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Sipchem Announces the Interim Financial Results for the Period Ended 30th September 2012 (Nine Months)
2012-10-13 (1433-11-27 )      09:05:27
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Sipchem announces the interim financial results for the period ended 30th September 2012:

1. Net profit during third quarter amounted to SR 155.8 million compared to SR 208.4 million for the same quarter last year with a decrease of 25.2% and compared to SR 136.1 million for the previous quarter with an increase of 14.5%.

2. Gross profit during third quarter amounted to SR 314.8 million compared to SR 417.2 million for the same quarter last year with a decrease of 24.5%.

3. Operating profit during third quarter amounted to SR 288 million compared to SR 392.6 million for the same quarter last year with a decrease of 26.6%.

4. Net profit during nine months amounted to SR 443.5 million compared to SR 494.7 million for the same period last year with a decrease of 10.3%

5. Earnings per share during nine months was SR 1.21 compared to SR 1.35 for the same period last year.

6. Gross profit during nine months amounted to SR 963.8 million compared to SR 1,000.9 million for the same period last year with a decrease of 3.7%.

7. Operating profit during nine months amounted to SR 875.4 million compared to SR 920.9 million for the same period last year with a decrease of 4.9%.

8. The decrease in the results of the third quarter and nine months period of 2012 compared to the same period of last year was due mainly to the decrease in the prices of some company products and accordingly decrease in profit margins in addition to increase in zakat provisions. Whereas the profit in the third quarter increased compared to second quarter of the same year due to the increase in production quantities after the completion of the planned turnaround of some companys plants during previous quarter and accordingly increase in sales quantities.

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