Sipchem turns profitable at nearly $613mln in nine months

Revenues also jumped by 83.9%

  
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) achieved net profits after Zakat and tax worth SAR 2.27 billion during the first nine months of 2021, against losses of SAR 141.8 million in the same period a year ago.

Earnings per share stood at SAR 3.12 at the end of September 2021, versus a loss per share of SAR 0.19 in the corresponding period in 2020, according to the financial results on Wednesday.

Revenues surged by 85.6% to SAR 6.89 billion in the January-September 2021 period, compared to SAR 3.71 billion in the nine-month period a year earlier.

During the third quarter (Q3) of 2021, Sipchem reported a leap of 10,195% in net profits to SAR 1.02 billion from SAR 10 million in Q3-20.

Revenues also jumped by 83.9% to SAR 2.5 billion in Q3-21 from SAR 1.36 billion in Q3-20.

On a quarterly basis, the net profits in Q3-21 were 24% higher than SAR 829.9 million in Q2-21, and the revenues increased by 6% from SAR 2.36 billion.

Source: Mubasher

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