DUBAI: Saudi Arabia’s Sahara Petrochemical, currently in talks with Sipchem over a possible merger, posted a 20.3 percent drop in first-quarter net profit yesterday, citing lower sales for the decline.
The firm made a profit of SR99.9m in the opening three months of 2014, compared with SR125.4m in the same period last year, according to a bourse filing.
Sahara blamed the decline on lower sales, citing a planned shutdown of Al Waha plant as well as lower income from associates.
Sahara and Saudi International Petrochemical Co announced plans in December to merge in the first half of 2014. Reuters
