JEDDAH: Saudi International Petrochemical Co. (Sipchem) reported a 55.4 percent slump in third-quarter net profit on Tuesday as product sales prices fell.
Sipchem posted a profit of SR71.6 million ($19.1 million) in the three months to Sept. 30, down from SR160.6 million a year earlier, according to a bourse filing.
The company attributed the profit drop on lower average selling prices of all company products.
Four analysts polled by Reuters forecast on average the firm would make a quarterly net profit of SR122.9 million.
Sipchem reported its fourth profit decline in five quarters that missed analyst forecasts due to plant closures and falling product sales prices.
Earnings blow to Sipchem
