Saudi Sipchem’s net profit plummets 76% in Q2
The company reportedly said that the decrease was driven by lower sales prices amidst higher production and energy costs which offset higher production and sales.
Sipchem also reported that the Saudi government’s reforms for energy subsidies to bring down a huge budget deficit are expected to cost the company 120 million riyals. Sipchem added that a 15-day maintenance period for three plants at its subsidiaries in May would cost around 22.5 million riyals.
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