The Sahara International Petrochemical Company turned Sipchem to achieve profits, which amounted to about 829.9 million riyals in the second quarter of 2021, compared to losses of about 99 million riyals in the same quarter of 2020.
According to Arabiya Net, Sipchem's net profit increased by 101.7% on a quarterly basis in the second quarter of 2021, compared to about 411.5 million riyals in the first quarter of 2021.< /p>
Sipchem said in a statement on Saudi Arabia's Tadawul, today, Sunday, that the reason for the increase in net profit in the second quarter of 2021, on an annual basis, is mainly due to the increase in revenues. As a result of the high selling prices of all the company's products, which contributed to the increase in profit margins despite the increase in the prices of raw materials such as butane, ethylene and propane, and the total sales amount increased, especially from the polypropylene product.
And she indicated that this is in addition to the high share of profits from investing in a joint venture and associate companies, despite the suspension of the subsidiary Sahara and Maaden Petrochemical Company's plant during the second quarter, which was announced It was announced in Tadawul on May 10, 2021.
Sipchem stated that the net profit for the second quarter of this year, and the current period, is the highest achieved since the company's establishment.
The company achieved a net profit after zakat and tax of about 1.24 billion riyals in the first half of 2021, compared to losses of about 151.8 million riyals in the same period of 2020.
