The financial statements of Sahara International Petrochemical Company (Sipchem International) revealed a decline in the company's profits in the third quarter of this year by 24.8% on an annual basis.
According to the financial statements of the international company, Sipchem, the profits for the third quarter of this year amounted to 774.4 million riyals, compared to profits of 1029.5 million riyals in the same period of 2021.
Sipchem International said in a statement to the Saudi market (Tadawul) today, Tuesday, that the decline in profits during the comparison periods is due to the decrease in selling prices for most of the company's products, especially methanol, butanediol, ethyl acetate and polypropylene.
Sipchem also attributed the decline in quarterly profits to an increase in the prices of raw materials such as butane, ethanol, ethylene and propane, and a decrease in the share of profits from investing in a joint venture and associate companies.
On the other hand, the profits of the international company Sipchem in the first nine months of this year increased by 37.2%, on an annual basis, to reach 3116.3 million riyals, compared to profits of 2270.8 million riyals in the same period of the previous year.
Sipchem's global revenues in the first nine months of this year amounted to about 8541.3 million riyals, compared to 6,899.2 million riyals in the same period of 2021, an increase in revenues of 23.8%.
