Sipchem reports 49% profit slump in 2019

24/03/2020 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported net profit after Zakat and tax of SAR 299.5 million for the FY2019, down by 48.6% year-on-year (YoY) on lower sales revenue and decreased selling prices.

Financials (M)

Item	2018	2019	Change‬
Revenues	5,035.80	5,439.73	8.0 %
Gross Income	1,634.78	1,635.24	0.0 %
Operating Income	1,095.78	906.27	(17.3 %)
Net Income	582.95	299.53	(48.6 %)
Average Shares	366.67	641.67	75.0 %
EPS (Riyals)	1.59	0.47	(70.6 %)

Sipchem also cited lower production at polybutylene terephthalate, vinyl acetate monomer and carbon monoxide plants due to shutdowns. Further, Sipchem recorded an impairment loss of approximately SAR 454 million in 2019 financial results, related to International diol company and poly-butylene terephthalate and the tool manufacturing factory (TMF) plants.

Sipchem incurred SAR 137.1 million losses in Q4 2019, versus net profit of SAR 39.97 million in year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	1,052.66	1,506.69	43.1 %
Gross Income	204.57	380.04	85.8 %
Operating Income	73.99	141.44	91.2 %
Net Income	39.92	(137.10)	(443.4 %)
Average Shares	366.67	641.67	75.0 %
EPS (Riyals)	0.11	(0.21)	(296.2 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	1,402.02	1,506.69	7.5 %
Gross Income	361.57	380.04	5.1 %
Operating Income	176.96	141.44	(20.1 %)
Net Income	111.05	(137.10)	(223.5 %)
Average Shares	641.67	641.67	-
EPS (Riyals)	0.17	(0.21)	(223.5 %)

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