JEDDAH: Saudi International Petrochemical Co. (Sipchem) reported a 55 percent drop in second-quarter profit on Monday, missing analyst forecasts as its earnings were hit by plant closures and falling product sales prices.

Sipchem made a profit of SR110.1 million ($29.4 million) in the three months to June 30, down from SR244.6 million in the prior-year period, according to a bourse filing.