Riyadh – Mubasher: Saudi International Petrochemical (Sipchem) posted a plunge of 76% in net profits of the second quarter of 2016 as compared to the same period in 2015, and a 49% decline in Q2 versus the previous quarter.
Sipchem’s earnings shrank to SAR 26 million ($6.9 million) in Q2-16 from SAR 110 million ($29.36 million) in Q2-15, according to a bourse filing on Tadawul.
During the first half this year, profits totalled SAR 76.7 million compared with SAR 190.7 million in the same half of 2015; a drop of 60%.
The drop in profits was due to lower profit margin as sales decreased, despite the increase in production volume as well as a growth in the production costs, the statement said.
