Saudi’s Sipchem Q4 net profit more than doubles to $33.4m

17 January 2011 03:21  [Source: ICIS news]

A Sipchem facility in Jubail, Saudi ArabiaSINGAPORE (ICIS)--Saudi International Petrochemical Co (Sipchem) said on Sunday its fourth-quarter 2010 net profit more than doubled to Saudi riyals (SR) 125.1m ($33.4m) on the back of improved operational performance at plants, higher product prices and sales.

In the same period in 2009, the company posted a net profit of SR56.5m, the company said in a statement.

Based on preliminary financial results for the December 2010 quarter, operating income surged to SR282.3m from SR122.8m in the previous corresponding period, Sipchem said.

The sharp increase in profits was mainly due to better plant operations, which translated into higher production of methanol and butanediol, the company said.

“In addition, the year witnessed an improvement in the sales and the prices of these products and also an improvement in the plant reliability, productivity and overall cost reduction that resulted in increase of the profit margins,” it added.

Meanwhile, net profit for the whole of 2010 more than doubled to SR378.1m, against SR140.9m in 2009, the company said.

Sipchem’s operating income last year more than quadrupled to SR764.8m from SR168.3m in 2009, it added.

($1 = SR3.75)

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By: Nurluqman Suratman

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