‎Sipchem CEO says products witnessing strong demand in Q1 2022

‎Sipchem CEO says products witnessing strong demand in Q1 2022

Sahara International Petrochemical Co. (Sipchem) is witnessing robust demand for its petrochemical products in the first quarter of 2022, CEO Abdullah Alsaadoon told Argaam in a phone call interview.

He expects 2022 to be a better year for the petrochemical sector, due to strong demand for petrochemical products, as well as high energy and oil prices, amid the ongoing recovery of economies.

Commenting on the fourth-quarter financials, Alsaadoon said demand for products, high petrochemical prices and improved financial performance contributed to the profit growth.

He added that Sipchem leveraged from high product prices and its capabilities in sales and marketing in the Kingdom, Switzerland and Singapore, noting that the sales movement contributed to maximizing the return on the company's products and ability to meet customer demand.

The top official highlighted the firm’s flexibility in controlling production due to the integration of factories and diversification of products, indicating that the petrochemical producer was able, through its ability to plan sales, to produce the maximum quantity of high-value products based on market demand.

Sipchem’s average selling prices increased by 87% year-on-year (YoY) in 2021, while they grew by 16% quarter-on-quarter (QoQ) in the fourth quarter of 2021.

Some of the company’s products, such as the acetyl chain of