News & Announcements

SIPCHEM

28 April, 2024 08:16

Sahara International Petrochemical Company (Sipchem) announces the Interim Financial Results for the Period Ended on 31 March 2024 (Three Months)

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	1,924.6	2,087.3	-7.794	1,981.4	-2.866
Gross Profit (Loss)	480.1	754.9	-36.402	455	5.516
Operational Profit (Loss)	294.3	561	-47.54	227	29.647
Net profit (Loss)	181.5	470.3	-61.407	158.7	14.366
Total Comprehensive Income	186.6	470.5	-60.34	216.1	-13.651
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (After Deducting the Minority Equity)	15,757.4	16,255.7	-3.065
Profit (Loss) per Share	0.25	0.65
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Percentage of the capital (%)	Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The Company revenue decreased during the current quarter compared to the same quarter last year due to decrease in selling prices for company’s products, as well as decrease in sales volumes due to the periodic turnaround maintenance activities of Al Waha Petrochemical Company, as announced in advance in TADAWUL.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The Company earned less net profits during the current quarter compared to same quarter last year, mainly because of: Decrease in Revenue as a result of the decrease in selling prices for company’s products and due to the periodic turnaround maintenance activities of Al Waha Petrochemical Company, as announced in TADAWUL. In addition, Feedstock prices of (i.e, Natural Gas & Ethane) increased, which was partially compensated by the decline in the prices of other raw materials. Also, the share of profits from investment in a joint venture and associates has decreased.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	The Company revenue decreased during current quarter compared to the previous quarter of last year as a result of the decrease in sales volumes due to periodic turnaround maintenance activities of Al Waha Petrochemical Company, as announced in advance in TADAWUL.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	The Company earned net profit in this quarter higher than previous quarter of last year mainly due to decrease in General & administrative costs & decrease in cost of production of Al Waha Petrochemical Company. In spite of the increase in Feedstock prices (i.e, Natural Gas & Ethane) & the decrease in revenue due to the periodic turnaround maintenance activities of Al Waha Petrochemical Company. In addition, the share of losses from investment in a joint venture and associates has decreased.
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	None
Reclassification of Comparison Items	None
Additional Information	None

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