Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) reported a 61.31% year-on-year (YoY) plunge in net profit to SAR 303 million in the first half (H1) of 2024 from SAR 783.30 million in the same period a year earlier.

Sales decreased by 2.48% YoY to SAR 3.69 billion in H1-24 from SAR 3.78 billion in H1-23, according to the interim financial results.

Earnings per share (EPS) hit SAR 0.42 between 1 January and 30 June 2024, down from SAR 1.08 in the corresponding period the year before.

Second Quarter

During the second quarter (Q2) of 2024, Sipchem recorded a net profit of SAR 121.50 million, a 61.16% YoY plunge from SAR 312.90 million.

Sales edged higher by 4.03% YoY to SAR 1.77 billion in Q2-24 from SAR 1.70 billion in Q2-23.

Quarter-on-quarter (QoQ), the company’s net profit dropped by 33.05% from SAR 181.50 million, while sales declined by 8.01% from SAR 1.92 billion in the previous quarter.

In June, Sipchem’s board nodded for cash dividends worth SAR 362.56 million for H1-24, representing 5% of the capital.

The company reported a net profit of SAR 181.50 million in Q1-24, a 61.40% YoY plunge from SAR 470.30 million.