Sipchem announces the financial results for the period ending 31 December 2009

Sipchem announces the financial results for the period ending 31/12 /2009.

1. The net profit was 140.9 million Saudi Riyals against 536.8 million Saudi Riyals for the last year with a 73.8% decrease.
2. The earning per share was 0 .42 Saudi Riyals against 1.66 Saudi Riyals for the last year. The earning per share was counted by dividing the annual net profit over the most likely average number of the active shares during the year.
3. The total profit was 235.7 million Saudi Riyals against 1.01 billion Saudi Riyals for the last year with a 76.6% decrease.
4. The operational profit was 168.3 million Saudi Riyals against 944.1 million Saudi Riyals for the previous year with an 82.2% decrease.
5. The main cause for the reduction of the net profits for the year 2009 was mainly due to the international sharp drop of the product prices particularly in the first half of the year due to the continued repercussions of the global economic crisis in addition to the reduction in the quantities sold due to the turnaround of the company plants. In spite of that, the company continued to earn profits for this year due to the implementation of its plan to improve its operations and regulate expenditures.
It is worth mentioning that the year 2010 will witness the doubling of the company production capacity due to the operation of the acetyls complex plants which includes the Carbon monoxide, the Acetic Acid and the Vinyl Acetate Monomer plants. This is expected to be reflected on the company positive financial results for the year 2010 and will promote its status in the international markets.