Saudi Firms Report Mixed Results: Sipchem Profits Down, Safco Flat

Saudi International Petrochemical Co. (Sipchem; Al-Khubar, Saudi Arabia) today reported a 17.7% slide in second quarter net profit to SR136.1 million ($36.3 million), compared with SR165.4 million in the same quarter of 2011. Net profit was also down 10% from the preceding quarter. First-quarter 2012 net profit reached SR151.6 million. Gross profit in the second quarter of this year was flat, at SR314.2 million. Second quarter operating profit was also down close to 2%, at SR283.5 million.   Net profit during the first six months of this year reached SR287.7...

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