Sipchem CEO: We are optimistic as demand on our products is strong

Abdullah Al-Saadoun, CEO of Sahara International Petrochemical Company (Sipchem), said that the growth in quarterly profits is due to the increase in selling prices for most products, as well as the increase in the share of profits from investing in a joint venture and associate companies, in addition to a decrease in the costs of financing.

According to Al-Arabiya, Al-Saadoun expressed his optimism, stressing that the demand for the company’s products is still strong.

It is noteworthy that Sipchem announced that its profits after zakat and tax jumped 52.2% to SR 1.26 billion in the second quarter of 2022 compared to SR 829.6 million during the same period of 2021.

The company’s operational profits rose 20.14% to SR 1.36 billion in the 2^nd quarter of the current year from SR 1.13 billion in the same period of the previous year.

Gross Profits of Sipchem surged 13.6% to SR 1.6 billion in the second quarter of this year from SR 1.4 billion a year ago, while the profit per share rose to SR 3.22 from SR 1.71.