MOSCOW (MRC) -- Sahara Petrochemical Co., the Saudi Arabia-based firm which last month announced plans to merge with Saudi International Petrochemical Co. (Sipchem) in the first half of this year, has earned net profit of SR578.7 million in 2013, registering a growth of 183% compared to net profit of SR204.4 million in 2012, as per Ein News.
In the fourth quarter of 2013, Sahara made a net profit of SR178.2 million, showing an increase of 176% over profit of SR64.5 million in the corresponding quarter of 2012, the company said in a statement to Saudi Stock Exchange.
The major improvement in Al Waha plant performances (an affiliate of Sahara) and the diversity of product grades produced led to the increase in sales. In addition, the increase in sale prices and lower feedstock prices, and the improvement in the results from associates were the reasons cited by the company for increases in its annual and quarterly net profits.
As MRC wrote previously, in December, 2013, Saudi International Petrochemical Co. (SIPCHEM) unveiled its plans to sign a share-swap merger agreement with Sahara (SPC) Petrochemicals Co. in the first half of 2014, seeking to create a company with about USD5 billion in market value.
Sahara Petrochemical is involved in building and operating petrochemical projects, especially propylene, polypropylene, ethylene and mixed polyethylene industries.
MRC