Saudi International Petrochemical Co (Sipchem) said on Sunday its fourth-quarter net profit more than doubled year-on-year to SR125.1m ($33.36m).
Sipchem made a net profit of SR56.5m in the fourth quarter of 2009, the company said.
It said in a statement on the Saudi bourse website its operational profit rose to SR282.3m from SR122.8m in the fourth quarter of 2009.
Full-year net profit soared to SR378.1m ($100.82m) from SR140.9m ($37.57m) in 2009, it said.
Sipchem mainly attributed the profit rise to higher methanol and butanediol output, sales and prices.
The firm started commercial operations at its acetyls complex, which is part of its second phase of development plans mid-2010.
The complex, in Jubail on the Gulf coast, will produce 450,000 tonnes of acetic acid, 330,000 tonnes of vinyl acetate monomer and 345,000 tonnes of carbon monoxide annually.
The company, through an affiliate, is embarking on a third expansion phase.
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