Saudi Arabia’s Sipchem Q2 net profit grows 40.6% on higher prices

SINGAPORE (ICIS)–Saudi International Petrochemical Co’s (Sipchem) second-quarter net profit increased by 40.6% year on year to Saudi riyal (SR) 244.6m ($65m) amid a spike in product prices and higher sales volumes, the company said over the weekend.

The firm’s gross profit rose by 36.7% year on year to SR504.2m in the second quarter of this year, while its operational profit grew by 35.5% to SR459.8m, the company said in a filing to the Saudi stock exchange, Tadawul.

For the first six months of this year, the company’s net profit rose by 31.4% year on year to SR313.3m, the company said.

Sipchem attributed its higher profit “to the increase in production and sales quantities and increase in some of the product prices”.

($1 = SR3.75)