(MENAFN) Saudi-based Sahara petrochemicals posted a 20.3 percent drop in net profit in the first quarter this year, The Peninsula Qatar reported.
According to a bourse filing, Sahara"s profit hit USD26.63 million in the first three months of this year, compared to USD33.4 million in the corresponding period in 2013.
Sahara attributed the decline to the low sales, citing a planned shutdown by Al Waha plant, along with lower income from associations.
Sipchem and Sahara are currently holding talks over merging, which is planned for the first half of this year.
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