Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) recorded a net profit after Zakat and tax worth SAR 1.24 billion in the first half (H1) of 2021, against net losses of SAR 151.8 million in H1-20.

Earnings per share stood at SAR 1.71 in H1-21, versus a loss per share of SAR 0.21 in H1-20, according to a bourse filing on Sunday.

Revenues surged by 86.6% to SAR 4.39 billion in the January-June 2021 period from SAR 2.35 billion in the same period a year ago.

During the second quarter (Q2) of 2021, Sipchem also turned profitable at SAR 829.9 million, against a loss of SAR 99 million in Q2-20.

Revenues jumped 148.65% to SAR 2.36 billion in Q2-21 from SAR 950.2 million in Q2-20.

Quarter-on-quarter, the net profits in Q2-21 were higher by 101.6% than SAR 411.5 million in Q1-21. The revenues also increased 16% from SAR 2.03 billion.

Last June, the company’s board approved the distribution of SAR 549.99 million as cash dividends for H1-21.