IHS Chemical Week

Regions :: Middle East :: Saudi Arabia

Sipchem's Profits Rise

2:11 AM MDT | October 15, 2008 | Natasha Alperowicz

Saudi International Petrochemical Co. (Sipchem; Al-Khobar) says its third quarter net profit rose 57% to SR137 million ($37.3 million) compared with the year-earlier period. Net profit for the first nine months of 2008 were up 48% to SR502 million. Operating profit for the first nine months was up 54% to SR861 million. The company cites increased production, higher international prices, as well as larger sales volumes. Sales were not disclosed. The value of Sipchem's assets increased by 52% to SR9.6 billion. "This increase is due to good progress in the...

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