Saudi producers announce financial results for Q1
by ChemOrbis Editorial Team - content@chemorbis.com
Sahara International Petrochemical Co. (Sipchem) announced that its net profit declined by 61% in the first quarter of 2024 to 181.5 million riyals ($48.39 million) in Q1 2024, compared to 470.3 million riyals ($125 million) in Q1 2023. The company’s net profit rose by 14% from 158.7 million riyals in Q4 2023.
Sipchem attributed the yearly drop to a decline in product selling prices and volumes. The company’s revenue fell by 8% y-o-y to 1.92 billion riyals ($511 million) in Q1 despite an increase in feedstock prices.
Yanbu National Petrochemical Company (Yansab) turned to net profit of 99.50 million riyals ($26 million) in the first quarter of 2024 compared to net loss of 369.70 million riyals ($98 million) in Q1 2023. The company cited higher production and increased sales volume as the drivers behind the strong results.
Yansab’s net profit skyrocketed in the first quarter of the year, more than five-folding from the 18.50 million riyals ($5 million) profit reported in the last quarter.
Saudi Advanced Industries’ net profit was 108.72 million riyals ($29 million) in the first quarter, almost five-folding from last year, mainly due to gains in financial assets despite higher costs. The company’s revenue rose by 385% to 122.98 million riyals ($32.7 million). The company closed last year with a net loss.
Sipchem attributed the yearly drop to a decline in product selling prices and volumes. The company’s revenue fell by 8% y-o-y to 1.92 billion riyals ($511 million) in Q1 despite an increase in feedstock prices.
Yanbu National Petrochemical Company (Yansab) turned to net profit of 99.50 million riyals ($26 million) in the first quarter of 2024 compared to net loss of 369.70 million riyals ($98 million) in Q1 2023. The company cited higher production and increased sales volume as the drivers behind the strong results.
Yansab’s net profit skyrocketed in the first quarter of the year, more than five-folding from the 18.50 million riyals ($5 million) profit reported in the last quarter.
Saudi Advanced Industries’ net profit was 108.72 million riyals ($29 million) in the first quarter, almost five-folding from last year, mainly due to gains in financial assets despite higher costs. The company’s revenue rose by 385% to 122.98 million riyals ($32.7 million). The company closed last year with a net loss.
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