Sipchem’s H1 2023 profit slumps 67% to SAR 783.3 mln; Q2 at SAR 312.9 mln

25/07/2023 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a 67% tumble in H1 2023 net profit to SAR 783.3 million from SAR 2.34 billion a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	5,445.52	3,788.86	(30.4 %)
Gross Income	2,905.25	1,282.53	(55.9 %)
Operating Income	2,520.09	914.15	(63.7 %)
Net Income	2,341.92	783.25	(66.6 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	3.19	1.07	(66.6 %)

The profit fall was attributed to lower revenue, due to a decrease in the selling prices of the company’s products which weighed on gross profit. In addition, Sipchem’s profit share from investment in a joint venture and associates also decreased. On the other hand, the company reported a decline in feedstock prices.

The second-quarter net profit plummeted 75% to SAR 312.9 million from SAR 1.26 billion in Q2 2022. Sales volume declined on the periodic turnaround maintenance of International Methanol Co. and International Diol Co. Further, the three-month profit was impacted by a decrease in the selling prices of the company’s products. Sipchem’s profit share from investment in a joint venture and associates also decreased.

Compared to Q1 2023, Sipchem’s net earnings dropped by 33.5% from SAR 470.33 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	3,097.40	1,701.55	(45.1 %)
Gross Income	1,583.91	527.62	(66.7 %)
Operating Income	1,370.95	353.11	(74.2 %)
Net Income	1,263.10	312.92	(75.2 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	1.72	0.43	(75.2 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	2,087.31	1,701.55	(18.5 %)
Gross Income	754.92	527.62	(30.1 %)
Operating Income	561.05	353.11	(37.1 %)
Net Income	470.33	312.92	(33.5 %)
Average Shares	733.33	733.33	-
EPS (Riyals)	0.64	0.43	(33.5 %)

Total shareholders’ equity, after minority interest, rose slightly to SAR 15.68 billion as of June 30, 2023, compared to SAR 15.63 billion a year earlier.

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