Sipchem net profit drops 41% to SAR 175.9 mln in 2020

11/03/2021 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 175.9 million in 2020, down 41% compared to a net profit of SAR 299.5 million a year earlier.

The profit drop was attributed to lower sales revenue and selling prices for most of Sipchem’s products, along with lower production in the polypropylene plant, due to unplanned shutdown and turnaround maintenance.

Sipchem also recorded an impairment loss of SAR 280 million in 2020 from cash generating units, namely International Diol Company (IDC) (SAR 100 million) and EVA Film Plant, owned by Saudi Specialized Products Company (SAR 180 million).

Financials (M)

Item	2019	2020	Change‬
Revenues	5,439.73	5,323.02	(2.1 %)
Gross Income	1,635.24	1,172.94	(28.3 %)
Operating Income	906.27	359.63	(60.3 %)
Net Income	299.53	175.86	(41.3 %)
Average Shares	641.67	733.33	14.3 %
EPS (Riyals)	0.47	0.24	(48.6 %)

In Q4 2020, Sipchem swung to a net profit after Zakat and tax of SAR 317.7 million, against a net loss of SAR 137.1 million in Q4 2019.

Total shareholders’ equity, excluding minority interest, decreased by 2.66% year-on-year to SAR 12.986 billion in 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	1,506.69	1,606.75	6.6 %
Gross Income	380.04	518.62	36.5 %
Operating Income	141.44	299.01	111.4 %
Net Income	(137.10)	317.64	331.7 %
Average Shares	641.67	733.33	14.3 %
EPS (Riyals)	(0.21)	0.43	302.7 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	1,361.94	1,606.75	18.0 %
Gross Income	220.28	518.62	135.4 %
Operating Income	17.70	299.01	1589.7 %
Net Income	10.01	317.64	3071.9 %
Average Shares	733.33	733.33	-
EPS (Riyals)	0.01	0.43	3071.9 %

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