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Saudi polypropylene producers Sahara and Advanced report large increase in profits
6:37 AM MST | January 16, 2014 | Natasha Alperowicz
Sahara Petrochemical today reported a huge increase in quarterly profits citing improved performance at its Al Waha polypropylene (PP) production affiliate, which in the past was dogged by problems. Fourth-quarter net profit was up 176% at 178.2 million Saudi riyals ($47.5 million), gross profit was 67% higher at SR115.9 million, and operating profit rose 96% to SR87.6 million. Sales were not disclosed. Sahara attributes the improved performance to improved operations at Al Waha and the diversity of product grades, which it says led to increase in...
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