Sahara International Petrochemical Company (2310) Q4 2024 earnings summary

Executive summary

• Consolidated financial statements for 2024 were audited with an unqualified opinion, confirming fair presentation in accordance with IFRS and SOCPA standards.

• The Group operates in petrochemicals, with a diversified portfolio across basic chemicals, intermediate chemicals, polymers, and marketing.

• No impairment losses were identified for non-current assets or goodwill after detailed assessments.

Financial highlights

• Revenue for 2024 was SAR 7,060.6 million, down from SAR 7,617.9 million in 2023.

• Net profit attributable to equity holders was SAR 426.1 million, a significant decrease from SAR 1,175.0 million in 2023.

• Gross profit fell to SAR 1,439.5 million from SAR 2,168.5 million year-over-year.

• Basic EPS was SAR 0.59, compared to SAR 1.62 in the prior year.

• Cash and cash equivalents at year-end were SAR 958.0 million, down from SAR 1,504.0 million.

Outlook and guidance

• Management performed impairment assessments due to market price declines but concluded recoverable amounts exceeded carrying values.

• Sensitivity analyses indicate that only significant changes in market prices would trigger impairment for certain CGUs.