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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 |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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