14 January 2008 08:27 [Source: ICIS news]
By Henni Abdelghani
DUBAI (ICIS news)--Saudi International Petrochemical Co (Sipchem) posted a 45% rise in fourth quarter net profit – the highest since it was formed – due to high methanol values, the company said in its preliminary results on the Saudi stock exchange late on Sunday.
It reported a net profit of the Saudi riyals (SR) 254m ($68.6m) for the fourth quarter to 31 December 2007, up from SR175.6m in the previous corresponding period.
Apart from high prices of methanol in international markets; beside, the compny’s earnings also included 15% of the gain from the acetyl project stake that Sipchem sold in September to the ?xml:namespace>
For the full year, its net profit rose 20% to SR 594m from SR494m in 2006, while sales rose to SR799m from SR701m the year before.
Sipchem, which is listed on the Saudi exchange, was established on 22 December 1999, and currently has a paid-up capital of SR2bn.
Through its affiliates, International Methanol Co (IMC) and Gulf Advanced Chemical Industries Co (GACIC), Sipchem produces over 1m tonnes/year of methanol and 75,000 tonnes/year of butanediol.
($1 = SR3.75)
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