JEDDAH, 22 April 2007 — Saudi International Petrochemical Company (Sipchem) posted SR150 million net profit in the first quarter of 2007, an increase of SR53 million or 54.6 percent from SR97 million recorded in the same period last year.
Sipchem’s total production during the first quarter of this year was 293,201 tons compared to 243,662 tons for the same period of 2006. As of March 31 of this year, Sipchem’s assets are valued at a total of SR5.41 billion compared to SR4.61 billion for the same period of last year, marking an increase of 17.4 percent at SR800 million.
Shareholders’ equity rose from SR2.0 billion during the same period of 2006 to SR2.56 billion as at the close of the first quarter of this year, a rise of 28 percent. Operational profit for this quarter amounted to SR243.13 million, a rise of 80.87 percent or SR108.7 million from SR134.42 million. Earnings per share amounted to SR1.0 in the first quarter of 2007 from SR0.65.
