Sipchem turns profitable in H1

Revenues surged by 86.6%

  
Sipchem's corporate logo is seen at the company headquarters in Khobar, Saudi Arabia, May 12, 2019. Image used for illustrative purpose.

Sipchem's corporate logo is seen at the company headquarters in Khobar, Saudi Arabia, May 12, 2019. Image used for illustrative purpose.

REUTERS/ Hamad I Mohammed
Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) recorded a net profit after Zakat and tax worth SAR 1.24 billion in the first half (H1) of 2021, against net losses of SAR 151.8 million in H1-20.

Earnings per share stood at SAR 1.71 in H1-21, versus a loss per share of SAR 0.21 in H1-20, according to a bourse filing on Sunday.

Revenues surged by 86.6% to SAR 4.39 billion in the January-June 2021 period from SAR 2.35 billion in the same period a year ago.

During the second quarter (Q2) of 2021, Sipchem also turned profitable at SAR 829.9 million, against a loss of SAR 99 million in Q2-20.

Revenues jumped 148.65% to SAR 2.36 billion in Q2-21 from SAR 950.2 million in Q2-20.

Quarter-on-quarter, the net profits in Q2-21 were higher by 101.6% than SAR 411.5 million in Q1-21. The revenues also increased 16% from SAR 2.03 billion.

Last June, the company’s board approved the distribution of SAR 549.99 million as cash dividends for H1-21.

Source: Mubasher

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