18 April 2012 04:11 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi International Petrochemical Company (Sipchem) reported late on Tuesday a 25.4% year-on-year increase in its first-quarter 2012 net profit to Saudi riyal (SR) 151.6m ($40.4m) on the back of higher sales volumes and prices.
The company’s gross profit rose by 25.2% year on year to SR334.7m in the three-month period ending 31 March this year, while its operating profit rose by 26.5% to SR303.9m, it said in statement.
“The increase in the results of first quarter compared to the same period last year was due to the increase in production and sales volume and improvements in sales prices and accordingly, profit margins,” Sipchem said.
On a quarter-on-quarter basis, the company’s net profit fell by 28.2% in the January-March period of 2012 on the back of a decrease in prices of some products, it added.
($1 = Sr3.75)
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