Media Releases

Addendum Announcement from Sahara International Petrochemical Co. ( Sipchem) in regard to extension of purchasing its own Shares
Sunday, April 04, 2021

With reference to the earlier announcement regarding the purchasing of its own Shares, Sipchem is submitting an auditor report to comply with the Conditions of Financial Appropriateness. as provided in paragraph three of article twelve of the Regulatory Rules and Procedures Issued Pursuant to the Companies Law relating to Listed Companies.

Sahara International Petrochemical Company (Sipchem) Announces the extension of Purchasing Some of its Shares
Wednesday, March 31, 2021

Sahara International Petrochemical Company (SIPCHEM) announces its Board of Director’s resolution to recommend to the Extraordinary General Assembly purchasing up to 10% of Sipchem’s ordinary shares and to add the sell option.

Sahara International Petrochemical Co. (Sipchem) announces its Annual Financial Results for the Period Ending on 2020-12-31
Thursday, March 11, 2021

Reason for the decrease in net profit of Sipchem for the current year as compared to the previous year is lower Sales Revenue as a result of lower selling prices for most of Sipchem’s products and lower production in Polypropylene plant due to unplanned shutdown and turnaround maintenance as previously announced on Tadawul.
Further, Sipchem recorded an impairment loss of SR 280 million in 2020 financial results which related to International Diol Company cash generating unit (SR 100 million) and EVA Films plant within Saudi Specialized Products Company (SR 180 million).

This decrease is despite relatively lower average price of certain feedstocks and despite profit contribution from Sahara Petrochemicals Company for 12 months in the current year whereas previous year only included Sahara Petrochemicals Company profit contribution for 7 months.