Riyadh – Mubasher: National Petrochemical Company (Petrochem) turned to net profits of SAR 1.158 billion in the first nine months of 2021, against net losses of SAR 22 million in the corresponding period in 2020.
Earnings per share amounted to SAR 2.14 in the period ended 30 September, compared to a loss per share of SAR 0.05, the company said in a bourse disclosure on Wednesday.
The positive turn in the financial results was ascribed to lower Zakat provisions for the previous years by SAR 94 million as well as higher profit share from projects jointly managed by Petrochem and increased prices.
As for the third quarter (Q3) of 2021, Petrochem logged SAR 244 million in net profits after Zakat and tax, up by 108.5% year-on-year (YoY) from SAR 117 million.
In the first half (H1) of 2021, the company achieved net profits after Zakat and tax worth SAR 914 million, against losses of SAR 139 million in H1-20.
