Financial Results : Sipchem swings to net profit of SAR 2.270 bln in 9M 2021

Sipchem swings to net profit of SAR 2.270 bln in 9M 2021

20/10/2021 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) turned to a net profit after Zakat and tax of SAR 2.270 billion for the first nine months of 2021, against a net loss after Zakat and tax of SAR 141.8 million a year earlier. 



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 3,716.27 6,899.22 85.6 %
Gross Income 654.32 3,802.93 481.2 %
Operating Income 60.63 3,012.72 4869.4 %
Net Income (141.77) 2,270.85 1701.7 %
Average Shares 733.33 733.33 -
EPS (Riyals) (0.19) 3.10 1701.7 %

The positive performance was driven by higher revenue and selling prices of the company’s products. Sipchem also cited a rise in profit margins despite higher feedstock prices of butane, ethanol, ethylene and propane. The nine-month profit was also underpinned by a rise in Sipchem’s profit share from joint ventures and associates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 1,361.94 2,505.60 84.0 %
Gross Income 220.28 1,369.30 521.6 %
Operating Income 17.70 1,139.50 6339.3 %
Net Income 10.01 1,029.51 10180.7 %
Average Shares 733.33 733.33 -
EPS (Riyals) 0.01 1.40 10180.7 %

In Q3 2021, net profit after Zakat and tax skyrocketed to SAR 1.029 billion from SAR 10 million in a year earlier, spurred by increased revenue and selling prices of the company’s products. Sipchem also cited a rise in profit margins and a rise in its profit share from joint ventures and associates.

 

On a sequential basis, net profit rose 24% from SAR 829.9 million.

 

Shareholders’ equity, after minority interest, increased to SAR 14.341 billion as of Sept. 30, 2021 from SAR 13.155 billion a year earlier.

 

Sipchem’s net profit for the current quarter and period is the highest since inception, the petrochemical producer said in a statement to Tadawul.

 

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