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Regions :: Middle East :: Saudi Arabia

Sipchem, Tasnee report lower first-quarter profits; Alujain records loss on extended shutdown

9:24 AM MDT | April 23, 2013 | Natasha Alperowicz

More Saudi chemical producers have reported first-quarter results, which were mostly lower than in the corresponding period of last year. Saudi International Petrochemical Co. (Sipchem) reports a 57.5% decline in net profit, to 64.5 million Saudi riyals ($17.2 million). The result was also 59% lower than in the fourth quarter of 2012. Sales have not been disclosed. Operating profit in the first quarter was more than 50% down, at SR149.7 million. Earnings per share during the quarter were SR0.18 compared with SR0.41 in the first quarter of 2012. Sipchem cites...

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