Riyadh - Mubasher: The financial statements of Saudi International Petrochemical Company (Sipchem) showed a rise in profits in the first quarter of 2017 by 86.4% year-on-year, 187.5% and quarter-on-quarter.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that profits reached SAR 91.7 million in Q1-17 compared to SAR 49.2 million in the same period last year.
The growth in profits is attributed to the increase in net sales, which is primarily due to the surge in average selling prices and sales volumes for some of the products despite the increase in the prices of feedstock (butane and ethylene).
As per the statement, sales increased by 29.8% as it totalled SAR 1.2 billion in Q1-17 compared to SAR 920 million in Q1-16.
