Sipchem and APC Report Increases in Fourth Quarter Profits

Sipchem (Riyadh) reported a 62% rise in fourth-quarter 2009 earnings to SR56.5 million ($15.1 million) compared with the same priod in the previous year. The company's net income for the whole of 2009 fell 71% to SR140.9 million. Fourth quarter operating profit was up 48% at SR122.8 million. Full year 2009 operating profit was SR 168.5 million, an 83% decline on 2008. Analysts are upbeat about Sipchem's prospects. "We remain bullish on the short term prospects for the company given near term expected strength in methanol markets coupled with...

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