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Saudi Arabia's Sipchem Swings to H1 Net Loss; Revenue Falls

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Sahara International Petrochemical Co. (SASE:2310), d/b/a Sipchem, said Wednesday it swung to a net loss in the first half, while revenue declined year over year.

Net loss attributable to shareholders of the company for the six months ended June 30 was 807.2 million Saudi riyals, compared with a net profit of 26.1 million riyals a year earlier. Loss per share was 1.11 riyals, compared with an EPS of 0.04 riyal previously.

The Saudi Arabia-listed chemical company's revenue was 2.09 billion riyals, compared with 3.88 billion riyals a year ago.

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