|01-19-2015, 05:19 PM||#1|
Saudi Arabia`s Sipchem posts 33% decline in Q4 profit
A plant shutdown resulted in lower output and sales in the fourth quarter, stated Saudi International Petrochemical Co. (Sipchem) as it reported a 33% fall in net profit for that period.
Sipchem reported net profit of SAR132.4 million ($35.28 million) in the three months to December 31, compared with SAR196 million in the same period in 2013. Analysts by Reuters had expected quarterly profit of SAR129.25 million.
Sipchem cited the decline in profits to a shutdown of a methanol plant, which ensued lower production and sales, according to its statement on the Riyadh bourse.
Lower sales prices for butanol and methanol products also made an effect.
For the full-year profit, Sipchem made SAR606.2 million, compared with SAR620.5 million in the previous year.
Falling global oil prices have hurt most of petrochemical companies across the world, but lower feedstock prices in Saudi Arabia have helped offset the effect of lower prices, but in the case of Sipchem the shutdown of the plant had the biggest effect.
Not to mention the slowdown in most developed and emerging countries as petrochemical companies produce many products that are used in construction and other sectors than energy.
Shares of the company fell 0.36% on Monday.
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