Sipchem reports 47% fall in Q2 net profits

14 July 2008 08:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi International Petrochemical Co (Sipchem) has reported a 47% drop in its second-quarter net profits year on year to Saudi riyals (SR) 134m ($38.3m), the company said.


No reasons were given for the decline in profits.


However, the Middle East-based petrochemical major’s half-yearly net profits rose 7% to SR365m, compared with SR41m from the same period last year due to improved production volumes, selling prices and sales volumes, it said over the weekend.


The company’s turnover fell 18% to SR413m from SR502m quarter on quarter but rose 21% to SR997m for the half year ended 30 June.


Sipchem had previously reported net profits of SR254m for its fourth quarter to 31 December 2007, up from SR175.6m in the corresponding period on high methanol values.


($1 = SR3.75)


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By: Bohan Loh
+65 6780 4359

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