MOSCOW (MRC) -- Saudi International Petrochemical Co (Sipchem) has reported a 55.4% slump in third-quarter net profit as product sales prices fell, as per Reuters.
Sipchem posted a profit of 71.6 million riyals (USD19.1 million) in the three months to Sept. 30, down from 160.6 million riyals 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 122.9 million riyals.
Sipchem reported its fourth profit decline in five quarters that missed analyst forecasts due to plant closures and falling product sales prices.
As MRC reported earlier, on 26 July, 2014, Sipchem commenced trial runs at a new ethylene vinyl acetate (EVA)/low density polyethylene (LDPE) swing plant in Saudi Arabia. Located in Jubail Saudi Arabia, the plant has a production capacity of 200,000 mt/year.
Established in 1999, Saudi International Petrochemical Company (Sipchem) manufactures and markets methanol, butanediol, tetrahydrofuran, acetic acid, acetic anhydride, vinyl acetate monomer. Besides, it has launched several down-stream projects to manufacture ethylene vinyl acetate, low density polyethylene, ethyl acetate, butyl acetate, cross linkable polyethylene, and semi conductive compound.
MRC