Sahara to see profitability through 2017, says chairman

20/04/2017 Argaam

Sahara Petrochemical Co. enjoys a strong financial position and is set to report robust profitability through 2017,  CNBC Arabia has reported, citing chairman Abdulaziz Bin Abdullah Al-Zamil.

 

Al-Zamil also noted that the product prices are currently stable.

 

The implementation of the International Financial Reporting Standards (IFRS) will weigh on the company’s projects. However, the new accounting policies will have no impact on the company’s earnings, Al-Zamil noted.

 

Sahara has reported a SAR 277 million drop in retained earnings, on financial statements as on January 1, 2016 driven by the IFRS adoption, data compiled on Argaam showed.

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