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Saudi Sipchem’s net profit plunges 55.4% in Q3

by ChemOrbis Editorial Team -
  • 20/10/2015 (12:14)
According to media reports, Saudi Arabia’s Sipchem’s (International Petrochemical Co) net profit plunged 55.4% on the year to SAR71.6 million ($19.09 million) in the third quarter from SAR160.6 million ($42.8 million) in the same period of last year, missing analysts’ initial estimates of a SAR122.9 million ($32.7 million) profit, according to a survey conducted by Reuters.

The company stated that the slump in profit was due to a decline in product sales prices.
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