Saudi’s Sipchem Q2 net profit rises 28% on higher sales

Saudi Sipchem (HQ pictured) saw net profits rise 28% in Q2. (File photo: Reuters)

Saudi International Petrochemical Co. (Sipchem) posted a 27.9 percent rise in second-quarter net profit on Wednesday, which it attributed to higher sales and improvements made to its plants during the first three months of the year.

The firm made a net profit of 174 million riyals ($46.4m) for the three months to June 30, compared with 136.1m riyals in the corresponding period of 2012, a bourse filing said.

The figure beat the average forecast of four analysts polled by Reuters, who expected a net profit of 151.3m riyals in the period.

Sipchem said on Tuesday it would pay a dividend of 0.6 riyals a share for the first half of the year.

The company and fellow petchem firm Sahara Petrochemical said last month they had begun initial talks on a possible merger.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41