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Sahara International Petrochemical Company (Sipchem) announces the Interim Financial Results for the Period Ended on 30 June 2023 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,701.6 | 3,097.4 | -45.06 | 2,087.3 | -18.48 |
| Gross Profit (Loss) | 527.6 | 1,583.9 | -66.69 | 754.9 | -30.11 |
| Operational Profit (Loss) | 353.1 | 1,371 | -74.25 | 561 | -37.06 |
| Net Profit (Loss) after Zakat and Tax | 312.9 | 1,263.1 | -75.23 | 470.3 | -33.47 |
| Total Comprehensive Income | 314.4 | 1,260.9 | -75.06 | 470.5 | -33.18 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,788.9 | 5,445.5 | -30.42 |
| Gross Profit (Loss) | 1,282.5 | 2,905.3 | -55.86 |
| Operational Profit (Loss) | 914.2 | 2,520.1 | -63.72 |
| Net Profit (Loss) after Zakat and Tax | 783.3 | 2,341.9 | -66.55 |
| Total Comprehensive Income | 784.9 | 2,342.8 | -66.5 |
| Total Share Holders Equity (after Deducting Minority Equity) | 15,688.1 | 15,630.6 | 0.37 |
| Profit (Loss) per Share | 1.08 | 3.22 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 net profits during the current quarter less than the same quarter of the last year, mainly because of: The sales volume decreased due to the periodic turnaround maintenance activities of International Methanol Company and International Diol Company, as announced in advance in TADAWUL, as well as decrease in selling prices of the company products despite the decline in the prices of raw materials. In addition, the share of profits from investment in a joint venture and associates has decreased. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The Company earned net profits during the current quarter less than the previous period of the current year, mainly because of: The sales volume decreased due to the periodic turnaround maintenance activities of International Methanol Company and International Diol Company, as announced in advance in TADAWUL, as well as a decline in the selling prices in some of the company products despite the decline in the prices of raw materials. In addition, the share of profits from investment in a joint venture and associates has decreased. |
| 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 net profits during the current period less than the same period of the last year, mainly because of: Decrease in Revenue as a result of the decrease in selling prices for company’s products which contributed to decrease in Gross Profit in spite of the decline in the prices of raw materials. 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 conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | • The Company reclassified shipping and handling costs amounting to SR 156.9 million in same period last year from “Selling and distribution expenses” to “Revenue” in the consolidated statement of profit or loss based on the incoterms of the underlying transactions. Accordingly, the comparative financial statements for same period of 2022 have been re-stated. • The Company re-assessed its position during 2022 in relation to the control over Gulf Advance Cable Insulation Company (“GACI”) according to IFRS and concluded that GACI meets the definition of a joint venture and accordingly the investment in GACI was accounted using the equity method. Accordingly, the comparative financial statements of same period for 2022 have been re-stated. |
| 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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