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The profits of “Sipchem International” decline 48.6% during the year 2019, today, Tuesday, 24 March 2020 08:10 am
According to the company’s data on Tadawul today, net profit fell to 299.5 million riyals after zakat and tax, compared to 583 million riyals in 2018.
The company attributed the decrease in revenues in 2019 on an annual basis to the decline in sales revenue due to lower sales prices for most of the company’s products, in addition to the decrease in production at the polytylene plant, travertine, mono vinyl acetate plant and carbon monoxide plant due to scheduled maintenance.
“Sipchem International” added, besides registering a provision to reduce assets amounting to 454 million riyals in the year 2019 for the factories of the International Dayol Company, the factory of polypropylene trafalt and the tool production plant (TMF).
She pointed out that there was a contribution to the profits for a period of 7 months from the Sahara Petrochemical Company after the merger, despite the increase in the amount of methanol sales in the current period as a result of the project to raise energy efficiency, improve the performance of the methanol plant, and lower the average prices of some feedstock.
According to the company’s data, it achieved revenue growth of about 8% to reach 5.44 billion riyals, compared to 5.04 billion riyals in the previous year.
Sipchem’s earnings are In the first 9 months of 2019, About 436.9 million riyals, compared to 543 million riyals in the same period last year.
The stock ended the trading session last down by 1.2%, to the level of 11.22 riyals.