Sipchem posts huge increase in profits

The Saudi International Petrochemical Company (Sipchem) announced the preliminary financial results for the period ending on Dec. 31st 2010.

The net profit for the fourth quarter was 125.1 million Saudi Riyals (about US$33 million) against 56.5 million Saudi Riyals (some US$15 million) for the corresponding quarter of the last year with 121.4% increase, and against 84.1 million Saudi Riyals for the previous quarter with 48.8% increase. The gross margin for the fourth quarter was 313.4 million Saudi Riyals against 138.9 million Saudi Riyals for the corresponding quarter of the previous year with 125.6% increase. The operating income for the fourth quarter was 282.3 million Saudi Riyals against 122.8 million Saudi Riyals for the corresponding quarter of the previous year with 129.9% increase.

The net profit during the twelve months was 378.1 million Saudi Riyals against 140.9 million Saudi Riyals for the corresponding period of the previous year with a 168.3 % increase. The gross margin during the twelve months was 852.6 million Saudi Riyals corresponding to 235.7 million Saudi Riyals for the corresponding period of the previous year with 261.7 % increase. The operating income during the twelve months was 764.8 million Saudi Riyals against 168.3 million Saudi Riyals for the corresponding period of the previous year with 354.4% increase. 

The earnings per share (EPS) during the twelve months was 1.13 Saudi Riyals against 0.42 Saudi Riyals for the corresponding period of the previous year.