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Saudi Sipchem’s net profit increases 17.3% in Q1

by ChemOrbis Editorial Team -
  • 21/04/2015 (13:04)
Saudi International Petrochemical’s (Sipchem) net profit increased 17.3% on the year in the first quarter, according to media reports. The company’s net profit reached 80.6 million riyals ($21.5 million) compared to 68.7 million riyals in the same period of 2014. However, the company’s financial figures in the first three months fell below analysts’ estimates, which called for a net profit of 98.3 million riyals ($26.2 million) in a survey by Reuters.

The company reportedly cited higher production and sales as well as lower expenses as the main factors behind their stronger financial results for the first three months ending March.
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