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RIYADH: Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., has posted a 97 percent drop in profit in the first quarter as compared to the same quarter a year earlier.
On the back of higher feedstock prices, profits of the giant JV went down from SR1.6 billion ($431 million) to SR45.9 million, a bourse filing showed.
The decline in profit was coupled with a revenue drop of over 11 percent to SR3.9 billion during the quarter.
Specialized in producing a wide range of specialty chemicals, the company said its profits were hit by an increase in feedstock costs.
However, it highlighted that selling prices were higher compared to the same quarter last year.
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