Saudi Arabia's Sipchem Q3 net profit down 25.2% to $41.5m

15 October 2012 04:27  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi International Petrochemical’s (Sipchem) third-quarter net profit fell by 25.2% year on year to Saudi riyal (SR) 155.8m ($41.5m) as a result of lower product prices, the company said on Saturday.

Sipchem’s gross profit declined by 24.5% year on year to SR314.8m in the July-September period, the company said in a statement filed with the Saudi Stock Exchange, also known as Tadawul. Its operating profit was down by 26.6% to SR288m, Sipchem added.

On a quarter-on-quarter basis, the company’s net profit was up by 14.5%.

“The [net] profit in the third quarter increased compared to [the] second quarter of the same year due to the increase in production quantities,” Sipchem said.

Production rose after the completion of its plants’ turnaround in the previous quarter, which led to an increase in sales quantities, the company added.

For the first nine months of this year, Sipchem’s net profit fell by 10.3% year on year to SR443.5m, while operating profit slipped by 4.9% to SR875.4m.

($1 = SR3.75)

By: Nurluqman Suratman

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