19 February 2013 07:22 [Source: ICIS news]
SINGAPORE (ICIS)--Saudi International Petrochemical’s (Sipchem) net profit fell by 14.8% year on year to Saudi riyal (SR) 601.2m ($160m) in 2012, weighed by lower product prices, the company said on Tuesday.
“The reason for the decrease in the financial results during the year 2012 compared to 2011 was due mainly to the decrease in the prices of most of company products by 13-20%,” it said in a statement on the Saudi stock exchange, also known as Tadawul.
Sipchem’s operating profit last year fell by 12.7% to SR1.14bn, while its gross profit declined 11.2% to SR1.27bn, it said.
Despite the significant fall in product prices, the company’s overall output and sales volumes rose by 4% in 2012 as operational efficiency at plants improved, the company said.
Sipchem did not disclose its fourth-quarter financial results.
($1 = SR3.75)
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