Saudi International Petrochemical Company, or Sipchem, reported a 48 per cent year-on-year rise in the third-quarter net income, beating analysts' forecasts as revenues rose due to production efficiencies.
Net profit attributable to shareholders of the company for the three months ending September 30, climbed to 180.3 million Saudi riyals (Dh176.5m), the company said in a statement to Saudi Stock Exchange, where its shares are listed. Sipchem beat the mean estimate of 156.3m riyals of analysts polled by Bloomberg.
Revenues for the period rose 26 per cent to 1.34 billion riyals from the same period a year earlier.
The rise in the revenue is a “result of the company’s ongoing efforts to improve the plants operating efficiency and an increase in average selling prices of company’s products”, Sipchem said in the Tadawul bourse filing.
The National Commercial Bank, which expected Sipchem's net income to reach 122m riyals, said the 25.8 per cent rise in the company's revenues is primarily due to higher production rates.
"We believe higher than expected operating rates is the key reason for the variance [in revenue]," NCB said in an equities research note on Sunday. "Based on our calculations, the facilities operated at 110 per cent in Q3 201818, versus our estimates of 99.5 per cent and compared to 105 per cent in Q2 18. Higher rates were reported despite the shutdown at [the company's] IMC facility which started on September 16.
The company’s net income for the first nine months of the year almost doubled to 543m riyals from the same period in 2017. This month, Sipchem, signed a non-binding agreement to buy Sahara Petrochemicals Company in a deal valued at 8.25bn riyals, four years after the merger talks between Riyadh-listed rivals stalled.
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Read more:
Saudi Arabia's Sipchem and Sahara plan 8.25bn riyal petchem merger
Aramco-Sabic deal to spur consolidation in regional petchems
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Sipchem plans to buy 100 per cent of Sahara's share capital, offering the company's shareholders 0.8356 new Sipchem shares in exchange, it said at the time.
The merger would help in "increasing scale and resilience in the evolving petrochemicals sector, both in the kingdom and internationally", the companies said.
The proposed merger comes as consolidation gains momentum in Saudi Arabia's corporate sector, most recently with Saudi Aramco’s plans to buy a stake in the region's biggest petrochemical maker, Sabic. The deal is expected to trigger more M&A in the Petchems sector, which contributed about $43.8bn (Dh161bn) to GCC economies in 2016 alone, according to the Gulf Petrochemicals and Chemicals Association, the sector's regional representative body.
The sector is consistently expanding with new projects coming up across the GCC as national oil companies target more value from their crude grades.
Race card:
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
7.05pm: Maiden (TB) Dh165,000 1,400m.
7.40pm: Handicap (TB) Dh190,000 1,200m.
8.15pm: Maiden (TB) Dh165,000 1,200m.
8.50pm: Rated Conditions (TB) Dh240,000 1,600m.
9.20pm: Handicap (TB) Dh165,000 1,400m.
10pm: Handicap (TB) Dh175,000 2,000m.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Squid Game season two
Director: Hwang Dong-hyuk
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Rating: 4.5/5
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Titanium Escrow profile
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Founder: Ibrahim Kamalmaz
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Sector: Finance / legal
Size: 3 employees, pre-revenue
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Investors: Founder's friends and Family
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
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Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
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Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix
GP3 qualifying, 10:15am
Formula 2, practice 11:30am
Formula 1, first practice, 1pm
GP3 qualifying session, 3.10pm
Formula 1 second practice, 5pm
Formula 2 qualifying, 7pm
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
