Saudi petrochemicals maker Sipchem sees 1,942% jump in annual profit

RIYADH: Sahara International Petrochemical Co, or Spichem, reported a net profit increase of 1,942 percent in 2021. 

The company’s net income reached SR3.59 billion ($957 million), compared to a loss of SR175 million in 2020, according to a bourse filing. 

Sipchem also succeeded in reducing the long-term loans by SR2.1 billion compared to the end of the year 2020.

The gearing ratio went down to 34 percent in 2021. In 2020, the gearing ratio of the company was 54 percent. 

Sipchem distributed a total dividend of SR1.64 billion equivalent to SR2.25 per share, which is considered the highest in the company’s history.