The net profits of Sahara International Petrochemical Co “Sipchem” (2310) decreased by approximately 56% YoY in the third quarter of the current year to reach SAR 103.2 million.
Details
The petrochemical giant was affected by rising feedstock and raw material prices from July to September. It was also impacted by a decrease in sales volumes and a reduction in its share of profits from joint ventures and associated companies.
So what
Sipchem generated revenues of about SAR 1.6 billion during Q3, marking a 9% YoY decline. The company partially offset this by raising some of its product prices.
Some context
The company’s net profits fell by about 60% during the first nine months of this year to SAR 406.2 million.
Earnings per share dropped to SAR 0.56, compared to SAR 1.4 in the same period last year.
