Sipchem boosted production in Q1, says CEO

22/04/2015 Argaam
Saudi International Petrochemical Company (Sipchem) has boosted its operational efficiency, production, and sales during first quarter 2015, said Ahmed Al-Ohali, chief executive officer of the company.
 
Al-Ohali said in a televised interview Sipchem produced 600,000 tons of various products, with a total revenue of SAR 826 million. About 30 percent of the company's products target European clients who pay in various currencies, including U.S. Dollar, Euro, and Swiss franc. This has helped the company manage currency swings.
 
First quarter is usually the weakest in terms of performance as customers have enough inventories, he added. Prices were down 20 percent, compared to fourth quarter 2014.
 
Sipchem recently launched several projects, still under testing, worth SAR 4 billion; while the company's current debts stand at around SAR 10 billion. 
 
Al-Ohali expects the recently launched polymers project to have a positive and strong  impact on the company's performance starting from the second quarter, especially with a designed capacity of 200,000 tons per year equal to 10 percent of the company's overall production capacity.
 
With regard to the company's merger plans with Sahara Petrochemicals, Al-Ohali said the move is currently on hold, and that there are no updates. 

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