Sahara International Petrochemical Company (Sipchem) announced on Tuesday an increase in its net profit after zakat and tax by 52% to reach 1.263 billion riyals ($336.15 million) in the second quarter of 2022, compared to about 830 million riyals a year ago.
The company attributed this increase in a statement to the Saudi Stock Exchange to the increase in revenues as a result of the increase in selling prices for most products, which contributed to the increase in the total profit, as well as the decrease in financing costs as a result of reducing loans compared to the same quarter in the previous year.
Net profits in the first half of this year amounted to 2.342 billion riyals, compared to 1.241 billion riyals in the previous year, an increase of about 89%.