SNG: Sipchem’s CEO resigns; Al Rushoud takes over

SIPCHEM -0.25%

SIPCHEM

2310.SA

15.96

-0.25%

Staff Writer

Riyadh: The board of Sahara International Petrochemical Company (Sipchem) accepted the resignation of Abdullah Saif Al Saadoon from his position as the CEO.

The members also approved the appointment of Ibrahim Abdulaziz Al Rushoud as new CEO, effective from 1 November 2025, according to a bourse disclosure.

Al Rushoud holds a degree in Electrical Engineering from King Fahd University of Petroleum and Minerals. He has 32 years of experience in the petrochemical, oil and gas sectors, including 21 years in executive and strategic management positions.

The new CEO currently serves as Vice President of Manufacturing & Affiliates President.

In the first half (H1) of 2025, Sipchem generated 91.38% lower net profits at SAR 26.10 million, compared to SAR 303 million in H1-24.

 

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