Sipchem Reports Over 55% Profit Decline in Q3

Sahara International Petrochemical Company (Sipchem) has announced a substantial decline in its net profit, reporting a decrease of 55.7% in the third quarter of this year. The company's net profit reached 103.2 million riyals, down from 233.1 million riyals in the same period last year, according to a statement released via the Saudi stock exchange (Tadawul).

On a quarterly basis, Sipchem's profits fell by 15.06% compared to the second quarter of this year, which recorded profits of 121.5 million riyals.

The company attributed its financial decline to a 9% drop in sales, totaling 1.626 billion riyals in the third quarter, compared to 1.79 billion riyals during the same period last year. This decline is primarily due to decreased sales volumes, even though some of its product prices experienced increases.

Furthermore, Sipchem reported a net profit decline of 60% over the first nine months of this year, totaling 406.2 million riyals compared to the same period last year.

In today’s market activity, Sipchem’s share (TADAWUL: 2310) fell by 0.36%, equivalent to 0.10 riyals per share, trading around 27.50 riyals per share in the Saudi stock market.

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