Riyadh – Mubasher: The net profits of Sahara International Petrochemical Company (Sipchem) slumped by 91% yearly in the third quarter (Q3) of 2020 to stand at SAR 10 million.

The plunge in Q3-20 profits was attributed to a significant reduction in netbacks for most of Sipchem’s products, coupled with a drop in sales volumes of Methanol, Butanediol, and Ethyl Vinyl Acrylate, according to a bourse disclosure on Monday.

However, this was partially offset by increased sales volumes of Acetic Acid, Vinyl Acetate Monomer, Carbon Monoxide, and Polypropylene, and a relatively lower average price of certain feedstocks.

Revenues totalled SAR 1.4 billion in the three-month period ended 30 September 2020, an annual decline of 2.9%.

During the January-September period, the company turned to net losses of SAR 141.8 million, against net profits of SAR 436.6 million in the prior-year period.