Sipchem reports SAR 141.8 mln loss in 9M 2020

26/10/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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