RIYADH: Saudi Arabia’s Sahara Petrochemical Co. said it signed a three-year medium-term revolving credit facility with Saudi Investment Bank for SR 400 million ($ 107 million).
The facility is to give standby support both to the company’s working capital and to aid future investments, Reuters reported citing a bourse statement.
The Jubail-based producer makes basic petrochemicals including propylene, acrylic acid, ethylene, low and high-density polyethylene, caustic chlorine and ethylene dichloride.
The company also said in a separate statement posted on the Tadawul website that its net profit for the third quarter of 2012 dropped 55 percent to SR 43.7 million, compared with SR 97.6 million during the same period last year.
Net profit for the nine months period dropped 66 percent to SR 139.9 million from SR 406.6 million during the same period in the previous year.
Gross profit for the third quarter dropped 79 percent to SR 9.7 million from SR 47.3 million during the same period in the previous year.
Petchem firm inks SR 400 m credit facility
