Petrochem released its 3Q18 financial results, showing net profit of SAR307mn (+55.8% Y-o-Y, +6.6% Q-o-Q). The company stated operating profit at SAR569mn (+40% Y-o-Y, flat Q-o-Q), while gross profit came in at SAR736mn (+33% Y-o-Y, flat Q-o-Q). The company reported sales of SAR2,297mn (+30.8% Y-o-Y), representing a 2.59% Q-o-Q improvement. The company attributed the Q-o-Q improvement to the: i) increase in sales due to improved production; ii) decrease in finance costs; iii) increase in other income; and iv) decrease in zakat expenses.
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