Petrochem’s profits surge 494% in 2021

Saudi Arabia

Petrochem’s profits surge 494% in 2021

Riyadh – Mubasher: The net profits after Zakat and tax of National Petrochemical Company (Petrochem) hiked by 494.347% to SAR 1.367 billion in 2021 from SAR 230 million in 2020.Higher net profits are attributed to an increase in Petrochem's shared profits from jointly managed projects amid higher products’ prices and a decrease in Zakat expenses, according to a bourse filing on Wednesday.

The earning per share (EPS) settled at SAR 2.85 in 2021, against SAR 0.48 in 2020.

During the fourth quarter (Q4) of 2021, the company's net profits decreased by 17.063% to SAR 209 million, compared to SAR 252 million in the year-ago period.

It is noteworthy to mention that during the first nine months (9M) of 2021, Petrochem turned to net profits of SAR 1.158 billion, against net losses of SAR 22 million in the corresponding period in 2020.

Source: Mubasher

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