Riyadh – Mubasher: Saudi International Petrochemical Co (Sipchem) on Wednesday reported a 65.1% year-on-year jump in its net profits in the first quarter of 2018.

Sipchem’s net profits surged to SAR 151.4 million during Q1-18, compared to SAR 91.7 million in the corresponding period of 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi petrochemical firm attributed the rise in profits to a growth in average selling prices and sales volumes.

Meanwhile, Sipchem's gross sales decreased 2.3% to SAR 1.17 billion in Q1-18, from SAR 1.19 billion in the year-ago period.

Quarter-on-quarter, the company’s profits fell 7.9% from SAR 164.4 million in Q1-17.

“Total Shareholders' equity (excluding minority interests) reached SAR 5.9 billion during Q1-18, compared to SAR 5.7 billion for Q4-17, reflecting an increase by 3%,” the statement added.

Earnings per share (EPS) amounted to SAR 0.41 in the first three months of 2018 versus SAR 0.25 in the same period of 2017.

The stock inched up 0.79% to close Wednesday at SAR 24.26.