AnnouncementDetails

Actions

Sahara International Petrochemical Company (Sipchem) announces the Interim Financial Results for the Period Ended on 30 June 2022 (Six Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 3,1932,362.735.142,409.532.52
Gross Profit (Loss) 1,679.31,477.613.651,382.921.43
Operational Profit (Loss) 1,369.51,139.920.141,148.119.28
Net Profit (Loss) after Zakat and Tax 1,263.1829.952.21,078.817.08
Total Comprehensive Income 1,260.985148.171,08216.53
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 5,602.54,393.627.52
Gross Profit (Loss) 3,062.22,433.625.83
Operational Profit (Loss) 2,517.61,613.256.06
Net Profit (Loss) after Zakat and Tax 2,341.91,241.388.67
Total Comprehensive Income 2,342.81,270.384.43
Total Share Holders Equity (after Deducting Minority Equity) 15,630.613,33017.26
Profit (Loss) per Share 3.221.71
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit increased during current quarter compared to same quarter of last year by 52.2% which is due mainly to:

- Increase in Revenue as a result of the increase in selling prices for most of company’s products which contributed to increase in Gross Profit.

- Decrease in finance costs due to reduction of loans when compared the current quarter with same quarter of last year.

- In addition to the increase in company share of profit from joint venture and associates.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the increase in Net profit during current quarter compared to previous quarter of current year by 17.1% is due to the increase in Revenue as a result of the increase in Sales volume in spite of the decrease in selling prices of some of company products in addition to the increase in company share of profit from joint venture and associates.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit increased during current period compared to same period of last year by 88.7% which is due mainly to:

- Increase in Revenue as a result of the increase in selling prices for company’s products which contributed to increase in Gross Profit in spite of the increase in feedstock prices of Butane, Ethanol, Ethylene and Propane.

- Decrease in finance costs due to reduction of loans.

- During the same period of last year, an impairment loss of SR 260 million was recorded related to cash generating unit of PBT and GACI plants when compared the current period with same period of last year.

- Increase in company share of profit from joint venture and associates.

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 During the three-month period ended 30 June 2022, the impairment of non-financial assets relating to the six-month period ended 30 June 2021 and amounting to SR 260.0 million was reclassified from "Other income / (expenses), net" to a separate line item in the condensed consolidated interim statement of profit or loss, for a more representative presentation of the Group's operating profit.
Additional Information 1. The gearing ratio decreased during current period from 34% in 2021 to 26% as end of current period supported by repayments of the loans where loans decreased by SR 1,053 million during current period as compared to end of 2021.

2. The Company announced cash dividends distributions for the first half period of 2022 amounting to SR 1.27 billion (i.e., SR 1.75 per share) which represents 133% higher than what was distributed as half year dividends during same period of last year.

3. Plants reliability and operating efficiency have been improved during current quarter after completion of the scheduled maintenance as previously announced.

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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
35.85 0.7 (+1.99%)
Value Traded (SAR) Volume Traded
119,569,697 3,359,216