Sipchem Q2 net profit jumps 41%; sales, margins rise

Dubai: Saudi International Petrochemical Co (Sipchem) beat analysts’ forecasts with rises in profit margins and sales on Sunday as second-quarter net profit jumped 41 per cent.

Sipchem made a profit of 244.6 million riyals ($65.3 million) in the three months to June 30, up from 174.0 million riyals in the prior-year period, according to a bourse filing.

Five analysts polled by Reuters had on average forecast Sipchem’s quarterly profit would be 176.8 million riyals.