Sipchem profit drops 61% to SAR 181.5M in Q1

28/04/2024 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) reported a fall of 61% in Q1 2024 net profit to SAR 181.5 million from SAR 470.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,087.31 1,924.63 (7.8 %)
Gross Income 754.92 480.13 (36.4 %)
Operating Income 561.05 294.33 (47.5 %)
Net Income 470.33 181.51 (61.4 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 0.64 0.25 (61.4 %)

The profit decline is attributed to lower sales amid a decline in the company’s product selling prices, as well as a decrease in sales volumes due to the periodic turnaround maintenance activities of Al Waha Petrochemical Co.

 

In addition, feedstock prices (natural gas and ethane) increased, which was partially offset by the decline in the prices of other raw materials.

 

Meanwhile, the share of profits from Sipchem’s investment in a joint venture and associates decreased.

 

The first-quarter net profit rose by 14.4% from SAR 158.66 million in Q4 2023, on lower general and administrative costs, along with a decrease in the cost of production in Al Waha Petrochemical Co.

 

Shareholders’ equity, excluding minority interest, fell to SAR 15.75 billion as of March 31, 2024, compared to SAR 16.25 billion a year earlier.

View More Financial Results

 

View other reports

Share Price

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

Sahara International Petrochemical Co. (SIPCHEM)

More


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
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 © 2024, Argaam Investment, All Rights Reserved
Call Request