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Sahara International Petrochemical Company (Sipchem) announces the annual Financial Results for the Year Ended on 31 December 2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 7,617.9 | 10,253.6 | -25.7 | ||
| Gross Profit (Loss) | 2,168.5 | 4,838.7 | -55.18 | ||
| Operational Profit (Loss) | 1,419 | 4,047 | -64.94 | ||
| Net profit (Loss) | 1,175 | 3,595.3 | -67.32 | ||
| Total Comprehensive Income | 1,234.1 | 3,634.9 | -66.05 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 15,569.2 | 15,807.3 | -1.51 | ||
| Profit (Loss) per Share | 1.62 | 4.96 | |||
| 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 | - | - | |
| 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 year compared to the last year | The Company revenue decreased during the current year less than the last year as a result of the decrease in selling prices for company’s products, as well as decrease in sales volumes. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Company earned net profits during the current year less than the last year, mainly because of: Decrease in Revenue as a result of the decrease in selling prices for company’s products, as well as decrease in sales volumes due to the periodic turnaround maintenance activities of International Methanol Company and International Diol Company, as announced in TADAWUL, in spite of the decline in the prices of raw materials and decrease in zakat & income tax expenses. In addition, the share of profits from investment in a joint venture and associates has decreased. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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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