Sipchem profit plummets 64% to SAR 426.1M in 2024; Q4 at SAR 19.9M

19/03/2025 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) posted a 64% drop in the 2024 net profit to SAR 426.1 million, compared to SAR 1.17 billion a year earlier.

 


Financials (M)

Item 2023 2024 Change‬
Revenues 7,617.90 7,060.60 (7.3 %)
Gross Income 2,168.50 1,439.50 (33.6 %)
Operating Income 1,419.00 682.90 (51.9 %)
Net Income 1,175.00 426.10 (63.7 %)
Average Shares 733.33 733.33 -
Earnings Per Share before unusual items (Riyals) 1.40 0.44 (68.8 %)
EPS (Riyals) 1.60 0.58 (63.7 %)

This was attributed to lower revenue due to a decrease in product selling prices and sales volume, following a scheduled periodic maintenance work at some subsidiaries.

 

In addition, the company suffered higher costs of feedstock and raw materials.

 

Sipchem's financial results reflected a lower share of profits from joint ventures and associates, attributable to decreased product prices. The company also experienced a SAR 57 million decline in its share from an associate due to a business merger and goodwill adjustment.

 

On the other hand, Zakat expenses retreated in 2024 due to the reversal of a Zakat provision amounting to SAR 134 million, related to previous years, following the closure of Zakat assessments by the Zakat, Tax, and Customs Authority (ZATCA).



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2,039.70 1,738.90 (14.7 %)
Gross Income 428.10 308.80 (27.9 %)
Operating Income 200.20 46.50 (76.8 %)
Net Income 158.70 19.90 (87.5 %)
Average Shares 733.33 733.33 -
Earnings Per Share before unusual items (Riyals) 0.01 0.03 85.2 %
EPS (Riyals) 0.22 0.03 (87.5 %)

The fourth-quarter net earnings tumbled 88% to SAR 19.9 million from SAR 158.7 million in Q4 2023.

 

Sipchem’s net profit dived by 80.7% from SAR 103.1 million in Q3 2024.

 

Total shareholders’ equity, after excluding minority interest, reached SAR 15.23 billion by Dec. 31, 2024, compared to SAR 15.56 billion in the prior-year period.

View More Financial Results

 

View other reports

Share Price

Sahara International Petrochemical Co.
20.84
(0.56) (2.62 %)

Sahara International Petrochemical Co. (SIPCHEM)

More


Financial Ratios
Current
Market Cap (M Riyal) 15,693.26
Enterprise Value (EV) (M) 17,209.19
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 0.58
Book Value (BV) ( Riyal) 20.78
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 49.03
P/E (TTM) 36.83
Price/book 1.03
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.3
more

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request