Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) posted 67.39% year-on-year (YoY) plunge in net profit after Zakat and tax to SAR 1.01 billion during the first nine months (9M) of 2023, versus SAR 3.11 billion.
The earnings per share (EPS) amounted to SAR 1.40 in 9M-23, an annual decrease from SAR 4.30, according to the initial income statements.
Revenues hit SAR 5.57 billion during January-September 2023, down 32.78% YoY from SAR 8.29 billion.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the net profits after Zakat and tax plummeted by 69.90% to SAR 233.10 million from SAR 774.40 million in Q3-22.
Sipchem registered 37.29% YoY lower revenues at SAR 1.78 billion in the three-month period that ended on 30 September 2023, compared to SAR 2.85 billion.
On a quarterly basis, the Q3-23 net profits retreated by 25.50% from SAR 312.90 million in Q2-23, while the revenues increased by 5.16% from SAR 1.70 billion.
