Sipchem net profit slightly up to SAR 3.59 bln in 2022; Q4 at SAR 479 mln

28/02/2023 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) posted a net profit of SAR 3.595 billion in 2022, a slight increase from SAR 3.591 billion a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	9,686.69	10,253.63	5.9 %
Gross Income	5,342.36	4,838.68	(9.4 %)
Operating Income	4,461.43	4,046.99	(9.3 %)
Net Income	3,591.84	3,595.29	0.1 %
Average Shares	733.33	733.33	-
EPS (Riyals)	4.90	4.90	0.1 %

The modest positive performance was driven by higher sales quantities as a result of improved plants efficiency and reliability, in spite of lower profit margin attributed to weaker products prices and higher prices of some feedstock.

Finance costs decreased due lower gearing ratio, in addition to a decline in general, administrative (G&A) and Zakat expenses.

In 2021, the company recorded an impairment loss of SAR 160 million related to a cash generating unit of the PBT plant.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	2,787.47	1,954.69	(29.9 %)
Gross Income	1,539.43	810.24	(47.4 %)
Operating Income	1,448.71	616.99	(57.4 %)
Net Income	1,321.00	478.96	(63.7 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	1.80	0.65	(63.7 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	2,853.42	1,954.69	(31.5 %)
Gross Income	1,123.18	810.24	(27.9 %)
Operating Income	909.91	616.99	(32.2 %)
Net Income	774.41	478.96	(38.2 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	1.06	0.65	(38.2 %)

The fourth-quarter net profit fell 64% to SAR 479 million from SAR 1.32 billion in the year-earlier period.

Sequentially, net profit retreated 38.1% from SAR 774.41 million in Q3 2022.

Shareholders’ equity, excluding minority interest, increased to SAR 15.80 billion as of Dec. 31, 2022, compared to SAR 14.58 billion a year earlier.

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