Riyadh – Mubasher: The net profits after Zakat and tax of Sahara International Petrochemical Company (Sipchem) plunged by 56.41% to SAR 470.30 million during the first quarter (Q1) of 2023, versus SAR 1.07 billion in Q1-22.
The revenues amounted to SAR 2.08 billion in January-March 2023, down 11.11% year-on-year (YoY) from SAR 2.34 billion, according to the initial financial results.
Earnings per share (EPS) hit SAR 0.65 during the first three months (3M) of 2023, lower than SAR 1.48 in the year-ago period.
On a quarterly basis, the Q1-23 net profits after Zakat and tax declined by 1.82% from SAR 479 million in Q4-22, while the revenues grew by 6.78% from SAR 1.95 billion.
Last year, Sipchem witnessed a 0.10% rise in net profit after Zakat and tax to SAR 3.595 billion from SAR 3.591 billion in 2021.
