JEDDAH – Sipchem announced the interim financial results for the period that ended Sept. 30 2012. Net profit during third quarter amounted to SR155.8 million compared to SR208.4 million for the same quarter last year with a decrease of 25.2% and compared to SR136.1 million for the previous quarter with an increase of 14.5%. Grossprofit during third quarter amounted to SR314.8 million compared to SR417.2 million for the same quarter last year with a decrease of 24.5%. Operating profit during third quarter amounted to SR288 million compared to SR392.6 million for the same quarter last year with a decrease of 26.6%. Net profit during nine months amounted to SR443.5 million compared to SR494.7 million for the same period last year with a decrease of 10.3% Earnings per share during nine months was SR1.21 compared to SR1.35 for the same period last year. Grossprofit during nine months amounted to SR963.8 million compared to SR1,000.9 million for the same period last year with a decrease of 3.7%. Operating profit during nine months amounted to SR875.4 million compared to SR920.9 million for the same period last year with a decrease of 4.9%. The decrease in the results of the third quarter and nine months period of 2012 compared to the same period of last year was due mainly to the decrease in the prices of some company products and accordingly decrease in profit margins in addition to increase in zakat provisions. Whereas the profit in the third quarter increased compared to second quarter of the same year due to the increase in production quantities after the completion of the planned turnaround of some company's plants during previous quarter and accordingly increase in sales quantities. – SG
