2023-07-25 08:05:00
© Archyde.com Profits of Saudi Arabia’s Speakem fell 75% in the second quarter
Arabictrader.com – The Saudi International Petrochemical Company (:) Speakm: 2310 announced, through the announcement on the Tadawul website, on Tuesday; For the decrease in its net financial business in the second quarter of the current year 2023.
Sipchem achieved a net profit of regarding 312.9 million Saudi riyals following zakat and tax, compared to strong profits of regarding 1.263 billion riyals in the same quarter of last year, i.e. its net profit decreased by 75.23%.
In this regard, the profitability of the share of Sipchem Saudi Petrochemical Company declined from 3.22 to 1.08 Saudi riyals per share during the same time period, along with a decrease in Sipchem’s revenues by 30.42% on an annual basis, to record regarding 3.788 billion riyals, compared to 5.445 billion Saudi riyals.
Therefore, Speakem Saudi Arabia explained the reason for the decline in net profits in the second quarter, saying; It is due to the decrease in the amount of sales due to the scheduled maintenance work for the International Methanol Company and the International Diol Company as previously announced.
In addition to the decline in the prices of the company’s products despite the decline in the prices of raw materials, as well as the decline in the share of profits from investment within a joint venture and associate companies.
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