Saudi International Petrochemical Company (Sipchem) announced the preliminary financial results for the first quarter of 2008. During this period, Sipchem realized SR 232 million in net profits or 54.6% increase over the same quarter of 2007 (SR 150 million). This record growth in profits is attributed to improvement in the rates of production coupled with rise in the prices of products.
During the 1st. quarter of the year, total sales amounted to SR 584 million, marking a SR 214 million or 56% increase over the same quarter of last year. Operational profits for the quarter ending on 31st. March 2008 amounted to SR 377 million or 55% over the same quarter of 2007 (SR 243 million).
During this quarter, shareholders’ equity and minority equity increased to SR 6.2 billion, i.e. SR 3 billion or 94% increase over the same quarter of 2007 (SR 3.2 billion). This increase is mainly attributed to capital increase which took place during the 1st. quarter of 2008. Earning per Share (EPS) increased from SR 0.75 in the 1st quarter of 2007 to SR 0.79 during the 1st quarter of the current year. It is to be noted here that the number of outstanding shares has increased compared to last year due to the recent increase of Sipchem’s capital.
