The Clap
Sipchem International’s (2310) profits declined by 24.78% during Q3 2022.
The Deets
The company recorded a net profit of about SAR 774.4 million in Q3 2022, a YoY decline in comparison to around SAR 1.029 billion.
Sipchem
Sipchem produces basic and intermediate chemical and petrochemical materials and polymers.
The company’s assets are worth $6.3 billion and it has an estimated market value of $5.3 billion.
It is listed on Tadawul and the Morgan Stanley Emerging Markets Index (MSCI).
Lower Profits
Sipchem justified the decrease in its net profits due to the decline in selling prices for most of its products, the rise in the prices of raw materials, and a lower share of profits from investment in joint ventures and associate companies.
