OREANDA-NEWS. Sipchem announces the interim financial results for the period ended 31 December 2013:

Net profit during fourth quarter amounted to SR 196.8 million compared to SR 157.7 million for the same quarter last year with an increase of 24.8% and compared to SR 185.2 million for the previous quarter with an increase of 6.3%.

Net profit during twelve months amounted to SR 620.5 million compared to SR 601.2 million for the same period last year with an increase of 3.2%.

Gross profit during twelve months amounted to SR 1,296.8 million compared to SR 1,267.5 million for the same period last year with an increase of 2.3%.

Operational profit during twelve months amounted to SR 1,168.3 million compared to SR 1,135.9 million for the same period last year with an increase of 2.9%.

Earnings Per Share (EPS) during twelve months was SR 1.69 compared to SR 1.64 for the same period last year.

The increase for quarter compared with same quarter last year is due to the increase in some of the company’s products prices specially methanol product and accordingly increase in profit margins in addition to decrease in financing costs.

The increase for period compared with same period last year is due to the slight increase in the profits due to improvements in some of the company’s products prices specially methanol product taking in consideration the decrease in production and sales quantities as a result of the shutdown of company plants during first quarter for planned turnaround activities.

The increase for quarter compared with previous quarter is due to the increase in most of the company’s products prices in addition to decrease in financing costs.

Certain of the prior period amounts have been reclassified to conform with the presentation of the current period.