Financial Results : Sipchem profit sinks 60% to SAR 406.2M in 9M 2024; Q3 at SAR 103.2M

Sipchem profit sinks 60% to SAR 406.2M in 9M 2024; Q3 at SAR 103.2M

20/10/2024 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) reported a net profit of SAR 406.2 million for the nine months ended on Sept. 30, 2024, a decline of 60% from SAR 1.01 billion in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 5,578.23 5,321.70 (4.6 %)
Gross Income 1,740.36 1,130.70 (35.0 %)
Operating Income 1,218.83 636.40 (47.8 %)
Net Income 1,016.34 406.20 (60.0 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 1.39 0.55 (60.0 %)
This was triggered by higher feedstock and raw material prices, in addition to increased cost of sales on rising distribution costs.
The company also suffered lower revenues and decreased selling prices of products. Sales volumes declined because of periodic turnaround maintenance activities in some affiliates.
Additionally, Sipchem cited a lower profit share from investments in a joint venture and associates.
Q3 2024 net earnings amounted to SAR 103.2 million, plummeting 56% from SAR 233.09 million in Q3 2023, on lower sales volumes and higher feedstock prices.
On a sequential basis, net profit declined 15.1% from SAR 121.49 million in Q2 2024 due to lower revenue and higher propane prices.


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,789.37 1,626.80 (9.1 %)
Gross Income 457.83 329.80 (28.0 %)
Operating Income 304.68 151.90 (50.1 %)
Net Income 233.09 103.20 (55.7 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 0.32 0.14 (55.7 %)

Total shareholders’ equity, after minority interest, reached SAR 15.6 billion by Sept. 30, 2024, compared to SAR 15.9 billion in the prior-year period.

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