The profits of Sahara International Petrochemical Company (Sipchem International) decreased by 91% to reach 10 million riyals in the third quarter of 2020, compared to 111 million riyals in the third quarter of 2019.
According to Arabiya Net, the company incurred losses in the previous quarter amounting to 99 million riyals.
During the first nine months of 2020, Sipchem International incurred losses amounting to 141.8 million riyals, compared to profits in the corresponding period of last year, 436.6 million riyals. p>
and Sipchem International attributed the decrease in net profit during the current quarter compared with the same quarter of the previous year to a decrease in the sales prices of most of the company's products, a decrease in the quantities of sales of methanol, butanediol and ethyl vinyl. Acrylate.
However, this decrease was partially offset by an increase in the volume of sales of the company's products, acetic acid, vinyl acetate, carbon monoxide and polypropylene, and a lower average, the company said. Relatively price for some raw materials.
and about the reason for incurring losses within nine months, Sipchem said that this is due to the low prices of most of the company's products, the decrease in polymers sales quantities, and scheduled and unscheduled maintenance in the company's factory. The Oasis as previously announced on Tadawul.
and stated that a decrease in the value of a cash-generating unit of 100 million Saudi riyals was recorded in the International Company for Daewoo, and some assets in the corporate sector and others were classified as It is held for sale and an impairment loss of SAR 180 million has been recorded.
The net loss of Sahara International Petrochemical Company (Sipchem) includes the results of Sahara Petrochemical Company for the whole nine months in the current period, while it includes the results of Sahara Petrochemical Company for four months compared to The corresponding period of the previous year.
