Sipchem turns to SAR 411.5 mln profit in Q1 2021

28/04/2021 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) reported a net profit after Zakat and tax of SAR 411.5 million for the first quarter of 2021, against a net loss of SAR 52.8 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1,404.09 2,030.98 44.6 %
Gross Income 272.39 956.06 251.0 %
Operating Income 66.35 733.27 1005.2 %
Net Income (52.83) 411.47 878.9 %
Average Shares 733.33 733.33 -
EPS (Riyals) (0.07) 0.56 878.9 %

The positive performance was driven by higher revenue, due to the increase in sales prices for most of the company’s products, supported by the rise in overall sales volume.

 

Further, the management assessed during the current quarter the recoverable amount of cash-generating unit for the polybutylene terephthalate (PBT) plant and Gulf Advanced Cables Insulation Company (GACI) plant. It recorded an impairment loss of SAR 260 million in Q1 2021.

 

When compared to Q4 2020, Sipchem posted a 29.6% rise in net profit after Zakat and tax from SAR 317.6 million.

Shareholders’ equity, excluding minority interest, grew by 1.8% to SAR 13.032 billion by the end of Q1 2021, compared to SAR 13.268 billion in the year-ago period.

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