Sahara International Petrochemical Co. (Sipchem) turned to a net profit after Zakat and tax of SAR 2.270 billion for the first nine months of 2021, against a net loss after Zakat and tax of SAR 141.8 million a year earlier.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 3,716.27 | 6,899.22 | 85.6 % |
| Gross Income | 654.32 | 3,802.93 | 481.2 % |
| Operating Income | 60.63 | 3,012.72 | 4869.4 % |
| Net Income | (141.77) | 2,270.85 | 1701.7 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | (0.19) | 3.10 | 1701.7 % |
The positive performance was driven by higher revenue and selling prices of the company’s products. Sipchem also cited a rise in profit margins despite higher feedstock prices of butane, ethanol, ethylene and propane. The nine-month profit was also underpinned by a rise in Sipchem’s profit share from joint ventures and associates.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 1,361.94 | 2,505.60 | 84.0 % |
| Gross Income | 220.28 | 1,369.30 | 521.6 % |
| Operating Income | 17.70 | 1,139.50 | 6339.3 % |
| Net Income | 10.01 | 1,029.51 | 10180.7 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 0.01 | 1.40 | 10180.7 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 2,362.65 | 2,505.60 | 6.1 % |
| Gross Income | 1,477.57 | 1,369.30 | (7.3 %) |
| Operating Income | 1,139.95 | 1,139.50 | 0.0 % |
| Net Income | 829.88 | 1,029.51 | 24.1 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 1.13 | 1.40 | 24.1 % |
In Q3 2021, net profit after Zakat and tax skyrocketed to SAR 1.029 billion from SAR 10 million in a year earlier, spurred by increased revenue and selling prices of the company’s products. Sipchem also cited a rise in profit margins and a rise in its profit share from joint ventures and associates.
On a sequential basis, net profit rose 24% from SAR 829.9 million.
Shareholders’ equity, after minority interest, increased to SAR 14.341 billion as of Sept. 30, 2021 from SAR 13.155 billion a year earlier.
Sipchem’s net profit for the current quarter and period is the highest since inception, the petrochemical producer said in a statement to Tadawul.
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