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FINANCIAL NEWS
Saudi Sipchem Q2 profits soar to $23.4m
13 Jul 2010
(MENAFN) Saudi International Petrochemical Company (Sipchem) said second-quarter net profit jumped almost 19-fold driven by higher production and prices, Reuters reported.
Net profit came in at $23.4 million in the three months to June 30 after $130,000 in the same quarter a year ago, the firm said in a statement on Monday.
Higher production of methanol and butanediol combined with improved prices were behind the profit rise, Sipchem said in the statement on the bourse website.
Temporary production stops and a slump in global demand and prices hit earnings hard in the second quarter a year ago.
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