Riyadh – Mubasher: Saudi International Petrochemical Company (Sipchem) on Monday said that its net profit soared 415.36% year-on-year during the fourth quarter of 2017.

Net profit jumped to SAR 164.4 million in Q4-17, from SAR 31.9 million in the same period a year earlier, according to a bourse filing.

The Saudi petrochemical firm ascribed the fourth-quarter profit hike to a rise in average selling prices and product sales. 

The company’s net profit skyrocketed 914.85%, reaching SAR 437.4 million in 2017, compared to SAR 43.1 million the previous year.

By 10:11 am KSA time, Sipchem's stock rose 2.11% to SAR 18.88.