The financial results of the Sahara International Petrochemical Company (Sipchem International) revealed that the company’s profits in 2022 increased by a slight rate of 0.1% on an annual basis, to reach 3.60 billion riyals, compared to 3.59 billion riyals, profits in 2021.
(Sipchem International) said in a statement to the Saudi market (Tadawul) today, Tuesday, that the slight increase in annual profits is mainly due to the increase in sales of the company's products as a result of the increase in the efficiency and reliability of factories. Despite the decrease in profit margins due to the decrease in product prices and the increase in the prices of some raw materials.
(Sipchem International) explained that financing costs decreased during the comparison years as a result of reducing the debt ratio, as well as reducing general and administrative expenses and the decrease in zakat expense.
(Sipchem International) indicated that during the previous year, a decrease was recorded in the value of a cash-generating unit of 160 million riyals for the polybutylene terephthalate plant when compared to 2021.
(Sipchem International) also indicated that during the year 2022, the decrease in the value of non-financial assets related to the year 2021 was reclassified by 160 million riyals from the item of other income / (expenses), net to a separate item in the consolidated statement of profit or loss, in order to display more suitable for operating profit.
The results of (Sipchem International) showed an increase in sales last year by 5.9%, to reach 10.25 billion riyals by the end of the year, compared to 9.69 billion riyals in 2021, an increase of approximately 560 million riyals.
The results revealed an improvement in the total equity of (Sipchem International) shareholders last year - after excluding minority interests - to reach 15.81 billion riyals by the end of the year, compared to 14.59 billion riyals in 2021, a growth of 8.4%.
