RIYADH: Sahara International Petrochemical Co, or Sipchem, saw its share price decline, despite posting a 37 percent jump in net profit during the first nine months of the year.

The petrochemicals maker shed 1.42 percent to reach SR41.60 ($11) at the closing of Tuesday.

The company’s profit rose to SR3 billion from SR2 billion for the same period a year earlier, it said in a bourse filing.

Sipchem attributed the results to increased selling prices of most of the company’s products, increased sales volume, and decreased finance expenses.

Its revenues grew by 24 percent during the first nine months of 2022 to reach SR8.5 billion.