Sipchem Q4 more than doubles, plans bonus share

Saudi International Petrochemical Company (Sipchem) said on Sunday its fourth-quarter net profit more than doubled to 125.1 million riyals ($33.4 million) on an increased output of products.

Sipchem also said in a statement on the bourse website that its operational profit rose to 282.3 million riyals from 122.8 million riyals in the fourth quarter of 2009. Net profits stood at 56.5 million riyals in the fourth quarter of 2009.

Full-year net profit soared to 378.1 million riyals from 140.9 million riyals in 2009, it said.
The firm attributed the rise in profits to higher methanol and butanediol output.

In a separate statement, Sipchem said it would raise its capital by issuing one bonus share for every 10.
The firm started commercial operations at its acetyls complex, which is part of its second phase of development plans mid-2010.

The complex, in Jubail on the Gulf coast, will produce 450,000 tonnes of acetic acid, 330,000 tonnes of vinyl acetate monomer and 345,000 tonnes of carbon monoxide annually.

The company, through an affiliate, is embarking on a third expansion phase.

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