Sahara International Petrochemical Co. (Sipchem) reported a rise of 8% in Q1 2025 net profit to SAR 195.3 million from SAR 181.5 million a year earlier.
Item | Q1 2024 | Q1 2025 | Change |
---|---|---|---|
Revenues | 1,924.63 | 1,969.81 | 2.3 % |
Gross Income | 480.13 | 359.53 | (25.1 %) |
Operating Income | 294.33 | 144.43 | (50.9 %) |
Net Income | 181.51 | 195.32 | 7.6 % |
Average Shares | 733.33 | 733.33 | - |
Earnings Per Share before unusual items (Riyal) | 0.25 | (0.05) | (118.6 %) |
EPS (Riyal) | 0.25 | 0.27 | 7.6 % |
Item | Q4 2024 | Q1 2025 | Change |
---|---|---|---|
Revenues | 1,738.94 | 1,969.81 | 13.3 % |
Gross Income | 308.77 | 359.53 | 16.4 % |
Operating Income | 46.47 | 144.43 | 210.8 % |
Net Income | 19.99 | 195.32 | 877.2 % |
Average Shares | 733.33 | 733.33 | - |
Earnings Per Share before unusual items (Riyal) | (0.08) | (0.05) | 45.1 % |
EPS (Riyal) | 0.03 | 0.27 | 877.2 % |
Q1 revenue rose year-on-year on higher selling prices of some products and sales volumes.
Share of profits from investments in joint ventures and associates rose as earning increased from one associate after Acrylic Complex restructured debt. Sipchem’s share of impact amounted to SAR 429 million.
On the other hand, Sipchem reported a rise in feedstock and raw material prices and incurred an impairment loss of SAR 200 million related to the mothball of the Ethyl Acetate plant of Sipchem Chemical Co., an affiliate of Sipchem.
The first-quarter net profit skyrocketed from nearly SAR 20 million in Q4 2024.
Shareholders’ equity, excluding minority interest, fell to SAR 15.43 billion as of March 31, 2025, compared to SAR 15.75 billion a year earlier.
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