Sahara International Petrochemical Co. (Sipchem) reported a net loss after Zakat and tax of SAR 151.8 million for the first half of 2020, compared to a net profit of SAR 325.6 million in the year-earlier period.
The loss was driven by lower netbacks on most products, a decline in sales volumes of acetic acid, vinyl acetate monomer, ethyl acetate and carbon monoxide, as well as unplanned shutdown and turnaround maintenance at Al Waha.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 2,531.02 | 2,354.33 | (7.0 %) |
| Gross Income | 893.63 | 434.04 | (51.4 %) |
| Operating Income | 587.87 | 42.93 | (92.7 %) |
| Net Income | 325.58 | (151.79) | (146.6 %) |
| Average Shares | 641.67 | 733.33 | 14.3 % |
| EPS (Riyals) | 0.51 | (0.21) | (140.8 %) |
Furthermore, Sipchem’s net loss includes results from Sahara Petrochemicals Company for the full six months in the current period. In contrast, the prior period only includes Sahara Petrochemicals Company results for one month.
The company reported a net loss after Zakat and tax of SAR 99 million in Q2 2020, compared to a net profit of SAR 201.9 million a year earlier, due to lower sales volumes and lower netbacks for most products.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,409.42 | 950.24 | (32.6 %) |
| Gross Income | 488.57 | 161.65 | (66.9 %) |
| Operating Income | 320.44 | (23.42) | (107.3 %) |
| Net Income | 210.85 | (98.96) | (146.9 %) |
| Average Shares | 641.67 | 733.33 | 14.3 % |
| EPS (Riyals) | 0.33 | (0.13) | (141.1 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,404.09 | 950.24 | (32.3 %) |
| Gross Income | 272.39 | 161.65 | (40.7 %) |
| Operating Income | 66.35 | (23.42) | (135.3 %) |
| Net Income | (52.83) | (98.96) | (87.3 %) |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | (0.07) | (0.13) | (87.3 %) |
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