Sipchem reports 55% rise in Q1 net profit

09 April 2008 19:58  [Source: ICIS news]

DUBAI (ICIS news)--Saudi International Petrochemical Co (Sipchem) on Wednesday posted a 55% rise in first-quarter net profit from the same quarter a year ago due to high methanol values.

Sipchem said in its preliminary results report on the Saudi stock exchange that it had a net profit of the Saudi riyals (SR) 232m ($63m) for the first quarter ended 31 March, up from SR 150.2 m in the previous corresponding period.

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)

By: Abdelghani Henni
65 6780 4359

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