Sipchem holds Q1 2021 earnings call to discuss financial performance, milestones and future strategy

The company reported a net profit of SAR 411.5 million and earnings per share of SAR 0.57 for the first quarter

  

Khobar, KSA: Sahara International Petrochemical Company (Sipchem) on Wednesday, May 5, held its quarterly earnings call with analysts and investment institutions to discuss the company’s financial performance during the three-month period ended March 31, 2021.

The call was led by Sipchem CEO Eng. Abdullah S. Al-Saadoon, along with the attendance of VP of Finance Rushdi Al Dulaijan, VP of Manufacturing Ibrahim A. Al-Rushoud, VP of Commercial Mater A Al-Dhafeeri, and Section Head, Treasury Ziyad A. Al Dahamy, where they discussed the company’s strong results for the first quarter, which saw a significant increase in net profit and cash flow. They have also highlighted Sipchem’s major milestones and future strategies, in addition to addressing the queries of the conference call participants.

Commenting on the Q1 financial results, Eng. Al-Saadoon said: “Our remarkable financial results have cemented our strong position in the petrochemicals industry. Our success in ensuring smooth business operations through the implementation of risk mitigation and employee safety measures and our efforts to improve operating efficiency and reduce costs, combined with increases in sales prices, have contributed in reporting solid bottom-line growth. Looking confidently to the future, we have outlined ambitious strategies focusing on operational and production performance which reflects our pursuit of excellence in achieving the goals of the company and Shareek program”.

“The successful merger deal between Sipchem and Sahara Petrochemical Company has successfully achieved total benefits of SAR 136 million as a recurring increase in profits during the year 2020. Thus, the company has achieved 76% of the targeted benefits within a year and a half from the merger deal while the target is SAR 175 million as a recurring increase within 3 years. These benefits have been achieved through the reduction of logistical, freight, purchases, maintenance and administrative expenses,” Al-Saadoon added.

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