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More Saudi companies report results; Sipchem shuts down two plants for maintenance

3:28 AM MST | January 15, 2013 | Natasha Alperowicz

Advanced Petrochemical Co. (Advanced; Al Jubail) and Saudi International Petrochemical Co. (Sipchem; Al Khubar) today announced their fourth-quarter and full year 2012 reults. Advanced, a producer of polypropylene (PP) at Al Jubail, reported a 29% increase in fourth-quarter net profit, to 117 million Saudi riyals ($31.2 million), compared with the same quarter in 2011 and a 17% increase compared with the third quarter of last year. Income from operations in the fourth quarter was SR122.2 million, an increase of 27%. Net profit for the whole of...

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