MOSCOW (MRC) -- Sahara Petrochemicals’ net profit surged 1,187 % to SR64.49 million in the fourth quarter of 2012 compared to SR5.01 million for the same quarter last year, and an increase of 48% from SR43.71 million from the preceding quarter, said Saudigazette.
The increase of the net profit during the fourth quarter compared with the same quarter of the previous year is attributed to the increase of the sales volumes after completing the scheduled periodic maintenance activities and the improvement of the product prices.
Gross profit during the fourth quarter amounted to SR69.28 million compared with SR32.09 million for the same quarter last year with an increase of 116%.
Operating profit during fourth quarter amounted to SR44.74 million compared with SR8.88 million for the same quarter last year with an increase of 404%.
Net profit during 12 months amounted to SR204.45 million compared to SR411.58 million for the same period last year with a decrease of 50%.
Earnings per share during twelve months amounted to SR0.47, based on that the number of shares is 438.8 million, compared to SR1.15 for the same period last year, based on the average number of shares which was 305.8 million, as the existing number of shares has increased compared with the last year after the company’s capital increase in the fourth quarter of the last year. Gross profit during 12 months amounted to SR53.31 million compared with SR240.37 million for the same period last year, with a decrease of 78%.
Operating loss during 12 months amounted to SR27.80 million compared to a profit of SR167.66 million for the same period last year.
As MRC wrote earlier, in December 2012, Sahara Petrochemicals Company announced that its affiliate, Sahara & Maaden Petrochemicals Company (SAMAPCO) had signed financing agreements for a total amount of SAR 1980.75 million (USD 528.2 million) for the development of SAMAPCOs Ethylene Dichloride and Caustic Soda petrochemical project located in Jubail Industrial City.
"Sahara Petrochemicals" is a Saudi joint stock company estblished in 7th April 2004 with a paid up capital of SR 1.5 billion and later raised to be SR 4,387,950,000.
"Sahara Petrochemicals" participates in the formation of some limited liability companies in Jubail Industrial City, as joint ventures with foreign partners who enjoy distinguished experiences and latest advanced technologies to produce and market primary materials like propylene, polypropylene and polyethylene.
MRC