Riyadh – Mubasher: The net profits of Sahara International Petrochemical Company (Sipchem) declined by 41.3% in 2020 to SAR 175.9 million, compared with SAR 299.5 million in 2019.
The drop in annual net earnings was attributed to lower sales revenue as a result of lower selling prices for most of Sipchem’s products and lower production in the Polypropylene plant due to unplanned shutdown and turnaround maintenance, according to a bourse filing on Thursday.
In addition, the company recorded an impairment loss of SAR 280 million in 2020 financial results.
The company's revenues reached SAR 5.3 billion last year, a year-on-year drop of 2.1%.
