13 October 2008 09:58 [Source: ICIS news]
LONDON (ICIS news)--Saudi International Petrochemical Co (Sipchem) reported a 57% surge in third-quarter net profit to Saudi riyals (SR) 137m ($36m), up from SR87m in the year-earlier period on higher operating rates and volume sales and global price increases, it said on Monday.
Net profit rose by 48% over the first nine months of 2008 to SR502m, compared with SR340m over the corresponding period.
Sipchem recently announced that it has been granted a SR1.35bn loan from the Public Investment Fund (PIF) to finance part of of its new acetyls complex in ?xml:namespace>
Start-up at the complex was reported to be delayed until the end of 2009.
($1 = SR3.75)
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