Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 1.078 billion in Q1 2022, a sharp rise from SAR 411.5 million in the prior-year period, due to higher revenue amid an increase in selling prices of all products.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 2,030.98 | 2,348.11 | 15.6 % |
| Gross Income | 956.06 | 1,321.34 | 38.2 % |
| Operating Income | 733.27 | 1,149.14 | 56.7 % |
| Net Income | 411.47 | 1,078.82 | 162.2 % |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 0.56 | 1.47 | 162.2 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 2,787.47 | 2,348.11 | (15.8 %) |
| Gross Income | 1,539.43 | 1,321.34 | (14.2 %) |
| Operating Income | 1,448.71 | 1,149.14 | (20.7 %) |
| Net Income | 1,321.00 | 1,078.82 | (18.3 %) |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 1.80 | 1.47 | (18.3 %) |
The revenue growth came despite an increase in feedstock prices of butane, ethanol, ethylene and propane, along with lower sales volumes due to the closure of Al Waha Petrochemical Co.’s plant for scheduled periodic turnaround maintenance.
Sipchem also noted a decrease in finance costs and other expenses, in addition to an increase in the company’s profit share from joint venture and associates.
When compared to Q4 2021, Sipchem posted an 18.3% decrease in net profit after Zakat and tax from SAR 1.321 billion.
Shareholders’ equity, excluding minority interest, grew by 20.2% to SAR 15.668 billion by the end of Q1 2022, compared to SAR 13.032 billion in the year-ago period.
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