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Saudi Sipchem Q2 Net Profit Jumps 41%; Sales, Margins Rise

Saudi Sipchem Q2 Net Profit Jumps 41%; Sales, Margins Rise

Sipchem made a profit of SAR244.6 million ($65.3 million) in the three months to June 30, up from SAR174.0 million in the prior-year period.

Saudi International Petrochemical Co (Sipchem) beat analysts’ forecasts with rises in profit margins and sales on Sunday as second-quarter net profit jumped 41 percent.

Sipchem made a profit of SAR244.6 million ($65.3 million) in the three months to June 30, up from SAR174.0 million in the prior-year period, according to a bourse filing.

Five analysts polled by Reuters had on average forecast Sipchem’s quarterly profit would be SAR176.8 million.

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