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.
| 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.
| 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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