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FINANCIAL NEWS
Saudi Sipchem’s Q1 net income jumps 25.4%
18 Apr 2012
(MENAFN) The Saudi International Petrochemical Company (Sipchem) said that net income jumped 25.4 percent in the first quarter to USD40.41 million, from USD32.23 million in 2011’s same period, reported Arab News.
The company added that operating profit grew 26.5 percent from the USD64 million recorded in the same period a year earlier to USD81 million.
It also said that gross profit leaped 25.2 percent to USD89.23 million, compared with USD71.26 million.
It is worth noting that the increase in first-quarter results compared to the same period in 2011 was attributed to the growth in production and sales volume, in addition to better sales prices and accordingly profit margins.
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