Sipchem Q1 operating profit rises 80.9%

18 April 2007 10:24  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi International Petrochemicals (Sipchem) has reported a 80.9% rise in first quarter operating profits on Wednesday.

 

The Saudi Arabian chemicals producer, recorded operating income of riyal (SR)243.2m ($64.9m) for the first quarter of 2006, compared with SR134.4m in the same period last year.

 

First quarter net profits grew 54.6% to SR150.2m compared with the same quarter in 2006, while total sales grew 82.8% to SR370m.

 

Sipchem’s total production during the first quarter of this year rose 20.3% to 293,201 tonnes from 243,662 tonnes during the the same period in 2006.

 

The company’s shares rose 1.67% to SR61 in noon trading on the Saudi exchange.

 

($1=SR3.75)

By: Jeanne Lim
+65 6780 4359

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