Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., has posted a net profit of SR3.1 billion in 2021, a bourse filing revealed.
On the back of higher selling prices, the giant JV, specialized in producing a wide range of specialty chemicals, erased losses of SR3.2 billion ($853 million) sustained a year earlier.
The 200-percent increase in profit was coupled with a rise in revenue of over 67 percent to as high as SR17.6 billion during the year.
The company attributed the results to “continuous financial discipline, and the recognition of a modification gain of SR1.05 billion from debt reprofiling.”