The Sahara International Petrochemical Company (Sipchem) managed to achieve a big jump in profits by 10195%, after the profits of the third quarter of this year amounted to 1.029 billion riyals after Zakat. and tax, compared to only 10 million riyals in the same quarter of last year.
According to Arabiya Net, the company attributed this to the increase in revenues as a result of the increase in selling prices for all the company's products, which contributed to the increase in profit margins despite the increase in the prices of raw materials of butane, ethanol, ethylene and propane.
In addition, the share of profits from investing in a joint venture and associate companies has increased, and financing costs have decreased.
Sipchem's quarterly profits increased by 24% compared to the previous quarter, which recorded about 830 million riyals.
