Saudi Arabia’s number six petchems firm Sipchem saw its net profit fall by 41% to SR175.9 ($47mn) for 2020 with revenues down 2% at SR5.23bn ($1.42bn).
The firm attributed the falls to “lower selling prices for most of Sipchem’s products and lower production in polypropylene plant due to unplanned shutdown and turnaround maintenance.” The firm brought forward maintenance at its Al Waha propane dehydrogenation (PDH) and polypropylene (PP) complex to last March due to an unexpected outage at the PDH unit (MEES, 27 March 2020). (CONTINUED - 217 WORDS)