Dubai, UAE – Saudi Arabian Sahara International Petrochemical Company has posted a net profit of 470 million riyals ($125.46 million) for the first quarter of 2023, down more than 56 percent from a year ago and 1.8% from 479 million riyals in the previous quarter.
The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022 but 6.7 percent higher than the previous quarter.
The drop in the net profit was attributed to a decrease in selling prices of company’s products in spite of increase in sales and decrease in prices of some feedstock. A fall in company’s share of profit from joint venture and associates also led to the decrease in net profit.
Total share holders’ equity for the current period was 16.25 billion riyals, which is 3.75 percent higher than the first quarter of 2022.
Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.