Sipchem reported SAR 160.6 million net profit for Q3 2014, falling 13.28% from SAR 185.2 million in Q3 2013 and 34.34% from SAR 244.6 million in Q2 2014.
The company reported SAR 473.8 million net earnings for the first nine months of 2014, with an increase of 11.82% compared with SAR 423.7 million.
The earnings per share grew from SAR 1.15 to SAR 1.29.
The company ascribed Q3 profit decline due to the decrease in production quantities and accordingly sales quantities due to unplanned shutdown of methanol plant and planned shutdown of Butandiol plant during the third quarter of current year which was announced on Tadawul website on July 24, 2014 and August 31, 2014, in addition to the increase in feedstock prices (Butane and Ethylene).
The nine-month profit growth was driven by the increase in some of company products prices, Sipchem said.