SIPCHEM Profits Drop 64% to SAR 426 Million by End-2024

Sahara International Petrochemical Company (SIPCHEM) reported on Wednesday a 64% decline in net profit to SAR 426 million by the end of 2024, compared to SAR 1.17 billion in 2023. This came after the announcement today of the preliminary financial results for the duration ending December 31, 2024.

The operational profit decreased by 52% to SAR 683 million by the end of 2024, compared to SAR 1.4 billion in 2023.

The shareholders’ equity (excluding non-controlling interests) for the current year decreased by 2% to SAR 15.2 billion, compared to SAR 15.5 billion in 2023.

The profits per share for the current year amounted to SAR 0.59, compared to SAR 1.62 in 2023.

The Company stated in a statement today on Tadawul that it achieved lower revenues during the current year, compared to the previous year, primarily due to lower sales volumes resulting from scheduled periodic maintenance work at some subsidiaries, as previously disclosed on Tadawul. This was in addition to lower selling prices for the Company’s products.