Riyadh-Mubasher: Saudi International Petrochemical Co. (Sipchem) recorded net earnings of SAR 26 million in the fourth quarter of 2015, a fall of 80.36% compared with SAR 132.4 million in the prior-year period.
“Q4 profit decline was due to a decrease in production quantities as a result of scheduled shutdown of International Methanol Co.’s (IMC) plant in the fourth quarter of 2015,” the company said.
Full-year net profits dropped 52.46% year-on-year from SAR 606.2 million to SAR 288.2 million.
The 12-month profit decline was attributable to the significant decrease of average selling prices of all products by about 18%-32% in spite of a decrease in raw material prices (Butane and Ethylene), Sipchem said.
