GulfBase Live Support
Leave a message and our representative will contact you soon
19/04/2016 12:08 AST
Saudi International Petrochemical Co (Sipchem) reported a 37.1 percent drop in first-quarter net profit on Tuesday, hurt by a fall in sales prices of all its products and an increase in production costs.
Sipchem made a profit of 50.7 million riyals ($13.5 million) in the three months to Mar. 31, down from 80.6 million riyals in the prior-year period, according to a bourse filing.
The average estimate of analysts polled by Reuters was for a quarterly profit of 37.42 million riyals.
The mid-sized petrochemical company was, once more, hit by lower product sales prices: it had reported a halving of profits in the previous three quarters for this reason.
Product prices are closely linked to oil, so the lower crude price has reduced the margins and competitive advantage over rival manufacturers from non-oil producing regions which Saudi firms used to accrue due to their subsidised energy and feedstock.
Saudi Arabia is reforming its energy subsidies to help bring down a substantial budget deficit: Sipchem has previously announced it expects 120 million riyals of extra costs due to the move, and said on Tuesday it had negatively impacted its first-quarter earnings without quantifying it.
The firm also took a provision due to disposals and write-offs of equipment at its International Methanol Company affiliate, following a shutdown of the plant during the previous quarter to conduct planned maintenance.
Reuters
08/02/2018
SAUDI International Petrochemical Company (Sipchem) announced that its Technology and Innovation Center (MANAR) has signed a technical services agreement with Everspring Middle East WLL. for the prov
Saudi Gazette
31/01/2018
Saudi International Petrochemical Co. is considering investing in the US shale industry in what would be the company’s first foreign venture as it faces higher costs and a shortage of feedstock at ho
Gulf News
11/10/2017
Saudi International Petrochemical Company (Sipchem) announced on Monday that it finished the manufacturing of 18 platforms for Hawk jets, alongside its ground equipment.
The manufacturing
Asharq Al-Awsat
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News