Mubasher TV
Contact Us Advertising   العربية

Sahara International Petrochemical Company (Sipchem) announces the Interim Financial Results for the Period Ending on 31 March 2021 (Three Months)

SIPCHEM 2310 -4.92% 30.95 -1.60
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 2,031 1,404.1 44.647 1,606.8 26.4
Gross Profit (Loss) 956.1 272.4 250.991 518.6 84.361
Operational Profit (Loss) 733.3 66.3 1,006.033 299 145.25
Net Profit (Loss) after Zakat and Tax 411.5 -52.8 - 317.6 29.565
Total Comprehensive Income 419.3 -74.7 - 245.6 70.724
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Share Holders Equity (after Deducting Minority Equity) 13,032.9 13,268 -1.771
Profit (Loss) per Share 0.57 -0.07
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
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 main reason for the increase in net profit for current quarter compared to same quarter of previous year is due to the increase in revenue as a result of the increase in sales prices for most of company’s products supported by increase in overall sales volume.

Further, the management assessed during the current quarter the recoverable amount of cash generating unit for PBT plant and GACI plant and accordingly recorded an impairment loss of SR260 Million in the financial results of current quarter related to cash generating unit of PBT plant of SR 160 Million and GACI plant of SR 100 Million.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The main reason for the increase in net profit for current quarter compared to the previous quarter is due to the increase in sales prices of all company’s products in spite of decrease in sales volume due to scheduled periodic Turnaround maintenance on the production units of Polymers Plant of International Polymers Company (IPC) and Ethyl Acetate plant (EA) of Sipchem Chemicals Company (SCC) ( as announced in TADAWUL ) and despite the increase in raw materials prices .
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items None
Additional Information Sipchem continued implementing its active prevention programs that aim to minimize the risks related to COVID-19 and to continue smooth business operations and ensuring the health and safety of its employees. The Company’s ongoing efforts to improve operating efficiency and to reduce costs, combined with increases in sales prices provided the platform for increased profit results in Q1 2021 compared to Q1 2020.

Comments