The Saudi International Petrochemical Company (Sipchem) by assets, posted a 68.8 percent rise in its fourth-quarter net profit, according to preliminary financial results of the Company. The Company made a net profit of SR211.2 million for the fourth quarter of 2011, compared with SR125.1 million in the same period a year earlier, it said in a statement. Net profit for the twelve-month period of 2011 amounted to SR705.9 million, compared to SR378.1 million or an increase of 86.7 percent over the same period the previous year. The Company's chief executive Eng. Ahmed A. Al-Ohal said the increase in the company's financial results is attributed mainly to improvement in operational performance of the company's plants, which led to increase in production volumes and sales in addition to higher selling prices of products and accordingly higher profit margins.
