Sipchem reports 61% profit plunge to SAR 303M in H1 2024; Q2 at SAR 121.5M

21/07/2024 Argaam Exclusive

Sahara International Petrochemical Co. (Sipchem) reported a net profit of SAR 303 million for the six months ended on June 30, 2024, a decline of 61% from SAR 783.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 3,788.86 3,694.90 (2.5 %)
Gross Income 1,282.53 800.91 (37.6 %)
Operating Income 914.15 431.51 (52.8 %)
Net Income 783.25 303.00 (61.3 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 1.07 0.41 (61.3 %)

This was triggered by lower revenue and decreased selling prices of products. In addition, the increase in feedstock prices of natural gas, ethane, butane, ethylene, and propane contributed to lower operating profit. The company also cited a lower profit share from investments in a joint venture and associates.

 

Q2 2024 net earnings amounted to SAR 121.5 million, plummeting 61% from SAR 312.9 million in Q2 2023, driven by higher cost of revenue on an increase in feedstock prices of natural gas, ethane, butane, ethylene, and propane, despite increased overall sales volumes.

 

The company also cited a lower profit share from investment in a joint venture and associates.

 

Additionally, Sipchem received a final insurance settlement of SAR 53 million for the total damage and losses caused by the fire incident in the company's plant.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,701.55 1,770.27 4.0 %
Gross Income 527.62 320.77 (39.2 %)
Operating Income 353.11 137.19 (61.1 %)
Net Income 312.92 121.49 (61.2 %)
Average Shares 733.33 733.33 -
EPS (Riyals) 0.43 0.17 (61.2 %)

On a sequential basis, net profit declined 33.1% from SAR 181.5 million in Q1 2024.

 

Total shareholders’ equity, after minority interest, reached SAR 15.50 billion by June 30, 2024, compared to SAR 15.68 billion in a prior-year period.

View More Financial Results

 

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Share Price

Sahara International Petrochemical Co.
26.45
0.10 0.38 %

Sahara International Petrochemical Co. (SIPCHEM)

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Financial Ratios
Current
Market Cap (M Riyal) 19,396.58
Enterprise Value (EV) (M) 20,912.51
Shares Outstanding ((M)) 733.33
EPS ( Riyal) (TTM) 0.77
Book Value (BV) ( Riyal) 21.28
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 34.34
Price/book 1.24
Return on Average Assets (%) (TTM) 2.5
Return on Average Equity (%) (TTM) 3.6
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 802.03 (13.5 %) 234.08 0.3 % 176.62 5.3 %
Q2 2015 1,006.95 (14.5 %) 287.40 (45.0 %) 227.47 (52.5 %)
Q3 2015 809.93 (20.5 %) 209.37 (34.1 %) 156.89 (41.9 %)
Q4 2015 871.77 (12.8 %) 102.15 (68.4 %) 12.39 (95.2 %)
Q1 2016 923.99 15.2 % 268.86 14.9 % 164.80 (6.7 %)
Q2 2016 923.62 (8.3 %) 215.25 (25.1 %) 106.74 (53.1 %)
Q3 2016 717.85 (11.4 %) 128.24 (38.8 %) 31.56 (79.9 %)
Q4 2016 949.59 8.9 % 249.11 143.9 % 134.24 983.3 %
Q1 2017 1,199.01 29.8 % 352.28 31.0 % 230.72 40.0 %
Q2 2017 918.28 (0.6 %) 281.06 30.6 % 175.49 64.4 %
Q3 2017 1,063.57 48.2 % 367.04 186.2 % 253.50 703.2 %
Q4 2017 1,278.63 34.6 % 425.67 70.9 % 274.99 104.8 %
Q1 2018 1,170.94 (2.3 %) 414.77 17.7 % 283.58 22.9 %
Q2 2018 1,474.46 60.6 % 545.06 93.9 % 410.23 133.8 %
Q3 2018 1,337.75 25.8 % 470.38 28.2 % 327.98 29.4 %
Q4 2018 1,052.66 (17.7 %) 204.57 (51.9 %) 73.99 (73.1 %)
Q1 2019 1,121.61 (4.2 %) 405.07 (2.3 %) 267.43 (5.7 %)
Q2 2019 1,409.42 (4.4 %) 488.57 (10.4 %) 320.44 (21.9 %)
Q3 2019 1,402.02 4.8 % 361.57 (23.1 %) 176.96 (46.0 %)
Q4 2019 1,506.69 43.1 % 380.04 85.8 % 141.44 91.2 %
Q1 2020 1,404.09 25.2 % 272.39 (32.8 %) 66.35 (75.2 %)
Q2 2020 950.24 (32.6 %) 161.65 (66.9 %) (23.42) (107.3 %)
Q3 2020 1,361.94 (2.9 %) 220.28 (39.1 %) 17.70 (90.0 %)
Q4 2020 1,606.75 6.6 % 518.62 36.5 % 299.01 111.4 %
Q1 2021 2,030.98 44.6 % 956.06 251.0 % 733.27 1005.2 %
Q2 2021 2,362.65 148.6 % 1,477.57 814.1 % 1,139.95 4968.3 %
Q3 2021 2,505.60 84.0 % 1,369.30 521.6 % 1,139.50 6339.3 %
Q4 2021 2,787.47 73.5 % 1,539.43 196.8 % 1,448.71 384.5 %
Q1 2022 2,348.11 15.6 % 1,321.34 38.2 % 1,149.14 56.7 %
Q2 2022 3,097.40 31.1 % 1,583.91 7.2 % 1,370.95 20.3 %
Q3 2022 2,853.42 13.9 % 1,123.18 (18.0 %) 909.91 (20.1 %)
Q4 2022 1,954.69 (29.9 %) 810.24 (47.4 %) 616.99 (57.4 %)
Q1 2023 2,087.31 (11.1 %) 754.92 (42.9 %) 561.05 (51.2 %)
Q2 2023 1,701.55 (45.1 %) 527.62 (66.7 %) 353.11 (74.2 %)
Q3 2023 1,789.37 (37.3 %) 457.83 (59.2 %) 304.68 (66.5 %)
Q4 2023 1,981.40 1.4 % 455.00 (43.8 %) 227.03 (63.2 %)
Q1 2024 1,924.63 (7.8 %) 480.13 (36.4 %) 294.33 (47.5 %)
Q2 2024 1,770.27 4.0 % 320.77 (39.2 %) 137.19 (61.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 80.62 17.4 % 0.22 - 80.62 0.22
Q2 2015 110.07 (55.0 %) 0.30 - 110.07 0.30
Q3 2015 71.58 (55.4 %) 0.20 - 71.58 0.20
Q4 2015 25.98 (80.4 %) 0.07 - 25.98 0.07
Q1 2016 49.23 (38.9 %) 0.13 (21.50) 70.73 0.19
Q2 2016 11.37 (89.7 %) 0.03 - 11.37 0.03
Q3 2016 (49.38) (169.0 %) (0.13) - (49.38) (0.13)
Q4 2016 31.87 22.7 % 0.09 - 31.87 0.09
Q1 2017 91.65 86.2 % 0.25 - 91.65 0.25
Q2 2017 59.79 425.9 % 0.16 - 59.79 0.16
Q3 2017 121.55 346.1 % 0.33 - 121.55 0.33
Q4 2017 164.40 415.9 % 0.45 - 164.40 0.45
Q1 2018 151.39 65.2 % 0.41 2.86 148.53 0.41
Q2 2018 211.37 253.5 % 0.58 (14.20) 225.57 0.62
Q3 2018 180.27 48.3 % 0.49 (13.96) 194.23 0.53
Q4 2018 39.92 (75.7 %) 0.11 24.83 15.09 0.04
Q1 2019 114.72 (24.2 %) 0.18 (13.00) 127.72 0.20
Q2 2019 210.85 (0.2 %) 0.33 (4.50) 215.35 0.34
Q3 2019 111.05 (38.4 %) 0.17 (2.80) 113.85 0.18
Q4 2019 (137.10) (443.4 %) (0.21) (23.51) (113.60) (0.18)
Q1 2020 (52.83) (146.0 %) (0.07) (188.91) 136.09 0.19
Q2 2020 (98.96) (146.9 %) (0.13) - (98.96) (0.13)
Q3 2020 10.01 (91.0 %) 0.01 - 10.01 0.01
Q4 2020 317.64 331.7 % 0.43 71.36 246.28 0.34
Q1 2021 411.47 878.9 % 0.56 (160.00) 571.47 0.78
Q2 2021 829.88 938.6 % 1.13 (72.10) 901.98 1.23
Q3 2021 1,029.51 10180.7 % 1.40 - 1,029.51 1.40
Q4 2021 1,321.00 315.9 % 1.80 9.40 1,311.60 1.79
Q1 2022 1,078.82 162.2 % 1.47 - 1,078.82 1.47
Q2 2022 1,263.10 52.2 % 1.72 - 1,263.10 1.72
Q3 2022 774.41 (24.8 %) 1.06 - 774.41 1.06
Q4 2022 478.96 (63.7 %) 0.65 (36.40) 515.36 0.70
Q1 2023 470.33 (56.4 %) 0.64 - 470.33 0.64
Q2 2023 312.92 (75.2 %) 0.43 - 312.92 0.43
Q3 2023 233.09 (69.9 %) 0.32 - 233.09 0.32
Q4 2023 158.66 (66.9 %) 0.22 147.96 10.70 0.01
Q1 2024 181.51 (61.4 %) 0.25 - 181.51 0.25
Q2 2024 121.49 (61.2 %) 0.17 106.00 15.49 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 34.94 % 44.44 % 16.40 %
Q2 2015 30.36 % 40.88 % 13.61 %
Q3 2015 29.12 % 40.95 % 11.94 %
Q4 2015 23.86 % 36.22 % 8.26 %
Q1 2016 24.02 % 36.37 % 7.70 %
Q2 2016 22.54 % 33.34 % 5.09 %
Q3 2016 20.79 % 27.62 % 1.71 %
Q4 2016 24.51 % 33.63 % 1.84 %
Q1 2017 24.93 % 31.95 % 2.26 %
Q2 2017 26.70 % 34.06 % 3.54 %
Q3 2017 30.25 % 38.89 % 7.38 %
Q4 2017 31.98 % 37.10 % 9.81 %
Q1 2018 33.59 % 39.50 % 11.15 %
Q2 2018 35.14 % 40.29 % 13.23 %
Q3 2018 35.27 % 39.61 % 13.93 %
Q4 2018 32.46 % 36.75 % 11.59 %
Q1 2019 32.59 % 36.33 % 11.28 %
Q2 2019 31.87 % 35.20 % 11.22 %
Q3 2019 29.28 % 32.93 % 9.47 %
Q4 2019 30.06 % 31.54 % 6.31 %
Q1 2020 26.26 % 27.08 % 6.15 %
Q2 2020 22.34 % 23.24 % 0.71 %
Q3 2020 19.80 % 21.11 % (1.27 %)
Q4 2020 22.04 % 24.54 % 5.51 %
Q1 2021 31.20 % 32.90 % 12.25 %
Q2 2021 43.09 % 42.55 % 23.49 %
Q3 2021 50.81 % 49.65 % 32.32 %
Q4 2021 55.15 % 56.32 % 39.38 %
Q1 2022 57.05 % 58.67 % 43.20 %
Q2 2022 54.14 % 56.66 % 43.61 %
Q3 2022 50.22 % 52.99 % 39.94 %
Q4 2022 47.19 % 48.47 % 35.42 %
Q1 2023 42.75 % 43.94 % 30.25 %
Q2 2023 37.41 % 39.25 % 24.11 %
Q3 2023 33.86 % 36.34 % 20.33 %
Q4 2023 29.04 % 31.22 % 13.59 %
Q1 2024 25.96 % 28.28 % 9.98 %
Q2 2024 22.95 % 25.04 % 5.90 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 366.67 1.69 1.79 15.85
Q2 2015 366.67 1.32 1.42 15.59
Q3 2015 366.67 1.08 1.18 15.78
Q4 2015 366.67 0.79 0.79 15.85
Q1 2016 366.67 0.70 0.76 14.36
Q2 2016 366.67 0.43 0.49 14.38
Q3 2016 366.67 0.10 0.16 14.25
Q4 2016 366.67 0.12 0.18 14.36
Q1 2017 366.67 0.23 0.23 14.61
Q2 2017 366.67 0.37 0.37 14.77
Q3 2017 366.67 0.83 0.83 15.10
Q4 2017 366.67 1.19 1.19 15.55
Q1 2018 366.67 1.36 1.35 15.97
Q2 2018 366.67 1.77 1.80 16.05
Q3 2018 366.67 1.93 2.00 16.04
Q4 2018 366.67 1.59 1.59 16.14
Q1 2019 641.67 0.85 0.88 15.81
Q2 2019 641.67 0.85 0.86 18.89
Q3 2019 641.67 0.74 0.74 18.44
Q4 2019 641.67 0.47 0.54 18.19
Q1 2020 733.33 0.18 0.48 18.09
Q2 2020 733.33 (0.24) 0.05 17.97
Q3 2020 733.33 (0.38) (0.09) 17.94
Q4 2020 733.33 0.24 0.40 17.71
Q1 2021 733.33 0.87 0.99 17.77
Q2 2021 733.33 2.14 2.36 18.18
Q3 2021 733.33 3.53 3.75 19.56
Q4 2021 733.33 4.90 5.20 19.89
Q1 2022 733.33 5.81 5.89 21.37
Q2 2022 733.33 6.40 6.39 21.31
Q3 2022 733.33 6.05 6.04 22.36
Q4 2022 733.33 4.90 4.95 21.56
Q1 2023 733.33 4.07 4.12 22.17
Q2 2023 733.33 2.78 2.83 21.39
Q3 2023 733.33 2.04 2.09 21.69
Q4 2023 733.33 1.60 1.40 21.23
Q1 2024 733.33 1.21 1.01 21.49
Q2 2024 733.33 0.95 0.60 21.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 33.93 31.99 3.61
Q2 2015 47.97 44.52 4.06
Q3 2015 35.01 31.97 2.39
Q4 2015 35.64 35.64 1.77
Q1 2016 37.63 34.72 1.84
Q2 2016 60.60 53.35 1.82
Q3 2016 More than 100 More than 100 1.86
Q4 2016 More than 100 More than 100 2.63
Q1 2017 More than 100 More than 100 2.43
Q2 2017 77.10 77.10 1.91
Q3 2017 37.93 37.93 2.09
Q4 2017 29.26 29.26 2.24
Q1 2018 31.26 31.44 2.65
Q2 2018 25.34 24.91 2.79
Q3 2018 23.41 22.60 2.82
Q4 2018 25.11 25.09 2.47
Q1 2019 27.06 26.28 2.55
Q2 2019 28.03 27.69 1.10
Q3 2019 27.73 28.00 0.98
Q4 2019 43.97 38.36 0.99
Q1 2020 68.23 25.61 0.68
Q2 2020 NEG More than 100 0.80
Q3 2020 NEG NEG 0.92
Q4 2020 72.22 43.29 0.98
Q1 2021 25.32 22.24 1.24
Q2 2021 14.33 12.99 1.69
Q3 2021 12.41 11.68 2.24
Q4 2021 8.57 8.07 2.11
Q1 2022 9.25 9.11 2.51
Q2 2022 7.77 7.78 2.36
Q3 2022 6.92 6.93 1.87
Q4 2022 6.85 6.78 1.58
Q1 2023 9.29 9.18 1.71
Q2 2023 13.12 12.89 1.72
Q3 2023 18.54 18.10 1.74
Q4 2023 21.01 24.04 1.60
Q1 2024 25.94 31.14 1.46
Q2 2024 30.58 48.20 1.39

Business Segments (Million)

Compared With The
Period Marketing Intermediate chemicals Basic chemicals Polymers Corporate and others Petrochemical sector Eliminations
Q1 2015 59.50 - - - - 742.53 -
Q2 2015 99.40 - - - - 907.55 -
Q3 2015 64.73 - - - - 745.20 -
Q4 2015 279.26 - - - - 592.51 -
Q1 2016 - 565.13 341.67 271.08 51.78 - (305.68)
Q2 2016 928.40 603.96 337.22 260.71 - - (1156.44)
Q3 2016 391.59 385.17 276.06 251.18 - - (584.60)
Q4 2016 569.76 416.92 372.05 290.91 1.55 - (701.59)
Q1 2017 899.09 606.65 508.76 318.09 2.55 - (1136.12)
Q2 2017 616.75 513.05 359.97 228.20 74.44 - (874.13)
Q3 2017 599.04 435.32 498.62 285.49 33.22 - (788.11)
Q4 2017 774.81 747.67 494.99 266.44 14.89 - (1020.16)
Q1 2018 731.01 565.18 540.95 296.35 41.82 - (1004.36)
Q2 2018 825.69 693.27 536.49 298.43 40.58 - (920.00)
Q3 2018 781.59 810.39 384.43 407.53 44.84 - (1091.03)
Q4 2018 629.36 746.38 320.81 352.07 17.51 - (1013.48)
Q1 2019 720.42 690.39 414.52 295.77 76.68 - (1076.18)
Q2 2019 791.99 577.35 392.95 590.67 134.60 - (1078.15)
Q3 2019 802.75 360.16 590.10 701.89 (86.24) - (966.65)
Q4 2019 589.67 697.60 442.78 997.51 19.14 - (1240.01)
Q1 2020 1,022.46 591.42 465.32 506.80 12.04 - (1193.95)
Q2 2020 646.72 445.67 370.55 419.67 13.86 - (946.23)
Q3 2020 867.35 588.25 351.95 652.64 18.36 - (1116.61)
Q4 2020 1,122.06 606.62 503.76 755.12 10.16 - (1390.98)
Q1 2021 1,456.57 762.03 648.12 828.79 7.40 - (1671.93)
Q2 2021 1,730.16 1,133.47 753.07 958.38 3.80 - (2216.22)
Q3 2021 1,964.72 1,096.97 841.12 810.62 0.08 - (2207.91)
Q4 2021 2,283.86 1,312.85 903.74 856.89 5.25 - (2575.13)
Q1 2022 1,935.17 1,181.01 873.20 652.58 3.04 - (2296.89)
Q2 2022 2,544.64 1,417.72 912.22 1,010.31 9.10 - (2796.58)
Q3 2022 2,140.18 1,208.16 747.00 1,021.86 10.02 - (2273.78)
Q4 2022 1,428.30 832.54 651.93 676.06 5.91 - (1640.05)
Q1 2023 1,476.57 818.13 654.38 746.82 32.19 - (1640.79)
Q2 2023 1,157.22 727.83 302.88 614.42 21.54 - (1122.33)
Q3 2023 1,329.18 464.48 484.70 733.30 20.54 - (1242.83)
Q1 2024 1,336.28 637.73 606.29 491.97 66.90 - (1214.55)
Q2 2024 1,226.09 445.50 486.63 505.77 69.89 - (963.60)

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 197.04 121.49 (38.3 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Al Rajhi Capital 171.00 121.49 (29.0) %
U-Capital 177.51 121.49 (31.6) %
Riyad Capital 179.00 121.49 (32.1) %
OSOOL AND BAKHEET 189.41 121.49 (35.9) %
GIB Capital 199.00 121.49 (38.9) %
AlJazira Capital 211.60 121.49 (42.6) %
Value Capital 221.79 121.49 (45.2) %
SNB Capital 227.00 121.49 (46.5) %

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