Shares of Sipchem hit all-time high

Sahara International Petrochemical Co.'s headquarters

Shares of Sahara International Petrochemical Co. (Sipchem) rose daily limit today, Oct. 20, to close at SAR 46.95, their highest level since debut on the Saudi Exchange (Tadawul).

Nearly 15.4 million shares were traded today.

Accordingly, the stock gained more than 170% year-to-date (YTD).

The petrochemical producer posted a net profit of SAR 1.029 billion for the third quarter of 2021, the highest profit since inception.

Sipchem was established in 1999 and listed on Tadawul in 2006.

In May 2019, the company merged with Sahara Petrochemical Co. in a share swap offer, following which Sahara Petrochemical delisted from Tadawul.

Sipchem mainly invests in petrochemicals, chemicals as well as core and intermediate hydrocarbons for the production of chemicals that are used in the manufacturing of several products.

The company increased its capital four times, bringing the current capital to SAR 7.3 billion, as the following table shows: