TASI Listed Petrochemicals’ Profits, Increased by 754% to SR31.8 bln

Profits of petrochemical companies listed on the Saudi stock exchange “Tadawul” increased to SR31.8 billion by the end of the first 9 months of this year, compared to losses of SR5.9 billion in the same period the previous year, while profits jumped to SR10 billion by the end of Q3-2021, a 754% increase from profits in Q3 of the previous year, Maaal, the leading Saudi business daily investigations, concluded.

According to the quarterly results, seven companies increased their profits in Q3 of this year compared to the same quarter the previous year, led by Sipchem, whose profits increased by 10195% from Q3-2020, when they were only SR10 million, and SABIC, which increased its profits by 10195%. It reached SR5.6 billion, up 413% from SR1.09 billion in the same period the previous year.

On the other hand, Yansab Company, was the only company in the sector to lose money, with profits of SR179.8 million, down 8% from the SR195.6 million in Q3-2020, while Kayan, Tasnee, Petro Rabigh, Chemanol, and Nama were able to turn their losses in Q3 of the previous year into profits in the quarter ending September 2021.

Source: Tadawul, Industry’s firms financial statements, Maaal

Expectations for petrochemical businesses listed on the Saudi stock exchange “Tadawul” at the end of Q3-2021, according to experts. 

SAR was followed by entity, which increased by 4.6%, and manufacturing, which increased by 4.5%.

On the other hand, the profits of six other firms fell short of analyst expectations, led by Petro Rabigh, which earned SR221 million, down 75.2% from analyst projections of SR890 million, followed by Yansab, which lost 63.8%, and the Saudi group, which lost 53%.

Source: Tadawul, Maaal