Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) registered a 60.03% year-on-year (YoY) decline in net profit to SAR 406.20 million during the first nine months (9M) of 2024 compared with SAR 1.01 billion.
The earnings per share (EPS) decreased to SAR 0.56 as of 30 September 2024 from SAR 1.40 in the year-ago period, according to a bourse filing.
Sipchem attributed the annual plunge in 9M-24 net profit to higher prices of feedstock and raw materials as well as cost of revenue.
The company generated revenues amounting to SAR 5.32 billion during the January-September 2024 period, signalling a 4.59% decline from SAR 5.57 billion during the same period in 2023.
Financial Results for Q3-24
During the third quarter (Q3) of 2024, Sipchem posted a plunge of 55.72% in net profit to SAR 103.20 million compared with SAR 233.10 million in Q3-23.
The revenues also plummeted by 9.08% to SAR 1.62 billion in July-September 2024 from SAR 1.78 billion during the same quarter in 2023.
On a quarterly basis, the net profits in Q3-24 were 15.06% lower than SAR 121.50 million in Q2-24 and the revenues decreased by 8.10% from SAR 1.77 billion.
It is worth noting that Sipchem recorded net profits worth SAR 303 million in the first half (H1) of 2024 while its revenues reached SAR 3.69 billion.
