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 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	2,362.65	2,505.60	6.1 %
Gross Income	1,477.57	1,369.30	(7.3 %)
Operating Income	1,139.95	1,139.50	0.0 %
Net Income	829.88	1,029.51	24.1 %
Average Shares	733.33	733.33	-
EPS (Riyals)	1.13	1.40	24.1 %

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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