DUBAI: Saudi International Petrochemical Co.(Sipchem) posted a 18.9 percent rise in third-quarter net profit on Wednesday, beating analyst estimates, thanks to higher sale prices for most of its products.

The firm made a net profit of SR185.2 million ($49.33 million) for the three months to Sept.30, compared with SR155.8 million in the corresponding period in 2012.

The figure beat the average forecast of five analysts polled by Reuters, who expected a net profit of SR182.5 million in the period.

Sipchem has picked HSBC Holdings to advise on a proposed merger with fellow petchem firm Sahara Petrochemical, sources have said.