Riyadh – Mubasher: The net profit of the National Petrochemical Company (Petrochem) came in at SAR 251 million during last year’s fourth quarter (Q4), up by 88.7% from SAR 133 million in the corresponding quarter in 2019.

Supporting the hike in quarterly profit is the increase in the average selling prices of products, coupled with a drop in the average cost of feedstock and a decrease in expenses and financing costs, according to a bourse statement on Sunday. 

Revenue for Q4-20 dropped by 12.1% on a yearly basis to stand at SAR 1.64 billion.

During 2020, the company posted SAR 230 million in net earnings, down by 65.9% annually.