Petrochemical firms’ profits down 34% to SR6.43 billion in Q1

Net profits of the listed Saudi petrochemical firms dropped by 34 percent to SR6.43 billion in the first quarter of the current year compared to SR9.81 billion in Q1, 2014, according to a financial report.
Similarly, revenues of the petrochem sector fell by 20 percent to SR57.49 billion compared to SR72 billion in the comparable period on the back of oil price fall, the report, filed by Al-Hayat daily, said.
As regards capitals of the petrochemical companies, Saudi Basic Industries Corporation (SABIC) had the biggest capital at SR30 billion, followed by Saudi Kayan Petrochemical Company (Saudi Kayan) at SR15 billion, Rabigh Refining and Petrochemical Company (PetroRabigh) at SR8.76 billion, the National Industrialization Co. (Tasnee) at SR6.68 billion whereas Alujain Corporation has the least capital of SR692 million, the report said.
Referring to the performance of the firms in 2014, the report said that 8 companies out of 14 listed firms registered growth in their profits worth SR5.4 billion in Q1 whereas the remaining 6 companies registered losses of SR1.04 billion.
SABIC topped the sector companies to have registered the highest profits in Q1 at SR3.93 billion representing 73 percent of the sector profit growth. However, its profits dropped by 38.98 percent compared to profits of Q1, 2014, which stood at SR6.44 billion, the report said.
Saudi Arabian Fertilizer Company (SAFCO) was second biggest profit maker among the petrochem firms in Q1 when it achieved SR590 million. However, its profits dropped by 30 percent compared to profits of Q1, 2014, which stood at SR843 million, according to the report.
Yanbu National Petrochemical Company (Yansab) was the third company to have achieved the highest profits at SR285.1 million in Q1, 2015, compared to SR555.7 million in Q1, 2014, or a decrease of 48.7 percent.
Other companies achieved profits with varying degrees in Q1, 2015, compared to figures of the same period last year as follows: PetroRabigh SR205.4 million compared to SR413 million (- 50 percent), the Saudi Industrial Investment Group’s (SIIG) SR126 million compared to SR261 million (-52 percent), the National Petrochemical Company (PetroChem) SR101.8 million compared to SR141 million (-27.8 percent), the report said.
As regards companies sustaining losses in Q1, Saudi Kayan was the highest at SR561.6 million compared to its profits of SR9.94 million in Q1, 2014, followed by Tasnee at SR332.5 million compared to profits of SR321 million, and Sahara Petrochemicals at SR49.5 million compared to its profits of SR99.9 million, the report said.