Riyadh: Saudi International Petrochemical Company (Sipchem) on Wednesday reported a 253.51% year-on-year surge in its net profits during the second quarter of 2018.

Sipchem logged a net profit of SAR 211.4 million during the period between April and June, compared to SAR 59.8 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled up 39.63% in Q2-18, from SAR 151.4 million.

Sipchem attributed the large increase in second-quarter profit to higher revenues after a rise in average selling prices of products, along with higher sales volumes.

Revenues surged 60.6% to SAR 1.47 billion during Q2-18, from SAR 918.3 million in the year-ago period.

Sipchem’s profits jumped 139.63% to SAR 362.8 million during the first six months of 2018, from SAR 151.4 million in H1-17.

The Tadawul-listed firm attributed the first-half profit growth to a rise in revenues due to an increase in average selling prices of products.

Revenues levelled up 24.9% to SAR 2.6 billion during H1-18, from SAR 2.11 billion for in the corresponding period a year earlier.

On Tuesday, Sipchem stated that it signed a contract with National Power Company (NPC) to acquire 25% stake in International Gases Company (IGC).

By 10:47 am Saudi time, Sipchem’s stock shed 0.62% to SAR 22.52.

Source: Mubasher

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