Riyadh – Mubasher: Saudi International Petrochemical (Sipchem) achieved a surge of 424.56% in profits during the second quarter of 2017 compared to the same period a year ago.
Earnings jumped to SAR 59.8 million in Q2-17 from SAR 11.4 million in Q2-16, according to a bourse filing to the Saudi Stock Exchange (Tadawul).
“Revenues increased compared to the same quarter last year primarily due to an increase in average selling prices and sales volumes for some of products,” the statement said.
During the first half of 2017, Sipchem reported a growth of 149.83% in profits to SAR 151.4 million from SAR 60.6 million in the same period a year ago.
In Q1-17, the company’s profits increased by 86.4% to total SAR 91.7 million from SAR 49.2 million in Q1-16.
