Sipchem Posts a Doubling in Profits

Saudi International Petrochemical Co. (Sipchem) says its net profits more than doubled in the fourth quarter of 2010 compared with the corresponding period of 2009, to SR125 million. Operating profits also more than doubled, to SR282 million, Sipchem says. Sales were not disclosed. The big increases in profits reflect an improvement in the operational performance of Sipchem's plants, resulting in bigger production volumes for methanol and butanediol, the company says. "In addition, 2010 witnessed an improvement of the sales and prices of these products, and...

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