Riyadh – Mubasher: Saudi International Petrochemical Company (Sipchem) on Wednesday stated turning to profitability in the third quarter of 2017, against losses in the same period in the year before.
Sipchem's net profits reached SAR 121.6 million in Q3-17, against net losses of SAR 49.4 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits surged 103.3%.
The firm attributed turning profitability in Q3-17 to growth in sales’ volume and rise of average selling prices for most of its products.
At the level of the first nine months of 2017, the Kingdom-based petrochemical company achieved SAR 273 million net profits, compared to SAR 11.2 million in the corresponding period in the year earlier.
By 1:28 pm KSA time, Sipchem’s stock grew 1.07% to reach SAR 15.14.
