Saudi's Sipchem says Q3 net profit rises 18.9pc
October 23, 2013 - 10:37:10 am
DUBAI: Saudi International Petrochemical Co (Sipchem) posted a 18.9 percent rise in third-quarter net profit on Wednesday, beating analyst estimates, thanks to higher sale prices for most of its products.
The firm made a net profit of 185.2 million riyals or $49.33 million for the three months to Sept.30, compared with 155.8 million riyals in the corresponding period in 2012.
The figure beat the average forecast of five analysts polled by Reuters, who expected a net profit of 182.5 million riyals in the period.
Sipchem has picked HSBC Holdings to advise on a proposed merger with fellow petchem firm Sahara Petrochemical, sources have said. (Reuters)