Saudi's Sipchem Q1 net profit more than doubles to $22m

14 April 2010 09:23  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi International Petrochemical Co (Sipchem) has posted a first-quarter net profit of Saudi riyal (SR) 81.2m ($21.7m), up from SR29.2m in the same period last year, due to an improvement in product prices and an increase in profit margins, the company said on Wednesday.

Operating profit for the three-month period ending 31 March surged to SR134.6m, compared with SR5.6m in the same period last year, the company said in a statement.

The company had previously reported an 82% year-on-year drop in its full-year operating profit for 2009 to SR168.3m.

($1 = SR3.75)

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By: Nurluqman Suratman

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