Sipchem posts Riyal98.5m net profit for Q3

06 November 2006 04:38  [Source: ICIS news]

DUBAI (ICIS news)--Saudi International Petrochemical Company (Sipchem) said on Saturday that it had posted a net profit of Riyal 98.5m ($26.3m/€20.6m) for the third quarter ended 30 September due to higher sales and start of butanediol commercial production.

The Saudi Arabian producer said that it had achieved a net profit of Riyal 318m for the nine months this year, a 26% increase from Riyal 253m during the same period last year.

By the end of September, Sipchem’s assets had risen to Riyal 5.07bn from Riyal 4.26bn during the corresponding period the previous year.

Further, shareholders’ equity rose to Riyal 2.23bn from Riyal 1.84bn in 2005.

Sipchem president, Ahmed Abdulaziz Al-Ohali, noted that the rise in profits was due to the start of commercial production at its butanediol plant in March this year; as well as an increase in the prices of products and rise in sales, resulting in a 10% increase from last year to 821,000 tonnes/year.

He added that sales revenue had increased by 50% from Riyal 571m to Riyal 854m from the same period last year.

In September, Sipchem had offered 30% of its shares to Saudi citizens in an initial public offering (IPO).

By: Anuradha Rao
+65 6780 4359

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