Net income in the three-month period ending June 30 climbed to 288 million riyals
National Petrochemical Company 2Q net profit up 118% on improved sales
Saudi Arabia's National Petrochemical Company said second-quarter net income jumped 118 per cent on higher selling prices and recovering sales volumes.
Net income in the three-month period ending June 30 climbed to 288 million riyals (Dh282m), up from 132m riyals in the year earlier period, the company said in a filing to the Saudi Stock Exchange on Sunday. Sales for the period rose 27.6 per cent to 2.23bn riyals compared to 1.75bn riyals in the second quarter of 2017. Quarter-on-quarter, sale climbed 1.3 per cent, the company said in the bourse filing.
The increase in second quarter net profit came as the average prices of products at the Saudi Polymers Company increased and sales volumes rose from levels that were affected by an earlier unplanned shutdown in facilities, along with a decrease in general and administrative expenses, the company noted.
However, financing cost and selling and marketing expenses rose, while other income during the period fell, it said.
Earlier on Sunday, the region's biggest petrochemicals company Sabic posted an 81 per cent jump in second quarter net profits to 6.7 billion riyals. The main business of National Petrochemical Company, which has a paid-in-capital of 4.8bn riyals is investing in the petrochemical industry.
Established in 2008, the company owns 65 per cent stake in Saudi Polymer Company, a 20bn petrochemical facility the kingdom's Jubail Industry city, according to its website.