Sahara Petrochemical posts 20.3% drop in Q1 net profit

April 19, 2014 2:18 am

Saudi Arabia’s Sahara Petrochemical, currently in talks with Sipchem over a possible merger, has reported a 20.3% fall in first-quarter net profit, Reuters has reported. The firm made a profit of SR99.9m in the opening three months of 2014, compared with SR125.4m in the same period last year. Sahara said the decline was due to lower sales, citing a planned shutdown of Al-Waha plant, as well as lower income from associates.