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FINANCIAL NEWS
Sipchem net profit up over 50% in Q4
17 Jan 2011
(MENAFN) Saudi International Petrochemical Co. (Sipchem) stated that net profit for the fourth quarter of the previous year increased by fifty percent compared to the same quarter of the previous year and thus amounting to $33.36 million, reported Arab News.
The company also announced that its operational profit increased to $6 million. The company said that these increases were due to an increase in the output of methanol and butanediol as well as their sales and prices.
It is worth noting that Sipchem had launched an acetyls complex in Jubail on the Gulf coast. The complex has a production capacity of 450,000 tons of acetic acid, 330,000 tons of vinyl acetate monomer and 345,000 tons of carbon monoxide.
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