Saudi International Petrochemical falls as net profit stagnates
The Tadawul All Share Index ended 0.19 per cent higher at 8,956.86 points on Tuesday, February 18. Saudi International Petrochemical Company slipped by 0.33 per cent to SAR30; its net income for 2013 was SAR620.5 million, increasing 3.21 per cent year on year. The firm says this was due to the slight increase in its profits from improvements in some of the company’s product prices, especially methanol product, in addition to a decrease in financial charges taking into consideration the decrease in production and sales quantities. This was a result of the shutdown of company plants during the first quarter for planned turnaround activities.