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FINANCIAL NEWS
Saudi’s Sipchem net profit down 13.3 percent in Q3
22 Oct 2014
(MENAFN) Saudi International Petrochemical Co. (Sipchem) registered a decline in its net profit by 13.3 percent in the July-September period of this year due to plant shutdowns, Arab News reported.
During the third quarter of this year, Sipchem posted a net profit of USD42.8 million, a decline compared with USD49.34 million registered in the corresponding period of last year.
Sipchem attributed its profit decline to the reduction of its quarterly production and sales because of planned and unplanned plant shutdowns, as well as an increase in feedstock prices.
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