Saudi's Sipchem posts 57% rise in Q3 net profit

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 Al-Jubail, which was now 87% complete, it said.

 

Start-up at the complex was reported to be delayed until the end of 2009.

 

($1 = SR3.75)

 

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By: Mark Watts
+44 20 8652 3214

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