Saudi’s Sipchem Blames Plant Shutdowns For Q3 Net Profit Drop

Saudi International Petrochemical Co (Sipchem) blamed plant shutdowns as it reported a 13.3 per cent drop in third-quarter net profit on Tuesday that missed analysts’ forecasts.

Sipchem made a profit of SAR160.6 million ($42.8 million) in the three months to Sept. 30, down from SAR185.2 million in the prior-year period, according to a bourse filing.

Five analysts polled by Reuters had on average forecast Sipchem’s third-quarter profit would be SAR180 million.

Sipchem said quarterly production and sales quantities were reduced because of planned and unplanned plant shutdowns, and profit was also affected by an increase in feedstock prices.