Sahara International Petrochemical Co. (Sipchem) posted a 67% slump in 2023 net profit to SAR 1.17 billion, compared to SAR 3.59 billion a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 10,253.63 | 7,617.94 | (25.7 %) |
| Gross Income | 4,838.68 | 2,168.47 | (55.2 %) |
| Operating Income | 4,046.99 | 1,418.97 | (64.9 %) |
| Net Income | 3,595.29 | 1,174.99 | (67.3 %) |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 4.90 | 1.60 | (67.3 %) |
The lower profit was attributed to a decline in revenues as a result of lower product selling prices and sales volumes caused by the periodic maintenance of International Methanol Co. and International Diol Co.
This was offset by a drop in raw material prices, as well as Zakat charges and income tax.
In addition, the company's profit share from a joint venture and associates decreased.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,954.69 | 1,981.40 | 1.4 % |
| Gross Income | 810.24 | 455.00 | (43.8 %) |
| Operating Income | 616.99 | 227.03 | (63.2 %) |
| Net Income | 478.96 | 158.66 | (66.9 %) |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 0.65 | 0.22 | (66.9 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,789.37 | 1,981.40 | 10.7 % |
| Gross Income | 457.83 | 455.00 | (0.6 %) |
| Operating Income | 304.68 | 227.03 | (25.5 %) |
| Net Income | 233.09 | 158.66 | (31.9 %) |
| Average Shares | 733.33 | 733.33 | - |
| EPS (Riyals) | 0.32 | 0.22 | (31.9 %) |
The fourth-quarter net earnings also plunged 67% to SAR 158.7 million from SAR 479 million in Q4 2022.
Total shareholders’ equity, after minority interest, declined to SAR 15.56 billion by the end of the 12-month period from SAR 15.80 billion in the prior-year period.
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