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Saudi Sipchem’s net profit slumps 37% in Q1

by ChemOrbis Editorial Team -
  • 20/04/2016 (18:15)
According to media reports, Saudi International Petrochemical Company (Sipchem) reported that their net profit slumped 37.1% to SAR50.7 million ($13.5 million) in the first quarter from SAR80.6 million in the same period of last year due to lower product sales prices and higher production costs. Analysts had called for a net profit of SAR37.42 million, according to a survey conducted by Reuters.

The company stated that the slump in profits was due to lower crude prices, which harmed their margins and competitiveness relative to other producers. Saudi Arabia decided to lower energy subsidies to bring down its record high budget deficit. Sipchem had said that its financial results for the first three months of this year were affected negatively by this decision.
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