Sipchem Reports a Near Doubling in Second Quarter Net Profit

Saudi International Petrochemical Co., (Sipchem; Al Khobar) has announced a near doubling in net profit for the second quarter ended June 30, 2011. Net profit in the quarter rose 88.6% to SR165.4 million ($44.1 million), compared to SR87.7 million in the year-earlier period. The company also improved its performance against the earlier quarter when net profit reached SR120.9 million.  Sipchem attributes the increase in profit to improved operations as well as sales performance and higher prices for its products, which led to higher margins.  ...

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