Saudi International Petrochemical Company (Sipchem) said on Sunday its fourth-quarter net profit more than doubled year-on-year to 125.1 million riyals ($33.36 million).

Sipchem made a net profit of 56.5 million riyals in the fourth quarter of 2009, the company said.

It said in a statement on the Saudi bourse website its operational profit rose to 282.3 million riyals from 122.8 million riyals in the fourth quarter of 2009.

Full-year net profit soared to 378.1 million riyals from 140.9 million riyals in 2009, it said. Sipchem mainly attributed the profit rise to higher methanol and butanediol output, sales and prices.

The firm started commercial operations at its acetyls complex, which is part of its second phase of development plans mid-2010.

The complex, in Jubail on the Gulf coast, will produce 450,000 tonnes of acetic acid, 330,000 tonnes of vinyl acetate monomer and 345,000 tonnes of carbon monoxide annually.

The company, through an affiliate, is embarking on a third expansion phase.-Reuters