Sipchem’s net profit surges to SAR 3.591 bln for 2021, Q4 earnings at SAR 1.321 bln

27/02/2022 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 3.591 billion for 2021, compared to SAR 175.9 million a year earlier.



Financials (M)

Item 2020 2021 Change‬
Revenues 5,323.02 9,686.69 82.0 %
Gross Income 1,172.94 5,342.36 355.5 %
Operating Income 359.63 4,461.43 1140.6 %
Net Income 175.86 3,591.84 1942.4 %
Average Shares 733.33 733.33 -
EPS (Riyals) 0.24 4.90 1942.4 %

This was driven by higher revenue as well as operating profit on an increase in the prices of all products, despite higher feedstock prices. In addition, Sipchem reported higher profit share from a joint venture (JV) and associates at SAR 530.8 million, against a loss of SAR 33.8 million a year earlier.  



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 1,606.75 2,787.47 73.5 %
Gross Income 518.62 1,539.43 196.8 %
Operating Income 299.01 1,448.71 384.5 %
Net Income 317.64 1,321.00 315.9 %
Average Shares 733.33 733.33 -
EPS (Riyals) 0.43 1.80 315.9 %

Q4 2021 net profit reached SAR 1.321 billion, compared to SAR 317.64 million in Q4 2020.

 

On a sequential basis, Q4 net profit increased by 28.3%.

 

Total shareholders’ equity excluding minority interest increased by 12% year-on-year (YoY) to SAR 14.585 billion in 2021.

 

The company’s 2021 cash dividend which was paid out at SAR 1.636 billion, or SAR 2.25 per share, is the highest on record.  

 

Sipchem’s net profit also hit an all-time high in 2021. 

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Share Price

Sahara International Petrochemical Co.
24.50
(0.50) (2.00 %)

Sahara International Petrochemical Co. (SIPCHEM)

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Financial Ratios
Current
Market Cap (M Riyal) 17,966.59
Enterprise Value (EV) (M) 19,482.51
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) 31.81
Price/book 1.15
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6
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