JEDDAH: The Saudi International Petrochemical Company (Sipchem) has posted a net profit of SR253 million for period ending Sept. 30, 2010, compared to SR84.3 million for the same period last year or a 200-percent increase, the company said in a statement Sunday. The net profit for the third quarter was SR84 million compared to SR54.7 million for the corresponding period of the year 2009 with a 54% increase. The earnings per share during the first nine months of the current year was SR 0.76 compared to SR 0.25 for the corresponding period of the year 2009. The company said the increase in the profit was mainly due to the rise in production and sales quantities of Methanol and Butanediol plants in addition to the improvement of the price of the Butanediol. The company is continuing its plans to improve its production operations and reduce their costs, the statement said.
