Shares of Sipchem down 35% in three months

Shares of Sahara International Petrochemical Co. (Sipchem) recorded 35% decline in a three-month period on the Saudi Exchange (Tadawul), today, March 2.

The stock closed 8% lower at SAR 39.30 today, July 14, hitting a seven-month low. Nearly 6.5 million shares were traded.

The petrochemical stock hit its highest level since debut on April 19, 2022 at SAR 60.

Sipchem was established in 1999 and listed on Tadawul in 2006.

In May 2019, the company merged with Sahara Petrochemical Co. in a share swap offer, following which Sahara Petrochemical was delisted from Tadawul.

Sipchem mainly invests in petrochemicals, chemicals as well as core and intermediate hydrocarbons for the production of chemicals that are used in the manufacturing of several products.

The company increased its capital four times, bringing the current capital to SAR 7.3 billion, as the following table shows: