Sipchem's Q3 figures backed by higher sales, output, says Al-Ohali

Saudi International Petrochemical Co.'s (Sipchem) Q3 earnings were backed by improved prices, higher production and increased sales, chief executive Ahmad Al-Ohali told Argaam.

Prices of acetyl and butanediol had been in a steep decline until mid-year, Al-Ohali said.

Sipchem reported net earnings of SAR 121.6 million in Q3 2017, versus net losses of SAR 49.40 million in the same period last year.

"All the company's plants have recorded better performance last quarter,” he said, adding that the butanediol project swung to profitability due to improved performance and higher prices.

The deal with British Aerospace as regards manufacturing 18 Hawk jet platforms will have a slight impact on Q4 figures, he noted, adding that the company seeks to build strong relations with local and global plants to boost this sector and record higher yields.