National Petrochemical Co. (Petrochem) has restated its net profit for fiscal year 2016 to SAR 406.8 million, a 55.1 percent decline year-on-year (YoY).
The decrease was attributed to lower sales volumes, cheaper, average selling prices, as well as higher financing charges. The company also cited a planned maintenance that lasted from Oct. 1 to Nov. 29.
Petrochem had previously reported a net profit of SAR 395 million for 2016.
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