Petrochem announces 1Q2016 earnings of SAR122.3 million
National Petrochemical Company (Petrochem) has announced its 1Q2016 financial results, showing a net income figure of SAR122.3 million (-31.4% Q-o-Q, +20.1% Y-o-Y). Gross profit for the period came in at SAR425.1 million (-22.1% Q-o-Q, -3.3% Y-o-Y), while operating profit came in at SAR288.2 (-22.6% Q-o-Q, +23.6% Y-o-Y). The company attributed the drop in earnings on a quarterly basis to i) weaker prices Q-o-Q; and ii) higher production costs. (Tadawul)
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