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Saudi Sipchem posts results for Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/07/2017 (12:30)
According to a release on the company’s website, Saudi Sipchem announced its financial results for April-June period of 2017. Accordingly, the company’s net profit posted a significant fall of 34.7% in the second quarter to 59.8 million Riyals ($15.9 million) from 91.6 million Riyals ($24.4 million) profit recorded in the previous quarter.

However, the company’s net profit jumped considerably by 150% in the second quarter compared to the same period of last year.

Meanwhile, the company’s operating profit decreased by 24% in Q2 to 176 million Riyals ($46 million) from Q1’s 231 million Riyals ($61 million).

The company’s revenue also fell compared to the previous quarter due to a decrease in the company’s production and sales volume that stemmed from periodic turnarounds at its plants.

The company’s sales also marginally fell to 918.2 million Riyals ($245 million) in April-June period from 923.6 million Riyals ($246.2 million) in January-March period of 2017.
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