Saudi-listed Sahara International Petroleum Co (Sipchem) has announced falling year-on-year and quarter-on-quarter profits after sales prices of its products fell while feedstock prices increased.

The company announced a third quarter net profit of SAR 774.4 million ( $206.5 million) compared with SAR 1.029 billion, a decrease of 25.74%. It said the decrease was due to lower selling prices of methanol, butanediol, ethyl acetate and polypropylene, while feedstock prices including, butane, ethylene, ethanol and propane increased.

There was also a decrease in share profits from the company’s joint venture and associates, a statement to the Saudi Stock Exchange (Tadawul) said.

Net profit for the first nine months of 2022 was up by 37.23% to SAR 3.116 billion. Revenue for the quarter was down by 7.96% to SAR 2.506 billion, while revenue for the nine-month period was up by 23.8% to SAR 8.541 billion.