Saudi International Petrochemical Co.’s (Sipchem) Q4 net profit in 2017 rose significantly on higher prices of almost all products, chief executive officer Ahmad A. Alohali told Argaam.
Overall, sales rose in Q4 by around 17 percent. Product prices jumped 15-50 percent from a year earlier, and they 5-15 percent compared to the previous quarter, he said.
“Sipchem’s excellent results reflect the company’s policy of improving its operational and administrative performance, as well as increasing the efficiency of its factories,” he said.
He also pointed to the internal restructuring of key departments, which boosted the firm’s efficiency, reduced expenses, and achieved “good” results.
Meanwhile, Sipchem’s commercial operation of the polybutylene terephthalate (PBT) plant in Jubail and the ethylene-vinyl acetate (EVA) plant in Hail are expected to launch this year, he added.
Looking forward, Alohali had an optimistic outlook for petrochemical prices.
“We are hopeful (Q1) will be good as prices stabilize and our plants improve their performance,” he added.
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