Saudi Tadawul-listed petrochemical firms profit hikes 23% in 2018

Riyadh – The petrochemical companies listed on the Saudi Stock Exchange (Tadawul) registered a 23% increase in profits during the full-year 2018, logging SAR 32.5 billion, from SAR 26.4 billion in 2017, Mubasher reported, citing data from the firms’ financial statements.

The 2018 profit rise was attributed to a growth in the prices of the products.

The Saudi sector’s petrochemical sector includes 13 firms— all of them revealed their results, excluding Alujain Corporation.

SABIC

Saudi Basic Industries Corp’ s (SABIC) net profit after Zakat and tax jumped 16.87% to SAR 21.54 billion last year, from SAR 18.43 billion in 2017.

Yanbu National Petrochemical Company (Yansab) came second after reporting a 1.5% increase in annual earnings, registering SAR 2.41 billion in 2018, from SAR 2.37 billion in 2017.

Sahara Petrochemical Company ranked third as its profits after calculating Zakat and Tax went up 13% to SAR 500.8 million in 2018, from SAR 444.5 million a year earlier.

Q4

the petrochemical companies listed on Tadawul logged a 21.6% profit decrease during the fourth quarter of 2018, reaching SAR 4.54 billion, compared to SAR 5.8 billion in Q4-17.