Sipchem announce the interim financial results for the period ended 30th September 2012
- Saudi Arabia: Saturday, October 13 - 2012 at 13:13
- PRESS RELEASE
Sipchem announced lately the interim financial results for the period ended 30th September 2012, showing net profit during third quarter amounted to SAR155.8m compared to SAR208.4m for the same quarter last year with a decrease of 25.2% and compared to SAR136.1m for the previous quarter with an increase of 14.5%.
Operating profit during third quarter amounted to SAR288m compared to SAR392.6m for the same quarter last year with a decrease of 26.6%.
Net profit during nine months amounted to SAR443.5m compared to SAR494.7m for the same period last year with a decrease of 10.3%
Earnings per share during nine months wasSAR1.21 compared to SAR1.35 for the same period last year.
Gross profit during nine months amounted to SAR963.8m compared to SAR1,000.9m for the same period last year with a decrease of 3.7%.
Operating profit during nine months amounted to SAR875.4m compared to SAR920.9m for the same period last year with a decrease of 4.9%.
The decrease in the results of the third quarter and nine months period of 2012 compared to the same period of last year was due mainly to the decrease in the prices of some company products and accordingly decrease in profit margins in addition to increase in zakat provisions. Whereas the profit in the third quarter increased compared to second quarter of the same year due to the increase in production quantities after the completion of the planned turnaround of some company's plants during previous quarter and accordingly increase in sales quantities.
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