Saudi International Petrochemical Company (Sipchem) realized lucrative financial results and optimal growth in profits, assets and shareholders` equity during the first six months ending on 30/06/2006. During this period, Sipchem earned SR 219.6 million in net profits compared to SR 174.6 million earned during the same period of 2005, which accounts for SR 45 million or 26% rise in profits. Additionally, net profit realized by the end of the second quarter amounted to SR 122.5 million compared to SR 97 million realized by the end of the first quarter of this year. By the end of June this year, Sipchem's assets rose to SR 4.85 billion from SR 4.11 billion at the same time last year. Further, shareholders' equity rose to SR 2.1 billion from SR 1.76 billion last year at the same period. Last April, Sipchem signed engineering and construction contracts with Fluor Canada for building an acetic acid plant with annual capacity of 460,000 metric tons and a vinyl acetate monomer plant with annual capacity of 300,000 metric tons. Sipchem also signed an engineering and construction contract with Lurgi AG (Germany) and Air Liquide (France) for building a Carbon Monoxide plant with annual capacity of 345,000 metric tons. Sipchem previously announced that it had signed all the necessary technology licensing agreements for the production of acetic acid and vinyl acetate monomer with Eastman and Dupont companies (USA). Initial phases of construction in the three projects have already started in Jubail Industrial City and commercial production is expected to commence by the end of 2008. Saudi International Petrochemical Company (Sipchem) is a Saudi Joint Stock Company established on 22/12/1999, with a current total capital of SR 1.5 billion. Sipchem is in the process of offering 30% of its shares to the public during the period from 09-18 September 2006.
