MOSCOW (MRC) -- SAHARA Petrochemicals announces the annual consolidated financial results for the period ended 31 Dec 2012, said the company in its statemanent.
Net profit amounted to SR 204.45 million compared to SR 411.58 million for the previous year with a decrease of 50%.
Earnings per share (EPS) during 2012 amounted to SR.47, based on that total share count 438.8 million, compared to SR 1.35 for the period of the previous year, where average shares counted 305.8 million, as the current shares number has increased compared with the previous year due to capital increase that took place in the 4th quarter of the previous year.
Gross profit amounted to SR 53.31 million compared to 240.29 million for the previous year with a decrease of 78%.
Operating loss amounted to SR 27.80 million compared to a profit of SR 166.96 million for the last year.
The decrease of the net and gross profit of 2012 compared to 2011 is attributed mainly to the decrease of the products prices and the decrease of sales, and due to the turnaround of Al Waha plant during the 2nd quarter and a part of the 3rd quarter of 2012 as announced earlier on 12/07/1433 H corresponding 02/06/2012 G, in addition to that the profits from Saharas investment in the Saudi Ethylene and Polyethylene Company (SEPC) , an affiliate of Saharas, were negatively affected in December 2012 because of the refinancing which was announced earlier on 17/02/1434 H corresponding 30/12/2012 G.
Some items of the financial statements were reclassified this year in a different way comparing to the previous year.
As MRC wrote earlier, 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.
"SAHARA Petrochemicals" performs participation and supervises foundation and establishing several limited liability companies in Al Jubail Industrial City with the participation of Saudi and foreign companies that have the modern skills and technologies; to produce and market its chemical and petrochemical products such as propylene, polypropylene, ethylene and polyethylene.
MRC