Z7_K8M0I8402PTU806OF5GPF03SV3

SIPCHEM

20 October, 2024 08:50

Sahara International Petrochemical Company (Sipchem) announces the Interim Financial Results for the Period Ended on 30 Sep 2024 (Nine Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,626.81,789.4-9.0861,770.3-8.105
Gross Profit (Loss) 329.8457.8-27.959320.82.805
Operational Profit (Loss) 151.9304.7-50.147190.2-20.136
Net profit (Loss) 103.2233.1-55.727121.5-15.061
Total Comprehensive Income 99.3234.3-57.618118.4-16.131
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 5,321.75,578.2-4.598
Gross Profit (Loss) 1,130.71,740.4-35.032
Operational Profit (Loss) 636.41,218.8-47.784
Net profit (Loss) 406.21,016.3-60.031
Total Comprehensive Income 407.51,019.3-60.021
Total Shareholders Equity (after Deducting Minority Equity) 15,606.415,907.9-1.895
Profit (Loss) per Share 0.561.4
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The Company revenue decreased during the current quarter compared to the same quarter last year mainly due to decrease in sales volume which was partially compensated by increase in selling prices for some of the company’s products.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The Company earned less net profits during the current quarter compared to same quarter last year, mainly because of: - Increase in feedstock and raw material prices. - Decrease in Sales volume of the Company’s products in spite of the increase in selling prices of some of the Company’s products. - The share of profits from investment in a joint venture and associates has decreased.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The Company revenue decreased during current quarter compared to the previous quarter of same year as a result of decrease in selling prices of the Company’s products which was partially compensated by an increase overall sales volume.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The Company earned net profit in this quarter less than the previous quarter of same year mainly due to: - Decrease in selling prices of the Company’s products in addition to the increase in propane price which was partially compensated by increase in sales volumes and decrease in feedstock cost of Ethanol & Ethylene. - The share of profit from investment in a joint venture and associates has increased.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The Company revenue decreased during the current period compared to the same period last year due to decrease in sales volumes because of periodic turnaround maintenance activities in some of Sipchem Affiliates as announced in advance in TADAWUL. In addition to the decrease in selling prices of the company’s products.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The Company earned less net profits during the current period compared to same period last year, mainly because of: - Increase in feedstock and raw material prices. - Increase in Cost of Revenue due to the increase in distribution Cost. - Decrease in Revenue as a result of decrease in selling prices of the company’s products and decrease in sales volumes because of periodic turnaround maintenance activities in some of Sipchem Affiliates as announced in advance in TADAWUL. - The share of profits from investment in a joint venture and associates has decreased.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None
Reclassification of Comparison Items None
Additional Information None

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