Financial Results : Sipchem profit drops 61% to SAR 181.5M in Q1

Sipchem profit drops 61% to SAR 181.5M in Q1

28/04/2024 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a fall of 61% in Q1 2024 net profit to SAR 181.5 million from SAR 470.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,087.31 1,924.63 (7.8 %)
Gross Income 754.92 480.13 (36.4 %)
Operating Income 561.05 294.33 (47.5 %)
Net Income 470.33 181.51 (61.4 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 0.64 0.25 (61.4 %)

The profit decline is attributed to lower sales amid a decline in the company’s product selling prices, as well as a decrease in sales volumes due to the periodic turnaround maintenance activities of Al Waha Petrochemical Co.

 

In addition, feedstock prices (natural gas and ethane) increased, which was partially offset by the decline in the prices of other raw materials.

 

Meanwhile, the share of profits from Sipchem’s investment in a joint venture and associates decreased.

 

The first-quarter net profit rose by 14.4% from SAR 158.66 million in Q4 2023, on lower general and administrative costs, along with a decrease in the cost of production in Al Waha Petrochemical Co.

 

Shareholders’ equity, excluding minority interest, fell to SAR 15.75 billion as of March 31, 2024, compared to SAR 16.25 billion a year earlier.

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