Sipchem’s net profit plummets 61% YoY in Q1-24

Revenues fell 7.79% YoY to SAR 1.92 billion in Q1-24 from SAR 2.08 billion, according to the interim financial results

Staff Writer, Mubasher

April 28, 2024

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Sahara International Petrochemical Company (Sipchem) logged a 61.40% year-on-year (YoY) plunge in net profit to SAR 181.50 million in the first quarter (Q1) of 2024 from SAR 470.30 million.

Revenues fell 7.79% YoY to SAR 1.92 billion in Q1-24 from SAR 2.08 billion, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.25 in the three-month period that ended on 31 March 2024, up from SAR 0.65 in the corresponding period of 2023.

Quarter-on-quarter (QoQ), the company’s net profit rose 14.36% in Q1-24 from SAR 158.70 million in the previous quarter, while revenues inched lower 2.86% QoQ from SAR 1.98 billion.

In 2023, Sipchem reported net profits totalling SAR 1.17 billion, marking a significant annual decline of 67.32% from SAR 3.59 billion.

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