Sipchem’s net profit surges to SAR 3.591 bln for 2021, Q4 earnings at SAR 1.321 bln

27/02/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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