Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 46.5 million for the first six months of 2022, a 32% decline from SAR 68.1 million in the same period last year.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 1,869.37 | 1,860.67 | (0.5 %) |
| Gross Income | 256.61 | 241.19 | (6.0 %) |
| Operating Income | 107.96 | 97.23 | (9.9 %) |
| Net Income | 68.10 | 46.50 | (31.7 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.08 | 0.06 | (31.7 %) |
The reduction in net profit was attributed to a decrease in profit margins amid increased production inputs, higher finance cost, in addition to other losses from hedging impact against interest rates and foreign currency revaluation.
This was offset by a decrease in general expenses along with Zakat and tax provision.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 899.91 | 956.68 | 6.3 % |
| Gross Income | 127.66 | 113.69 | (10.9 %) |
| Operating Income | 47.14 | 39.92 | (15.3 %) |
| Net Income | 27.27 | 13.80 | (49.4 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.03 | 0.02 | (49.4 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 903.99 | 956.68 | 5.8 % |
| Gross Income | 127.49 | 113.69 | (10.8 %) |
| Operating Income | 57.31 | 39.92 | (30.3 %) |
| Net Income | 32.71 | 13.80 | (57.8 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.04 | 0.02 | (57.8 %) |
The company’s net profit after Zakat and tax slumped 49% year-on-year (YoY) to SAR 13.8 million in Q2 2022.
Compared to the previous quarter, Q2 net profit dropped 57.8% from SAR 32.7 million.
Shareholders’ equity, after minority interest, stood at SAR 1.664 billion as of June 30, 2022 compared to SAR 1.656 billion a year earlier.
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