Sipchem profit dips 67% to SAR 1.17B in 2023; Q4 at SAR 158.7M

04/03/2024 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) posted a 67% slump in 2023 net profit to SAR 1.17 billion, compared to SAR 3.59 billion a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	10,253.63	7,617.94	(25.7 %)
Gross Income	4,838.68	2,168.47	(55.2 %)
Operating Income	4,046.99	1,418.97	(64.9 %)
Net Income	3,595.29	1,174.99	(67.3 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	4.90	1.60	(67.3 %)

The lower profit was attributed to a decline in revenues as a result of lower product selling prices and sales volumes caused by the periodic maintenance of International Methanol Co. and International Diol Co.

This was offset by a drop in raw material prices, as well as Zakat charges and income tax.

In addition, the company's profit share from a joint venture and associates decreased.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,954.69	1,981.40	1.4 %
Gross Income	810.24	455.00	(43.8 %)
Operating Income	616.99	227.03	(63.2 %)
Net Income	478.96	158.66	(66.9 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	0.65	0.22	(66.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	1,789.37	1,981.40	10.7 %
Gross Income	457.83	455.00	(0.6 %)
Operating Income	304.68	227.03	(25.5 %)
Net Income	233.09	158.66	(31.9 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	0.32	0.22	(31.9 %)

The fourth-quarter net earnings also plunged 67% to SAR 158.7 million from SAR 479 million in Q4 2022.

Total shareholders’ equity, after minority interest, declined to SAR 15.56 billion by the end of the 12-month period from SAR 15.80 billion in the prior-year period.

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