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Sipchem FY18 profit rises 33% on higher revenues

2019-02-13 10:24:40 GMT (Economies.com)
 

Saudi International Petrochemical Co. (Sipchem) on Wednesday posted a 33.3% growth in net profit for the fiscal year ended December 31, 2018, according to a bourse statemen.

 

The company generated SAR 583 million net profit in FY18, compared with SAR 437 million in FY17.

 

Operating profit amounted to SAR 1.1 billion, compared with SAR 934.7 million.

 

The company ascribed the profit growth to an increase in revenues following the rise in average sale prices.

 

Sipchem earlier posted a net profit increase by 48.3% year-on-year in the third quarter of 2018, to SAR 180.3 million, compared with SAR 121.6 million net profit during the corresponding period in 2017.

 

 Meanwhile, net profit for the first nine months of 2018 amounted to SAR 543 million, compared with SAR 273 million in the prior-year period.

 
 
 
  Symbol Last Change Chg.%
1.1732
0.0018
0.1515%
1.3705
0.0029
0.2131%
Tadawul
11270.57
-40.58
0.36%
22.668
0.367
1.646%
73.279
2.346
3.307%
77.59
0.32
0.41%
1753.460
-3.345
0.190%
 
 
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