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Sahara Q1 net profit drops 20.3%

JEDDAH: Saudi Arabia’s Sahara Petrochemical, currently in talks with Sipchem over a possible merger, posted a 20.3 percent drop in first-quarter net profit, citing lower sales for the decline.
The firm made a profit of SR99.9 million in the opening three months of 2014, compared with SR125.4 million in the same period last year, according to a bourse filing.
Sahara blamed the decline on lower sales, citing a planned shutdown of Al-Waha plant as well as lower income from associates.
Sahara and Saudi International Petrochemical Co. 2310.SE (Sipchem) announced plans in December to merge in the first half of 2014 through a share swap agreement.