LONDON (ICIS)--Saudi International Petrochemical Company (Sipchem)'s fourth-quarter net profit increased by more than five-fold to Saudi riyal (SR) 164m ($44m) while sales rose to SR1.28bn, up 35%, the Saudi petrochemical producer said on Monday.
Operational profit for the fourth quarter of 2017 stood at SR304m, up from SR134m a year earlier.
“Net profit increased compared to the same quarter last year primarily due to increase in average selling prices and sales volumes for most of products,” said the company.
Annual sales for 2017 stood at SR4.46bn, up 27% year on year, while net profit rocketed to SR437m, up from SR43m in 2016.
Operational profit for the full year stood at SR964m, nearly doubling the SR437m achieved in 2016.
($1 = SR3.75)