Saudi International Petrochemicals Company (Sipchem) posted a 63 per cent rise in fourth-quarter net profit on higher prices and output.

Sipchem made SR56.5 million ($15.1 million) in the three months to end-December, up from SR34.7 million in the same period in 2008, it said.

The firm’s output rose in the fourth quarter when it had to shut down some plants for periodic maintenance. Its profit for all of 2009 fell 73.8 per cent to SR140.9 million or SR0.42 per share.

“It is clear that there is an improvement in the fourth quarter because petrochemical prices have improved,” said economist Abdulwahab Abu-Dahesh.

Sipchem reported it exported its first shipment of acetic acid in the first half of December, weeks earlier than planned. It earlier started its carbon monoxide plant.

Half of the acetic acid production will be utilised as a feedstock for the vinyl acetate monomer plant which is in the final stages of start-up.