Sipchem swings to SAR 860.5M loss in 2025, SAR 417.9M in Q4

16/03/2026 Argaam Exclusive

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Sahara International Petrochemical Co. (Sipchem) swung to a net loss of SAR 860.5 million in 2025, against a SAR 426.1 billion net profit a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 7,060.59 6,809.70 (3.6 %)
Gross Income 1,439.50 256.70 (82.2 %)
Operating Income 682.90 (528.30) (177.4 %)
Net Income 426.14 (860.50) (301.9 %)
Average Shares 733.33 733.33 -
Earnings Per Share before unusual items (Riyals) 0.33 (0.99) (404.4 %)
EPS (Riyal) 0.58 (1.17) (301.9 %)

These losses were attributed to weaker revenue amid lower selling prices and reduced sales volumes, hurt by periodic turnaround maintenance activities of International Methanol Company as previously announced in Tadawul.

 

This was coupled with an increase in feedstock prices of natural gas, ethane, ethylene, and certain precious metals.

 

Additionally, in 2025, the company recorded an impairment loss of SAR 300 million related to cash generating units of the Ethyl Acetate plant at SAR 200 million and International Diol Co. at SAR 100 million.

 

Moreover, Sipchem’s full-year results were weighed down by a write off of SAR 91.4 million, which has been recognized to discontinue certain capital projects.

 

Sipchem also logged SAR 417.9 million in net loss in the fourth quarter of 2025, versus SAR 19.9 million in net profit in the same period a year earlier.

 

Meanwhile, Sipchem’s three-month net loss shrank 10.8% from SAR 468.7 million in Q3 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 1,738.94 1,568.11 (9.8 %)
Gross Income 308.77 15.68 (94.9 %)
Operating Income 46.46 (156.54) (437.0 %)
Net Income 19.90 (417.94) (2200.2 %)
Average Shares 733.33 733.33 -
Earnings Per Share before unusual items (Riyal) (0.08) (0.57) (580.7 %)
EPS (Riyal) 0.03 (0.57) (2200.2 %)

Total shareholders’ equity, after deducting minority interest, reached SAR 13.63 billion by Dec. 31, 2025, rising from SAR 15.23 billion a year ago.

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Share Price

Sahara International Petrochemical Co.
15.51
0.36 2.38 %

Sahara International Petrochemical Co. (SIPCHEM)

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Financial Ratios
Current
Market Cap (M Riyal) 11,373.96
Enterprise Value (EV) (M Riyal) 13,117.60
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) (1.17)
Book Value (BV) ( Riyal) 18.59
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 0.83
Return on Average Assets (%) (TTM) (4.13 )
Return on Average Equity (%) (TTM) (5.96 )
EV/adj EBITDA -
EV/Revenues 1.93
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