23 October 2013 09:44 [Source: ICIS news]
KARACHI (ICIS)--Saudi International Petrochemical Co (Sipchem) on Wednesday posted an 18.87% rise in third-quarter net profit, partly on higher sales volumes and less deduction of tax.
The company said in a statement on the Saudi bourse -- Tadawul -- it made Saudi Riyal (SR) 185.2m net profit during the third quarter, up from SR155.8m a year ago.
The company attributed the marginal gains largely to a rise in prices of most of the company's products and thus profit margins as well as reduced provisions for Zakat -- an Islamic tax.
Established in 1999, Saudi International Petrochemical Company (Sipchem) manufactures and markets methanol, butanediol, tetrahydrofuran, acetic acid, acetic anhydride, vinyl acetate monomer, as well as carbon monoxide through its various affiliates.
The company's gross profit rose by 9.82% to SR345.7m, while its operating profit increased by 10.69% to SR318.8m in the third quarter.
However, Sipchem nine-month net profit fell 4.46% to SR423.7m and operating profit was down by 7.7% to SR808m.
Sipchem citied shutdowns at a number of plants during the period for the decline in earnings.
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