Financial Results : Sipchem incurs SAR 52.8 mln loss in Q1 2020

Sipchem incurs SAR 52.8 mln loss in Q1 2020

18/05/2020 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) sustained a net loss after Zakat and tax of SAR 52.8 million for Q1 2020, against a net profit of SAR 114.7 million in year-earlier period.

 

The losses came due to lower netbacks of Sipchem’s products, lower production volumes on the unplanned shutdown and turnaround maintenance at Al-Waha plant.

 

Sipchem also reported a SAR 100 million impairment loss on International Diol Co., in addition to an impairment loss of SAR 180 million resulting from classification of held-for-sale assets.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 1,121.61 1,404.09 25.2 %
Gross Income 405.07 272.39 (32.8 %)
Operating Income 267.43 66.35 (75.2 %)
Net Income 114.72 (52.83) (146.0 %)
Average Shares 641.67 733.33 14.3 %
EPS (Riyals) 0.18 (0.07) (140.3 %)

When compared to Q4 2019, the petrochemical producer narrowed net losses by 61.5% from SAR 137.1 million, thanks to improved selling prices of certain products, and lower impairment losses.

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