Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) incurred a net loss of SAR 807.20 million for the first half (H1) of 2026, reversing a net profit of SAR 26.10 million recorded during the same period last year.
Sipchem posted 46.13% lower revenues at SAR 2 billion in H1-26, compared to SAR 3.87 billion.
For the second quarter (Q2) ending 30 June 2026, the net loss widened to SAR 591.90 million when compared to a loss of SAR 169.20 million in the prior-year quarter.
The group attributed the performance to lower sales volumes caused by persistent supply chain disruptions and an accumulation of unsold inventory.
Profitability was further pressured by rising costs for key feedstocks, including butane, ethylene, and propane.
The quarterly results were also impacted by a SAR 328M impairment provision related to an investment in an associate company.
Additionally, Sipchem noted increased losses from joint ventures and associates due to scheduled periodic maintenance at a subsidiary plant.
Loss per share for the first half of the year stood at SAR 1.11, compared to earnings per share of SAR 0.04 in the previous year.
Total shareholders' equity decreased to SAR 12.82 billion.
In Q1-26, Sipchem turned to net losses valued at SAR 215.30 million, against profits of SAR 195.30 million in Q1-25.
