Sipchem turns to loss of SAR 152 mln in H1 2020

23/07/2020 Argaam Exclusive

View other reports

Sahara International Petrochemical Co. (Sipchem) reported a net loss after Zakat and tax of SAR 151.8 million for the first half of 2020, compared to a net profit of SAR 325.6 million in the year-earlier period.

The loss was driven by lower netbacks on most products, a decline in sales volumes of acetic acid, vinyl acetate monomer, ethyl acetate and carbon monoxide, as well as unplanned shutdown and turnaround maintenance at Al Waha.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	2,531.02	2,354.33	(7.0 %)
Gross Income	893.63	434.04	(51.4 %)
Operating Income	587.87	42.93	(92.7 %)
Net Income	325.58	(151.79)	(146.6 %)
Average Shares	641.67	733.33	14.3 %
EPS (Riyals)	0.51	(0.21)	(140.8 %)

Furthermore, Sipchem’s net loss includes results from Sahara Petrochemicals Company for the full six months in the current period. In contrast, the prior period only includes Sahara Petrochemicals Company results for one month.

The company reported a net loss after Zakat and tax of SAR 99 million in Q2 2020, compared to a net profit of SAR 201.9 million a year earlier, due to lower sales volumes and lower netbacks for most products.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	1,409.42	950.24	(32.6 %)
Gross Income	488.57	161.65	(66.9 %)
Operating Income	320.44	(23.42)	(107.3 %)
Net Income	210.85	(98.96)	(146.9 %)
Average Shares	641.67	733.33	14.3 %
EPS (Riyals)	0.33	(0.13)	(141.1 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	1,404.09	950.24	(32.3 %)
Gross Income	272.39	161.65	(40.7 %)
Operating Income	66.35	(23.42)	(135.3 %)
Net Income	(52.83)	(98.96)	(87.3 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	(0.07)	(0.13)	(87.3 %)

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.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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.

×