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Saudi Sipchem’s net profit slumps 80.4% in Q4

by ChemOrbis Editorial Team -
  • 21/01/2016 (11:26)
According to media reports, Saudi Arabia’s Sipchem (International Petrochemical Co) reported that their net profit slumped 80.4% on the year to SAR26 million ($6.9 million) in the fourth quarter from SAR132.4 million ($35.2 million) in the same period of last year.

The company stated that the slump in profits was due to a decline in product sales prices stemming from multi-year low oil prices and a scheduled shutdown of its methanol affiliate during the fourth quarter. Previously, the company reported that a scheduled maintenance at its methanol affiliate, which lasted nearly six weeks and was completed in mid-December, was expected to cut the company’s profits by around SAR45 million for the quarter.

Sipchem also said that product sales prices declined between 21% and 35% in the fourth quarter compared with the same period of last year.
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