403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Saudi's Sipchem posts drop by 37.1 percent in Q1
(MENAFN) Saudi Intl' Petrochemical Co. (Sipchem) recorded a 37.1 percent fall in Q1 net profit, influenced by a drop in sales prices of all its products.
Moreover, the firm made a profit of USD 13.5mn in the three months to March 31, decline from USD 21.47mn in the prior year period.
Additionally, product prices are linked to oil, so the lower crude price has cut the margins and competitive advantage over rival producers from non-oil areas.
On the other hand, the kingdom is reforming its energy subsidies in order to bring down a substantial budget deficit, which expects USD 31.97mn of extra costs.
Moreover, the firm made a profit of USD 13.5mn in the three months to March 31, decline from USD 21.47mn in the prior year period.
Additionally, product prices are linked to oil, so the lower crude price has cut the margins and competitive advantage over rival producers from non-oil areas.
On the other hand, the kingdom is reforming its energy subsidies in order to bring down a substantial budget deficit, which expects USD 31.97mn of extra costs.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment