Date: January 21, 2014
Sahara Petrochemical’s net profit in the fourth quarter was down 48%, to SR92.2 million, compared with the year-earlier quarter.
Sahara’s 2014 net profit declined 31%, to SR394.2 million, and operating profit was 21% down, to SR247.3 million.
The company blames a decline in demand and prices of products of companies, which recently entered commercial production. They include Saudi Acrylic Acid Co. (SAAC) and Superabsorbent Polymers Co., (SAPCO) as well as Sahara and Ma’aden Petrochemical Co. Sahara also cites lower profit from Saudi Ethylene and Polyethylene Co.
Source: Y. Bomal Competitive Intelligence Blog