Sahara International Petrochemical Co. (Sipchem) posted net loss after Zakat and tax of SAR 141.8 million for the first nine months of 2020, versus net profit after Zakat and tax of SAR 436.6 million in year-earlier period, driven by lower netbacks of the company’s products, lower sales volumes of polymers and unplanned shutdown of Al-Waha facility.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 3,933.04 | 3,716.27 | (5.5 %) |
| Gross Income | 1,255.20 | 654.32 | (47.9 %) |
| Operating Income | 764.82 | 60.63 | (92.1 %) |
| Net Income | 436.63 | (141.77) | (132.5 %) |
| Average Shares | 641.67 | 733.33 | 14.3 % |
| EPS (Riyals) | 0.68 | (0.19) | (128.4 %) |
The third-quarter net profit after Zakat and tax plunged 91% year-on-year (YoY) to SAR 10 million, due to significantly lower netbacks and lower sales volumes.
On a sequential basis, Sipchem turned to profit in Q3 2020, versus net loss of SAR 99 million in Q2 2020.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,402.02 | 1,361.94 | (2.9 %) |
| Gross Income | 361.57 | 220.28 | (39.1 %) |
| Operating Income | 176.96 | 17.70 | (90.0 %) |
| Net Income | 111.05 | 10.01 | (91.0 %) |
| Average Shares | 641.67 | 733.33 | 14.3 % |
| EPS (Riyals) | 0.17 | 0.01 | (92.1 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 950.24 | 1,361.94 | 43.3 % |
| Gross Income | 161.65 | 220.28 | 36.3 % |
| Operating Income | (23.42) | 17.70 | 175.6 % |
| Net Income | (98.96) | 10.01 | 110.1 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | (0.13) | 0.01 | 110.1 % |
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