals Company surged despite the decline in the profits of Al Waha Petrochemical Company attributed to the turnaround maintenance previously announced, and the increase in the losses of Saudi Acrylic Acid Company.

Engr. Saleh bin Mohammed Bahamdan, Chief Executive Officer of Sahara Petrochemicals Company said that the company has proved in 2018 that it is moving in the right direction according to the company’s strategic plans to deal with the external and internal conditions of the company. [the_ad id=”32940″]The Board of Directors recommend to distribute dividends of SAR 438.8 million in two periods, the company also achieved the highest net profit in a year in which the scheduled maintenance of Al Waha Petrochemical Factory during the fourth quarter was successful.

The company also invested in Al Khair Industries for Inorganic Chemicals to expand and diversify the company’s operations and achieve its strategic objectives.

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