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FINANCIAL NEWS
Sipchem reports 54% jump in Q3 earnings
17 Oct 2010
(MENANF) Saudi International Petrochemical Co (Sipchem) said that it has posted a 54-percent rise in third-quarter net profit, partly on higher sales volumes and prices, Reuters reported.
Sipchem’s results, which came mainly on the back of higher butanediol petrochemical product, bode well for larger rival SABIC’s results.
Sipchem said third-quarter operating profit stood at $46.7 million, a 456 percent rise from the year-earlier period. It did not explain the gap between net profit and operating profit.
Larger rival Saudi Basic Industries Corp, or SABIC, will report its quarterly results and serve as a yardstick for global industry peers such as BASF and Dow Chemical.
Analysts expect SABIC to post an average $1.35 billion in net profit for the third-quarter, which would be 39.6 percent above its level a year earlier and 1.4 percent above the second quarter of 2010.
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