Saudi International Petrochemical Co (Sipchem) posted a second quarter net income of SR165.4 million ($44 million), an 88.6 percent rise from SR87.7 million a year earlier, the company said in a statement on Tadawul website Saturday. It increased 36.8 percent from SR120.9 million registered in the first quarter. The company said that its profit improved on account of better operating and sales performances and an increase in sales prices. Sipchem's operating profit rose 67.2 percent to SR288 million in the second quarter million compared to SR172.3 million for the same quarter last year. Net profit in the first six months amounted to SR286.3 million compared to SR168.9 million for the same period last year, or an increase of 69.5 percent. Earnings per share during six months was SR0.78 compared to SR0.46 for the same period last year. Sipchem actively develops and invests in petrochemical and chemical industries, both basic and intermediate to produce chemicals used to manufacture a multitude of products. Gross profit during second quarter amounted to SR316.5 million compared to SR189.1 million for the same quarter last year with an increase of 67.4 percent. Earlier this month, Sipchem raised SR1.8 billion ($480 million) from the sale of Islamic bonds. The five-year, floating-rate sukuk was priced 175 basis points over the Saudi Interbank Offered Rate, and the offer received orders of about SR4.5 billion, the company said.
