The National Petrochemical Company (Petrochem) [2002.SE] has announced its 2Q16 financial results, showing net profit of SAR208.6mn (-32% Y-o-Y, +71% Q-o-Q). The company incurred gross profit of SAR573mn (-22% Y-o-Y, +35% Q-o-Q), while operating profit was SAR421mn (-25% Y-o-Y, +46% Q-o-Q). Management attributed the Y-o-Y decline in profit due to the decrease in the company’s product prices, and they also noted that the Q-o-Q earnings increase was due to the improvement in profit margins. (Tadawul)
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