Saudi Sipchem's Q3 net profit surges to $274m
RIYADH, October 20, 2021
Sahara International Petrochemical Company (Sipchem) has recorded solid performance for the third quarter, registering a net profit of SR1.03 billion ($274 million) compared to SR10 million last year.
Announcing the interim financial results for the period ending September 30, Sipchem said its net profit for the first nine months surged to SR2.3 billion compared to a net loss of SR142 million last year.
The net profit growth was mainly due to an increase in revenue owing to high costs of its products which contributed to increase in profit margins in spite of the increase in feedstock prices of Butane, Ethanol, Ethylene and Propane, said Sipchem in its filing to the Saudi bourse Tadawul.
In addition, the company's share of profit from joint venture and associates increased and finance cost decreased, it added.
The current period results include an impairment loss of SR260 million related to cash generating unit of PBT plant of SR160 million and GACI plant of SR100 million.
