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Sahara International Petrochemical Co. announces its Interim Financial results for the Period Ended on 2024-06-30 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,770.3 | 1,701.6 | 4.037 | 1,924.6 | -8.017 |
| Gross Profit (Loss) | 320.8 | 527.6 | -39.196 | 480.1 | -33.18 |
| Operational Profit (Loss) | 190.2 | 353.1 | -46.134 | 294.3 | -35.372 |
| Net profit (Loss) | 121.5 | 312.9 | -61.169 | 181.5 | -33.057 |
| Total Comprehensive Income | 118.4 | 314.4 | -62.34 | 186.6 | -36.548 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,694.9 | 3,788.9 | -2.48 |
| Gross Profit (Loss) | 800.9 | 1,282.5 | -37.551 |
| Operational Profit (Loss) | 484.5 | 914.2 | -47.002 |
| Net profit (Loss) | 303 | 783.3 | -61.317 |
| Total Comprehensive Income | 305 | 784.9 | -61.141 |
| Total Shareholders Equity (after Deducting Minority Equity) | 15,501.5 | 15,688.1 | -1.189 |
| Profit (Loss) per Share | 0.42 | 1.08 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| 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 increased during the current quarter compared to the same quarter last year mainly due to increase in sales volume in spite of periodic turnaround maintenance activities of International Vinyl Company, International Acetyl Company & International Gases Company as announced in advance in TADAWUL which was partially offset by decrease in selling prices for company’s products. |
| 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: Increase in Cost of Revenue due to the increase in feedstock prices of Natural Gas, Ethane, Butane, Ethylene & Propane. In spite of the increase in overall sales volume. The share of profits from investment in a joint venture and associates has decreased. Additionally, the Company received full and final settlement of insurance claim related with an amount of SAR 53 Million related to the entire damage and losses caused by the fire incident to the plant of the Group’s subsidiary (Saudi Specialized product’s company) as announced in TADAWUL. |
| 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 same year as a result of decrease in sales volumes due to periodic turnaround maintenance activities of International Vinyl Company, International Acetyl Company & International Gases Company as announced in advance in TADAWUL which was partially compensated by an increase in selling prices of some of the Company’s products. |
| 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 less than the previous quarter of same year mainly due to: Decrease in sales volumes because of periodic turnaround maintenance activities of International Vinyl Company, International Acetyl Company & International Gases Company as announced in advance in TADAWUL which was partially compensated by an increase in selling prices of some of the Company’s products. In addition to the increase Cost of Revenue due to the increase in feedstock prices of Butane, Ethylene & Propane. The share of losses from investment in a joint venture and associates has increase. Additionally, the Company received full and final settlement of insurance claim related with an amount of SAR 53 Million related to the entire damage and losses caused by the fire incident to the plant of the Group’s subsidiary (Saudi Specialized product’s company) as announced in TADAWUL. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Company revenue decreased during the current period compared to the same period last year due to decrease in selling prices of the company’s products. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company earned less net profits during the current period compared to same period last year, mainly because of: Decrease in Revenue as a result of the decrease in selling prices of the company’s products. In addition to, the increase in feedstock prices of Natural Gas, Ethane, Butane, Ethylene & Propane which contributed to lower gross profit. The share of profits from investment in a joint venture and associates has decreased. Additionally, the Company received full and final settlement of insurance claim related with an amount of SAR 53 Million related to the entire damage and losses caused by the fire incident to the plant of the Group’s subsidiary (Saudi Specialized product’s company) as announced in TADAWUL. |
| 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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