Sipchem embraces flexibility to face challenges, upbeat about price prospects: CEO

Abdullah Al-Saadoon, CEO of Sipchem

Sahara International Petrochemical Co. (Sipchem) is still embracing flexibility to help it face volatility and challenges in global petrochemical markets that resulted in a decline in the sector’s earnings, CEO Abdullah Al-Saadoon said.

The company’s product diversification and wide customer base led to increased sales year-on-year (YoY) in the third quarter of this year, the CEO noted.

In a statement following the Q3 2023 results, the company expressed optimism for future price improvements.

The completion of periodic maintenance at Sipchem’s plants will boost reliability and production efficiency, in line with the company’s operational and strategic plans for higher profitability and sustainable growth.

Sipchem’s profits fell to SAR 1.01 billion in the first nine months of 2023, a 67% decrease from SAR 3.11 billion in the prior-year period. The third-quarter earnings amounted to SAR 233.1 million, Argaam earlier reported.