Latest news with #AcrylicComplex
Zawya
14-05-2025
- Business
- Zawya
Sipchem's net profits cross $52mln in Q1-25
Riyadh: Sahara International Petrochemical Company (Sipchem) posted 7.60% year-on-year (YoY) higher net profits at SAR 195.30 million in the first quarter (Q1)of 2025, versus SAR 181.50 million. The Saudi company's revenues climbed by 2.34% YoY to SAR 1.96 billion in Q1-25 from SAR 1.92 billion, the interim financial results showed. Earnings per share (EPS) went up to SAR 0.27 as of 31 March 2025 from SAR 0.25 in Q1-24. On a quarterly basis, the net profits generated in Q1-25 surged by 876.50% from SAR 20 million in Q4-24, while the revenues hiked by 13.27% from SAR 1.73 billion. In February 2025, Sipchem's Acrylic Complex investee penned SAR 1.30 billion refinancing agreements with a consortium of local banks.
Zawya
24-02-2025
- Business
- Zawya
Sipchem's Acrylic Complex enters into $266mln refinancing agreements with listed banks
Riyadh: Sahara International Petrochemical Company (Sipchem) announced that its Acrylic Complex investee signed refinancing agreements with a consortium of local banks for an amount worth SAR 1.30 billion. The financing duration has been extended from six years and 10 months, set to end on 31 December 2031, to a 15-year term ending on 17 February 2040, according to a bourse disclosure. Meanwhile, Sipchem's investees, through its subsidiary Sahara Petrochemical Company, are Saudi Acrylic Acid Company, Saudi Acrylic Monomers Company, and Saudi Acrylic Polymers Company, with direct and indirect ownership of 43.16%. On the other hand, the banking consortium includes Alinma Bank, Al Rajhi Bank, Bank Aljazira, Banque Saudi Fransi, The Saudi National Bank (SNB), Saudi Awwal Bank (SAB), and Riyad Bank. The total outstanding finance is SAR 3.07 billion, with the remaining balance settled against Acrylic Complex's available cash. The financial impact of the refinancing will reflect on Sipchem's consolidated financial statements in the first quarter (Q1) of 2025. During the first nine months (9M) of 2024, Sipchem recorded a 60.03% plunge in net profit to SAR 406.20 million, compared with SAR 1.01 billion in 9M-23.
