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Saudi Sipchem’s net profit slumps in Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/02/2015 (14:27)
Saudi International Petrochemical’s (Sipchem) net profit slumped in the last quarter of 2014, according to media reports. The company’s net profit slipped 33% to 132.4 million riyals ($35.28 million) in the three months ending December, mostly in line with analysts’ estimates.

The company cited lower production stemming from a shutdown at its methanol plant and weaker sales for methanol and butandiol products as the main reasons behind their weaker quarterly results.

For the whole of 2014, Sipchem posted an annual profit of 606.2 million riyals ($162 million) compared with 620.5 million riyals ($165 million) in 2013.
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