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Mon 12 Jul 2010 08:33 PM

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Saudi Sipchem Q2 soars on higher production and sales

Net profit came in at $23.4m, up from $133,315 in the previous year's Q2.

Saudi Sipchem Q2 soars on higher production and sales
PROFIT JUMP: Saudi International Petrochemical Co said that its Q2 net profit jumped almost 19% due to higher production and prices. (Getty Images)

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)

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