Production, sales volumes & prices augment Sipchem's profit by 34%

14-Jul-08

As per company release of Saudi International Petrochemical Company (Sipchem), the company's 34% increase in the Q2 profit can be attributed to output enhancement, higher selling prices of products and greater volume of sales. Sipchem's Q2 profit which reached SR134 mln, though noteworthy, was well below Saudi Investment Bank's forecast of SR261 mln. However, Sipchem's net income for six months till June 30 touched SR365 mln.