Sipchem announces the interim financial results for the period ended 31 December 2012
- Saudi Arabia: Wednesday, January 16 - 2013 at 16:03
- PRESS RELEASE
Saudi International Petrochemical Company (Sipchem) announced that its net profit during fourth quarter amounted to SAR157.7m compared to SAR211.2m for the same quarter last year with a decrease of 25.3% and compared to SAR155.8m for the previous quarter with an increase of 1.2%.
While operating profit during fourth quarter amounted to SAR258.4m compared to SAR381.1m for the same quarter last year with a decrease of 32.1%.
Sipchem's net profit during twelve months amounted to SAR601.2m compared to SAR705.9m for the same period last year with a decrease of 14.8%, earnings Per Share (EPS) during twelve months was SAR1.64 compared to SAR1.93 for the same period last year.
Gross profit during twelve months amounted to SAR1,263.8m compared to SAR1,426.8m for the same period last year with a decrease of 11.4%.
Operating profit during twelve months amounted to SAR1,134m compared to SAR1,302m for the same period last year with a decrease of 12.9%.
The reason for the decrease during current quarter compared to same quarter last year is due to the decrease in profit margins as a result of decrease in products prices and increase in feedstock prices of Butane and Ethylene.
The reason for the decrease during current period compared to same period last year is due to decrease in products prices.
The reason of the marginal increase during current quarter compared to previous quarter of current year is due to the slight increase in most of company products prices compared to what was in previous quarter.
Certain of the prior period amounts have been reclassified to conform with the presentation of the current period.
In spite of the significant decrease in the prices of most of company products during the year 2012 which was the main effect of the decrease of company financial results, the current year has witnessed an improvement in the operating performance of company plants where the production quantities increased by 4% and accordingly sales quantities increased compared to last year which marginally contributed to limiting the decrease in company results.
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