Riyadh – Mubasher: Saudi International Petrochemical Co (Sipchem) reported a 0.24% year-on-year profit decline during the second quarter of 2019.
The company’s after Zakat and taxes profit reached SAR 210.9 million in Q2-19, compared to SAR 211.4 million a year earlier, according to a bourse statement released on Wednesday.
Quarter-on-quarter, Sipchem’s net profit surged 83.9%, from SAR 114.7 million in Q1-19.
Sales went down by 4.4% to SAR 1.409 billion in Q2-19 versus SAR 1.475 billion the year before.
In the first six months of 2019, the Tadawul-listed company’s profit declined by 10.3% year-on-year to SAR 325.6 million.
Revenue recorded SAR 2.531 billion in H1-19, down 4.3% from SAR 2.645 billion in the year-ago period.
Sipchem posted a 24.24% year-on-year profit drop in the first quarter of 2019, recording SAR 114.7 million.
