Saudi: Sipchem generates $293mln profits in 2023

Riyadh – Sahara International Petrochemical Company (Sipchem) achieved net profits worth SAR 1.17 billion in 2023, an annual plunge of 67.32% from SAR 3.59 billion.

Revenues amounted to SAR 7.61 billion in January-December 2023, down 25.70% year-on-year (YoY) from SAR 10.25 billion, according to the financial results.

Sipchem attributed the drop in revenue to a decrease in selling prices for the company’s products as well as a retreat in sales volumes due to the periodic turnaround maintenance activities of International Methanol Company and International Diol Company.

The earnings per share (EPS) reached SAR 1.62 last year, lower than SAR 4.96 as of 31 December 2022.

In the first nine months (9M) of 2023, Sipchem recorded a 67.39% drop in net profit after Zakat and tax to SAR 1.01 billion, compared to SAR 3.11 billion in 9M-22.

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