Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) achieved net profits after Zakat and tax worth SAR 783.30 million in the first half (H1) of 2023.
The recorded net profits were lower by 66.55% year-on-year (YoY) than SAR 2.34 billion, according to the initial financial results.
Revenues amounted to SAR 3.78 billion in H1-23, marking a 30.42% drop from SAR 5.44 billion in H1-22.
During the first six months (6M) of 2023, the earnings per share (EPS) plummeted to SAR 1.08 from SAR 3.22 as of 30 June 2022.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, Sipchem registered SAR 312.90 million in net profit after Zakat and tax, an annual plunge of 75.23% from SAR 1.26 billion.
The Saudi firm generated revenues valued at SAR 1.70 billion in April-June 2023, down 45.06% YoY from SAR 3.09 billion.
On a quarterly basis, the Q2-23 net profits shrank by 33.47% from SAR 470.30 million in Q1-23, while the revenues decreased by 18.48% from SAR 2.08 billion.
Earlier this month, Sipchem paid out a total of SAR 906.40 million as cash dividends for H1-23.
