RIYADH: Saudi-listed National Petrochemical Co., better known as Petrochem, saw its profits surge almost fivefold in 2021.
As the Kingdom’s chemical sector grew, profits of the homegrown firm hit SR1.4 billion ($370 million), compared to SR230 million a year earlier.
The company attributed the hike in profits to higher product prices and drops in Zakat expenses, according to a bourse filing.
On a wider scale, data by Gastat earlier showed that outgoing chemical shipments picked up pace significantly, prompting Saudi non-oil exports growth to hit an annual rate of 26.1 percent in November.
Established in 2008, Petrochem operates in the Kingdom’s petrochemical sector. It owns 65 percent of Saudi Polymer Co., located in Jubail Industrial City.