Sipchem profit plummets 64% to SAR 426.1M in 2024; Q4 at SAR 19.9M

19/03/2025 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) posted a 64% drop in the 2024 net profit to SAR 426.1 million, compared to SAR 1.17 billion a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	7,617.90	7,060.60	(7.3 %)
Gross Income	2,168.50	1,439.50	(33.6 %)
Operating Income	1,419.00	682.90	(51.9 %)
Net Income	1,175.00	426.10	(63.7 %)
Average Shares	733.33	733.33	-
Earnings Per Share before unusual items (Riyals)	1.40	0.44	(68.8 %)
EPS (Riyals)	1.60	0.58	(63.7 %)

This was attributed to lower revenue due to a decrease in product selling prices and sales volume, following a scheduled periodic maintenance work at some subsidiaries.

In addition, the company suffered higher costs of feedstock and raw materials.

Sipchem's financial results reflected a lower share of profits from joint ventures and associates, attributable to decreased product prices. The company also experienced a SAR 57 million decline in its share from an associate due to a business merger and goodwill adjustment.

On the other hand, Zakat expenses retreated in 2024 due to the reversal of a Zakat provision amounting to SAR 134 million, related to previous years, following the closure of Zakat assessments by the Zakat, Tax, and Customs Authority (ZATCA).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	2,039.70	1,738.90	(14.7 %)
Gross Income	428.10	308.80	(27.9 %)
Operating Income	200.20	46.50	(76.8 %)
Net Income	158.70	19.90	(87.5 %)
Average Shares	733.33	733.33	-
Earnings Per Share before unusual items (Riyals)	0.01	0.03	85.2 %
EPS (Riyals)	0.22	0.03	(87.5 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	1,626.75	1,738.90	6.9 %
Gross Income	329.82	308.80	(6.4 %)
Operating Income	151.93	46.50	(69.4 %)
Net Income	103.15	19.90	(80.7 %)
Average Shares	733.33	733.33	-
Earnings Per Share before unusual items (Riyals)	0.14	0.03	(80.7 %)
EPS (Riyals)	0.14	0.03	(80.7 %)

The fourth-quarter net earnings tumbled 88% to SAR 19.9 million from SAR 158.7 million in Q4 2023.

Sipchem’s net profit dived by 80.7% from SAR 103.1 million in Q3 2024.

Total shareholders’ equity, after excluding minority interest, reached SAR 15.23 billion by Dec. 31, 2024, compared to SAR 15.56 billion in the prior-year period.

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Quarterly Actuals vs Estimates 19/03/202519/03/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
DAR ALARKAN	155.00	353.38	128.0 %
TAIBA	76.20	90.07	18.2 %
QACCO	70.12	81.80	16.7 %
RIYADH CEMENT	72.34	81.33	12.4 %
BAWAN	31.00	30.31	(2.2 %)
SIPCHEM	91.12	19.90	(78.2 %)

Company	Estimated	Actual	Change
SIPCHEM	91.12	19.90	(78.2 %)
BAWAN	31.00	30.31	(2.2 %)

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