RIYADH: Falling petrochemical shares saw the Tadawul All-Share Index finish down by 39 points on Wednesday, or 0.33 percent, closing at 11,807 points. The market's decline was led by SABIC, which fell by 1.2 percent. 170 company shares in total were down, led by Petro Rabigh, after it fell to the minimum. This coincided with the company's announcement of profits of SR221
Saudi Petrochem Companies Revenues Recover by 368 Percent in Q1 albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
RIYADH: Saudi petrochemical producers listed on the Tadawul stock exchange reported net profits of SR8.5 billion ($2.27 billion) in the first quarter (Q1) of this year, a 368.1 percent rebound from the SR3.2 billion losses over the same period in 2020, according to data from financial information website Argaam.
The huge turnaround was due to increased prices and a surge in sales.
Saudi petrochemicals giant SABIC, which accounts for 57 percent of total earnings in the sector, last month reported that its Q1 profits had more than doubled to SR4.86 billion compared to the previous quarter.
The Riyadh-headquartered company rebounded from a loss of SR1.05 billion in the same quarter last year and, similar to the wider sector, the upsurge resulted from a hike in average sales prices of 22 percent against Q4 of 2020.