Sipchem reports 49% profit slump in 2019

24/03/2020 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) reported net profit after Zakat and tax of SAR 299.5 million for the FY2019, down by 48.6% year-on-year (YoY) on lower sales revenue and decreased selling prices.



Financials (M)

Item 2018 2019 Change‬
Revenues 5,035.80 5,439.73 8.0 %
Gross Income 1,634.78 1,635.24 0.0 %
Operating Income 1,095.78 906.27 (17.3 %)
Net Income 582.95 299.53 (48.6 %)
Average Shares 366.67 641.67 75.0 %
EPS (Riyals) 1.59 0.47 (70.6 %)

Sipchem also cited lower production at polybutylene terephthalate, vinyl acetate monomer and carbon monoxide plants due to shutdowns. Further, Sipchem recorded an impairment loss of approximately SAR 454 million in 2019 financial results, related to International diol company and poly-butylene terephthalate and the tool manufacturing factory (TMF) plants.

 

Sipchem incurred SAR 137.1 million losses in Q4 2019, versus net profit of SAR 39.97 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 1,052.66 1,506.69 43.1 %
Gross Income 204.57 380.04 85.8 %
Operating Income 73.99 141.44 91.2 %
Net Income 39.92 (137.10) (443.4 %)
Average Shares 366.67 641.67 75.0 %
EPS (Riyals) 0.11 (0.21) (296.2 %)

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Share Price

Sahara International Petrochemical Co.
24.00
(0.12) (0.50 %)

Sahara International Petrochemical Co. (SIPCHEM)

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Financial Ratios
Current
Market Cap (M Riyal) 17,599.92
Enterprise Value (EV) (M) 19,115.85
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 0.77
Book Value (BV) ( Riyal) 21.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 31.16
Price/book 1.13
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6
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