Sipchem’s net profit surges 89% to SAR 2.342 bln in H1 2022; Q2 at SAR 1.263 bln

26/07/2022 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 2.342 billion in H1 2022, a rise of 89% from SAR 1.241 billion in the prior-year period, due to higher revenue amid an increase in the selling prices of all products.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	4,393.63	5,445.52	23.9 %
Gross Income	2,433.63	2,905.25	19.4 %
Operating Income	1,873.22	2,520.09	34.5 %
Net Income	1,241.34	2,341.92	88.7 %
Average Shares	733.33	733.33	-
EPS (Riyals)	1.69	3.19	88.7 %

The company also cited a decline in finance costs due to lower loans and a rise in its profit share from a joint venture and associates.

In the first half of 2021, an impairment loss of SAR 260 million was recorded for the cash generating unit of PBT and GACI plants.

In Q2 2022, Sipchem’s net profit after Zakat and tax jumped 52% to SAR 1.263 billion, from SAR 829.9 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	2,362.65	3,097.40	31.1 %
Gross Income	1,477.57	1,583.91	7.2 %
Operating Income	1,139.95	1,370.95	20.3 %
Net Income	829.88	1,263.10	52.2 %
Average Shares	733.33	733.33	-
EPS (Riyals)	1.13	1.72	52.2 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	2,348.11	3,097.40	31.9 %
Gross Income	1,321.34	1,583.91	19.9 %
Operating Income	1,149.14	1,370.95	19.3 %
Net Income	1,078.82	1,263.10	17.1 %
Average Shares	733.33	733.33	-
EPS (Riyals)	1.47	1.72	17.1 %

When compared to Q1 2022, the petrochemical producer posted a 17.1% increase in net profit from SAR 1.078 billion.

Shareholders’ equity, after minority interest, rose by 17.26% to SAR 15.630 billion by the end of H1 2022, compared to SAR 13.330 billion in the year-ago period.

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