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Regions :: Middle East

Sipchem reports higher third-quarter profits

7:44 AM MDT | October 23, 2013 | Natasha Alperowicz

Saudi International Petrochemical Co. (Sipchem; Al Khubar), citing higher prices and margins and lower charges, today reported a rise in third-quarter profits. Net profit rose 18.9%, to 185.2 million Saudi riyals ($49.4 million). Operating profit was 11% higher, at SR318.8 million. Sales have not been disclosed. Net profit in the first nine months declined 4.5%, to SR423.7 million, and operating profit was close to 8% lower, at SR808 million. A planned maintenance shutdown of most of Sipchem’s plants during the first quarter was the main reason for the...

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