SIPCHEM's net profit rises 11 percent to SR473.8 million

21/10/2014 09:21 AST

Saudi International Petrochemical Co. (SIPCHEM) today reported net profit of SR473.8 million for the nine months ended September 30 this year, representing 11.82 per cent increase over the same period of last year. The increase in net profit during nine months of 2014 is due to increase in some of company’s products prices.

Earnings per share was SR 1.29 compared with SR 1.15 per share for the same period last year.

SIPCHEM operating profit increased by 13.5 per cent to SR 917 million during first nine months of year 2014 compared to SR 808 million of the same period last year.

SIPCHEM said it has registered a net profit of SR160.6 million in the third quarter 2014 compared to a net profit of SR 185.2 million in the same period last year, reflecting a decrease of 13.28 per cent. Decrease in Net profit is due to decrease in production quantities and accordingly sales quantities due to unplanned shutdown of Methanol plant and planned shutdown of Butandiol plant during the third quarter of current year which was announced in TADAWUL site on 24-07-2014 and 31-08-2014 in addition to the increase in feedstock prices (Butane and Ethylene).


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