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FINANCIAL NEWS
Saudi’s Sipchem Q4 net profit falls 80.4 percent
21 Jan 2016
(MENAFN) Saudi International Petrochemical Co. (Sipchem) recorded 80.4 percent fall in Q4 net income, citing a production shutdown at lower prices for whole products.
Additionally, the firm made a profit of USD 6.9mn in the three months to Dec.31, down from USD 35.26mn in the prior-year period.
The company related the profit decrease to a fall in production as a result of an organized shutdown of its methanol partner through the cited quarter.
Moreover, prices for all its products had declined between 21 and 35 percent year-on-year, while Saudi petrochemical firms claimed slumping earnings in Q4.
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