Sipchem Third-Quarter Profit Misses Estimates on Lower Prices
Saudi International Petrochemical Co. (SIPCHEM), known as Sipchem, said third-quarter profit fell 25 percent, missing analyst estimates, as product prices declined.
Net income dropped to 155.8 million riyals ($41.5 million) from 208.4 million riyals in the same period a year earlier, the company said in a statement to the Saudi bourse today. The mean estimate of six analyst was for a profit of 161 million riyals, according to data compiled by Bloomberg.
The drop was due “mainly to the decrease in the prices of some company products,” the company said in the statement. Nine-month earnings per share was 1.21 riyals, compared with 1.35 riyals for the same period last year, according to the statement.
To contact the reporter on this story: Glen Carey in Riyadh at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew J. Barden at email@example.com