Riyadh - Sahara International Petrochemical Company (Sipchem) has achieved net profits after Zakat and tax worth SAR 2.34 billion in the first half (H1) of 2022, an 88.67% year-on-year (YoY) growth from SAR 1.24 billion.

The earnings per share increased to SAR 3.22 in H1-22, compared to SAR 1.71 in H1-21, according to the interim financial results on Tuesday.

Sipchem generated SAR 5.60 billion in revenue during the January-June 2022 period, a YoY rise of 27.52% from SAR 4.39 billion.

During the second quarter (Q2) of 2022, the company registered an annual surge of 52.20% in net profit after Zakat and tax to SAR 1.26 billion from SAR 829.90 million.

The revenues also soared by 35.14% to SAR 3.19 billion in Q2-22 from SAR 2.36 billion in Q2-21.

On a quarterly basis, Sipchem’s net profits in Q2-22 were 17.08% higher than SAR 1.07 billion in Q1-22, while the revenues grew by 32.52% from SAR 2.40 billion.

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