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Sipchem's Q4 net income fell 25.3%
- Saudi Arabia: Thursday, January 17 - 2013 at 04:44
The Saudi International Petrochemical Co (Sipchem) has said its profit for the fourth quarter of 2012 fell 25.3% to SR157.7m, compared with SR211.2m for the same quarter last year, Arab News has reported. Full-year net profit dropped 14.8% to SR601.2m from SR705.9m for the same period last year. Gross profit during fourth quarter also fell 29.6% to SR300m from to SR425.9m for the same quarter last year, the company said. The decline was due to the decrease in profit margins as a result of lower products prices and higher feedstock prices of butane and ethylene, it noted.
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