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RIYADH: Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., turned into profits last year, erasing losses of SR3.2 billion ($853 million) from a year earlier.
On the back of higher selling prices, the giant JV, specialized in producing a wide range of specialty chemicals, reported a net profit for 2021 of SR3.1 billion, a bourse filing revealed.
The 200-percent increase in profit was coupled with a rise in revenue of over 67 percent to as high as SR17.6 billion during the year.
The company attributed the results to “continuous financial discipline, and the recognition of a modification gain of SR1.05 billion from debt reprofiling.”
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