Saudi Arabia's Sipchem Q4 net profit up 24.8% on higher prices

20 January 2014 06:30  [Source: ICIS news]

SINGAPORE (ICIS)--Saudi International Petrochemical Company's (Sipchem) net profit rose by 24.8% year on year to Saudi riyals (SR) 196.8m ($52.5m) in the fourth quarter on the back of higher product prices, especially methanol, the company said over the weekend.

The producer’s gross profit rose by 32.3% year on year to SR401.8m in the fourth quarter of 2013, while its operational profit was up by 38% at SR360.7m, the company said in a filing to the Saudi bourse Tadawul.

For the full year of 2013, the company’s net profit was up by 3.21% year on year to SR620.5m, while its gross profit  rose by 2.31% to SR1.3bn, the company added.

($1 = SR3.75)

By: Nurluqman Suratman

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