Riyadh, Saudi Arabia—Sahara International Petrochemical Co., or Sipchem, has posted a 37 percent increase in net profit to $800 million in the first nine months of the year.
The company had recorded a profit of $533 million for the same period a year earlier, it said in a bourse filing.
Yet the petrochemical maker’s stock declined 1.42 percent to touch $11 at the close of Tuesday.
Sipchem attributed the results to increased selling prices of most of the company’s products, increased sales volume, and decreased finance expenses.
Its revenues grew by 24 percent during the first nine months of 2022 to reach $2.26 billion.
