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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian PVC prices cautiously rebound from more than 2-year lows
- Freight rates near pre-Covid levels as pace of normalization accelerates
- Bleak outlook for Q1 keeps European PP, PE buyers sidelined
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains