Financial Results : Saudi Chemical’s Q1 2020 profit drops 3% to SAR 38 mln

Saudi Chemical’s Q1 2020 profit drops 3% to SAR 38 mln

07/06/2020 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 38 million for the first quarter of 2020, a 3% year-on-year (YoY) drop, compared to SAR 39.3 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 840.16 799.58 (4.8 %)
Gross Income 125.36 130.14 3.8 %
Operating Income 57.43 54.30 (5.4 %)
Net Income 39.30 37.97 (3.4 %)
Average Shares 843.20 843.20 -
Earnings Per Share before unusual items (Riyals) 0.05 0.05 (3.4 %)
EPS (Riyals) 0.05 0.05 (3.4 %)

The company attributed the decline to lower sales and higher provision of trade receivables, despite a decrease in cost of sales, as well as Zakat and income tax expenses.  

  

When compared to the previous quarter, the company turned to profit on higher sales, in addition to lower general and administrative expenses, provision of trade receivables, finance costs and Zakat and income tax expenses.  

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