Sipchem’s H1 2023 profit slumps 67% to SAR 783.3 mln; Q2 at SAR 312.9 mln

25/07/2023 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) reported a 67% tumble in H1 2023 net profit to SAR 783.3 million from SAR 2.34 billion a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 5,445.52 3,788.86 (30.4 %)
Gross Income 2,905.25 1,282.53 (55.9 %)
Operating Income 2,520.09 914.15 (63.7 %)
Net Income 2,341.92 783.25 (66.6 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 3.19 1.07 (66.6 %)

The profit fall was attributed to lower revenue, due to a decrease in the selling prices of the company’s products which weighed on gross profit. In addition, Sipchem’s profit share from investment in a joint venture and associates also decreased. On the other hand, the company reported a decline in feedstock prices.

 

The second-quarter net profit plummeted 75% to SAR 312.9 million from SAR 1.26 billion in Q2 2022. Sales volume declined on the periodic turnaround maintenance of International Methanol Co. and International Diol Co. Further, the three-month profit was impacted by a decrease in the selling prices of the company’s products. Sipchem’s profit share from investment in a joint venture and associates also decreased.

 

Compared to Q1 2023, Sipchem’s net earnings dropped by 33.5% from SAR 470.33 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 3,097.40 1,701.55 (45.1 %)
Gross Income 1,583.91 527.62 (66.7 %)
Operating Income 1,370.95 353.11 (74.2 %)
Net Income 1,263.10 312.92 (75.2 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 1.72 0.43 (75.2 %)

Total shareholders’ equity, after minority interest, rose slightly to SAR 15.68 billion as of June 30, 2023, compared to SAR 15.63 billion a year earlier.

 

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Share Price

Sahara International Petrochemical Co.
23.92
(0.10) (0.42 %)

Sahara International Petrochemical Co. (SIPCHEM)

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Financial Ratios
Current
Market Cap (M Riyal) 17,541.25
Enterprise Value (EV) (M) 19,057.18
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) 31.06
Price/book 1.12
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6
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