Petrochem 4Q2015 earnings fall 44% Q-o-Q to SAR178 million
National Petrochemical Company (Petrochem) [2002.SE] announced its 4Q2015 results this morning showing a 44% Q-o-Q (-7% Y-o-Y) decline in net income to SAR178 million. Gross profit was SAR546 million, down 28% Q-o-Q (-11% Y-o-Y) while operating profits dropped 37% Q-o-Q (-8% Y-o-Y) to SAR372.5 million. The company attributed the lower earnings Q-o-Q and Y-o-Y to the strong decline in product prices, which was larger than the decline in feedstock prices. (Tadawul)
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