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Saudi Sipchem’s net profit plummets 76% in Q2

by ChemOrbis Editorial Team -
  • 28/07/2016 (14:30)
According to media reports, Saudi International Petrochemical’s (Sipchem) net profit plunged around 76.4% in the second quarter, representing weaker financial results for a fifth straight quarter. The company reported a net profit of 26 million riyals ($6.9 million) in the April-June period compared with 110.1 million riyals ($29.3 million) in the same period of 2015.

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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