By Ulf Laessing
Net profit came in at $23.4m, up from $133,315 in the previous year's Q2.
Saudi International Petrochemical Co (Sipchem) said second quarter net profit jumped almost 19 fold driven by higher production and prices.
Net profit came in at 87.7 million riyals ($23.4 million) in the three months to June 30 after $133,315 in the same quarter a year ago, the firm said in a statement on Monday.
Higher production of methanol and butanediol combined with improved prices were behind the profit rise, Sipchem said in the statement on the bourse website.
Temporary production stops and a slump in global demand and prices hit earnings hard in the second quarter a year ago.
Larger rival Saudi Basic Industries (SABIC) will post later this month its quarterly results, a yardstick for global industry peers. (Reuters)