Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 3.591 billion for 2021, compared to SAR 175.9 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 5,323.02 | 9,686.69 | 82.0 % |
| Gross Income | 1,172.94 | 5,342.36 | 355.5 % |
| Operating Income | 359.63 | 4,461.43 | 1140.6 % |
| Net Income | 175.86 | 3,591.84 | 1942.4 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 0.24 | 4.90 | 1942.4 % |
This was driven by higher revenue as well as operating profit on an increase in the prices of all products, despite higher feedstock prices. In addition, Sipchem reported higher profit share from a joint venture (JV) and associates at SAR 530.8 million, against a loss of SAR 33.8 million a year earlier.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,606.75 | 2,787.47 | 73.5 % |
| Gross Income | 518.62 | 1,539.43 | 196.8 % |
| Operating Income | 299.01 | 1,448.71 | 384.5 % |
| Net Income | 317.64 | 1,321.00 | 315.9 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 0.43 | 1.80 | 315.9 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 2,505.60 | 2,787.47 | 11.2 % |
| Gross Income | 1,369.30 | 1,539.43 | 12.4 % |
| Operating Income | 1,139.50 | 1,448.71 | 27.1 % |
| Net Income | 1,029.51 | 1,321.00 | 28.3 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 1.40 | 1.80 | 28.3 % |
Q4 2021 net profit reached SAR 1.321 billion, compared to SAR 317.64 million in Q4 2020.
On a sequential basis, Q4 net profit increased by 28.3%.
Total shareholders’ equity excluding minority interest increased by 12% year-on-year (YoY) to SAR 14.585 billion in 2021.
The company’s 2021 cash dividend which was paid out at SAR 1.636 billion, or SAR 2.25 per share, is the highest on record.
Sipchem’s net profit also hit an all-time high in 2021.
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