Sipchem Reports SAR 215.3M Net Loss in Three Months 2026
SIPCHEM 2310.SA | 0.00 |
On 2026-05-05 08:41:59 (Saudi Time), Sahara International Petrochemical Company (Sipchem) announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,227.1 | 1,969.8 | -37.704 | 1,568.2 | -21.751 |
| Gross Profit (Loss) | 78 | 159.5 | -51.097 | 15.7 | 396.815 |
| Operational Profit (Loss) | -68.7 | -55.6 | 23.561 | -156.5 | -56.102 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -215.3 | 195.3 | - | -417.9 | -48.48 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -215.8 | 188.9 | - | -421.6 | -48.814 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 13,418.4 | 15,430 | -13.036 |
| Profit (Loss) per Share | -0.3 | 0.27 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales declined 37.704% YoY from SAR 1,969.8 million to SAR 1,227.1 million, primarily due to decreased sales volumes driven by ongoing supply chain challenges and lower average selling prices of the company's products. The company swung from a net profit of SAR 195.3 million to a net loss of SAR 215.3 million, mainly caused by the revenue decline and share of losses from equity accounted investees, including a SAR 429 million impact from debt restructuring in an associate. This was partially offset by lower feedstock prices for Butane, Ethylene, and Propane, and a SAR 200 million impairment loss on the Ethyl Acetate plant recorded in the prior year quarter.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 21.75% to 1,227.1 million SAR due to lower sales volumes from ongoing supply chain challenges, despite slight increases in average selling prices. Net loss improved 48.48% to -215.3 million SAR from -417.9 million SAR in the previous quarter, primarily driven by higher average selling prices offsetting increased feedstock costs for Butane, Ethylene & Propane. The improvement was also supported by reduced share of losses from equity accounted investees, as the previous quarter included significant one-time impacts totaling 181 million SAR from impairment and capital project write-offs.
Other Items
Auditors issued an unmodified conclusion with no additional comments, disclaimers, or adverse opinions noted. The company reported revenue of SAR 1,227.1 million and net loss of SAR 215.3 million for Q1 2026, with earnings per share of -0.3. Total shareholders equity decreased 13.036% to SAR 13,418.4 million compared to the same period previous year. No accumulated losses percentage was disclosed in the financial statements.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=94954&anCat=1&cs=2310&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.