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Sipchem posts 48% profit rise in Q3 on stronger revenues

2018-10-21 08:30:09 GMT (Economies.com)
 

Saudi International Petrochemical Co. (Sipchem) posted on Sunday its financial results for the third quarter of 2018, showing that net profit rose by 48.3% year-on-year.

 

The petrochemical company made SAR 180.3 million net profit, compared with SAR 121.6 million net profit during the corresponding period in 2017.

 

Q3 operating profit amounted to SAR 328 million, up from SAR 253.5 million in Q3-17.

 

The company said the rise in net Profit attributable to shareholders current quarter compared to the same quarter last year was due to the increase in revenue as a result of the company’s ongoing efforts to improve the plants operating efficiency and increase in average selling prices of company’s products.

 

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.

 

The nine-month revenues increased to SAR 4 billion, from SAR 3.2 billion, a rise of 25.8%.

 
 
 
  Symbol Last Change Chg.%
1.1622
0.0011
0.0952%
1.3770
0.0031
0.2245%
Tadawul
11891.39
45.46
0.38%
24.412
1.099
4.712%
84.509
1.163
1.395%
86.10
0.56
0.65%
1800.860
31.120
1.758%
 
 
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