Sipchem delivers solid results for Q1 2019, says CEO
Saudi International Petrochemical Co. (Sipchem) reported a solid set of results for Q1 2019 in line with consensus estimates, chief executive officer Abdullah Al-Saadoon said in a quarterly earnings call.
The first-quarter net profit was driven by the company’s ongoing efforts to improve operating efficiency and sales volumes.
Meanwhile, the energy efficiency and performance enhancement of International Methanol Company plant (IMC) also bolstered Q1 2019 results.
The company will continue to maximize investor returns by enhancing safety and excellence and focusing on performance, Al-Saadoon added.
Sipchem posted a 24.2 percent slump year-on-year in net profit after zakat and tax to SAR 114.7 million for Q1 2019, Argaam reported.