Riyadh: Sahara Petrochemicals on Monday has said that its net profits soared in both the second quarter of 2018 and the first half of the year.

The Saudi petrochemical firm's net profits surged 150% year-on-year to SAR 221.2 million ($58.97 million) Q2-18 from SAR 88.6 million ($23.62 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled up 57.8% from SAR 140.2 million.

Sahara Petrochemical attributed the large increase in its year-on-year profits to a growth in profits from its subsidiary Al Waha Petrochemical, in addition to higher profits from Tasnee and Sahara Olefins Company’s (TSOC).

As for the period between January and June, Sahara's net profits jumped 95.88% to SAR 361.4 million from SAR 184.5 million in the same period of 2017.

Sahara Petrochemicals’ stock gained 0.83% to finish Monday at SAR 19.46.

The Saudi petrochemical maker previously reported a 46.16% year-on-year rise in profits to SAR 140.24 million in Q1-18, up from SAR 95.95 million in the first three months of 2017.

Source: Mubasher

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