Bloomberg News

Saudi Sipchem Gains Most Since March After Net More Than Doubled

October 15, 2011

Oct. 15 (Bloomberg) -- Saudi International Petrochemical Co. advanced the most in seven months after the company known as Sipchem said third-quarter profit more than doubled.

The shares climbed 4.9 percent, the biggest gain since March 16, to 19.25 riyals at the 3:30 p.m. close in Riyadh after trading up as much as 6.3 percent.

Sipchem’s third-quarter net income surged to 208.4 million riyals ($56 million) from 84.1 million riyals a year earlier as output increased, the Khobar, Saudi Arabia-based company said in a statement to the Saudi bourse today.

--Editor: Andrew J. Barden

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


Silicon Valley State of Mind
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus