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Increased Production and Sales Volumes Push Sipchem's Net Profits up

6:28 AM MDT | April 19, 2012 | Sotirios Frantzanas

Saudi International Petrochemical Co. (Sipchem; Al Khobar) says net profits for the first quarter of 2012 increased 25.4%, to SR151.6 million ($40.4 million) compared with SR120.9 million in the first quarter of 2011. Gross and operating profits also went up 25.2% and 26.5% year over year, to SR334.7 million and SR303.9 million, respectively, the company says. Sipchem attributes the improved first-quarter 2012 results to increased production and sales volumes, as well as to higher selling prices and profit margins. Sales figures were not disclosed.  ...

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