SAUDI International Petrochemical Company (Sipchem) posted a 25.4 percent increase in net profit during first quarter to SR151.6 million compared to SR120.9 million for the same quarter last year. Gross profit during first quarter amounted to SR334.7 million compared to SR267.3 million for the same quarter last year with an increase of 25.2 percent. Operating profit during first quarter amounted to SR303.9 million compared to SR240.2 million for the same quarter last year with an increase of 26.5 percent. The increase was due to the increase in production and sales volume and improvements in sales prices and accordingly profit margins whereas the decrease in the results of first quarter compared to previous quarter is due mainly to decrease in some products prices as expected during this period of the year. Earnings per share during the three months was SR0.41 compared to SR0.33 for the same period last year. As a result of starting the marketing activities of Sipchem in Europe through the acquisition of Aectra SA, the interim consolidated financial statements for Sipchem include now a separate disclosure for the activities of Aectra SA in the marketing of petrochemical products.
