Sipchem loses SAR 807.2M in H1 2026, SAR 591.9M in Q2

22/07/2026 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) incurred a net loss of SAR 807.2 million in the first half of 2026, against a net profit of SAR 26.1 million in the corresponding period of 2025.


Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 3,876.07 2,088.01 (46.1 %)
Gross Income 652.70 52.12 (92.0 %)
Operating Income 231.03 (255.84) (210.7 %)
Net Income 26.14 (807.19) (3187.8 %)
Average Shares 733.33 733.33 -
Earnings Per Share before unusual items (Riyals) (0.04) (0.65) (1,403.5 %)
EPS (Riyal) 0.04 (1.10) (3187.8 %)

Revenue declined year-on-year (YoY), primarily as sales volumes fell amid continued supply chain challenges, which led to a buildup of unsold inventory and weighed on revenue, despite a slight increase in the average selling prices of the company's products.

 

Profitability was also pressured by higher prices for key feedstock, including ethylene and propane, which negatively impacted margins and financial performance during the period.

 

In addition, the company's share of losses from joint ventures and associates increased, mainly due to scheduled maintenance at one of the plants operated by an investee company. Results were also affected by a SAR 328 million impairment provision on an investment in an associate, further weighing on the company's financial performance during the period.

 

In Q2 2026, Sipchem slid into a deeper loss of SAR 591.9 million, compared to SAR 169.18 million a year earlier.

 

The company also attributed the wider net loss in the current quarter to a YoY decline in revenue, primarily due to lower sales volumes amid continued supply chain challenges, which resulted in a buildup of unsold inventory and weighed on total revenue, despite higher average selling prices for the company's products.

 

Margins were further pressured by higher prices for key feedstock, including butane, ethylene, and propane.

 

In addition, the company's share of losses from joint ventures and associates increased YoY, mainly on scheduled maintenance at one of the plants operated by an investee company.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 1,906.27 860.93 (54.8 %)
Gross Income 293.18 (25.89) (108.8 %)
Operating Income 86.60 (187.14) (316.1 %)
Net Income (169.18) (591.90) (249.9 %)
Average Shares 733.33 733.33 -
Earnings Per Share before unusual items (Riyal) 0.00 (0.36) (14581.1 %)
EPS (Riyal) (0.23) (0.81) (249.9 %)

Similarly, net losses widened quarter-on-quarter by 174.9% from SAR 215.28 million in Q1 2026.

 

Shareholders’ equity, excluding minority interest, declined to SAR 12.82 billion as of June 30, 2026, from SAR 14.89 billion in the prior-year period.

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Share Price

Sahara International Petrochemical Co.
13.15
(0.02) (0.15 %)

Sahara International Petrochemical Co. (SIPCHEM)

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Financial Ratios
Current
Market Cap (M Riyal) 9,643.30
Enterprise Value (EV) (M Riyal) 11,935.79
Shares Outstanding ((M)) 733.33
Recurring EPS ( Riyal) (TTM) (1.59)
Book Value (BV) ( Riyal) 17.48
Par Value ( Riyal) 10.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book 0.75
Dividend Yield (%) (Last Year) 7.60
Return on Average Assets (%) (TTM) (8.06 )
Return on Average Equity (%) (TTM) (12.22 )
EV/adj EBITDA 35.40
EV/Revenues 2.38
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