JEDDAH – Sahara Petrochemicals' net profit surged 1,187 percent to SR64.49 million in the fourth quarter of 2012 compared to SR5.01 million for the same quarter last year, and an increase of 48 percent from SR43.71 million from the preceding quarter. The increase of the net profit during the fourth quarter compared with the same quarter of the previous year is attributed to the increase of the sales volumes after completing the scheduled periodic maintenance activities and the improvement of the product prices. Gross profit during the fourth quarter amounted to SR69.28 million compared with SR32.09 million for the same quarter last year with an increase of 116 percent. Operating profit during fourth quarter amounted to SR44.74 million compared with SR8.88 million for the same quarter last year with an increase of 404 percent. Net profit during 12 months amounted to SR204.45 million compared to SR411.58 million for the same period last year with a decrease of 50 percent. Earnings per share during twelve months amounted to SR0.47, based on that the number of shares is 438.8 million, compared to SR1.15 for the same period last year, based on the average number of shares which was 305.8 million, as the existing number of shares has increased compared with the last year after the company's capital increase in the fourth quarter of the last year. Gross profit during 12 months amounted to SR53.31 million compared with SR240.37 million for the same period last year, with a decrease of 78 percent. Operating loss during 12 months amounted to SR27.80 million compared to a profit of SR167.66 million for the same period last year. The increase of the net and gross profit during the last quarter of this year compared with the same quarter last year is attributed to the increase of sales. The decrease of the net and gross profit during the current period compared with the same period last year is attributed to the decrease of the product prices and decrease of sales volumes due to the periodic maintenance implanted in Al Waha plant during the second quarter and a part of the third quarter of 2012. — SG
