SIPCHEM’s Q3 Profits Drop by 55.7% to SAR 103.2 Million

Sahara International Petrochemical Company (Sipchem) reported a 55.7% decrease in net profit for the third quarter, amounting to SAR 103.2 million, compared to SAR 233.1 million in the same quarter last year. This decline follows the company’s announcement of its preliminary financial results for the period ending September 30, 2024 (nine months).

Operating profit for the third quarter stood at SAR 151.9 million, a 50.1% drop from SAR 304.7 million in the same quarter of the previous year. Total equity (excluding non-controlling interests) amounted to SAR 15.6 billion for the nine-month period, compared to SAR 15.9 billion in the same period last year, reflecting a decrease of 1.8%.

Earnings per share for the current period reached SAR 0.56, down from SAR 1.4 in the same period last year.