Saudi Chemical Co. Holding (SCCH) reported a profit leap to SAR 182.9 million in 2023, compared to SAR 80.2 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 3,695.87 | 4,854.85 | 31.4 % |
| Gross Income | 487.66 | 672.66 | 37.9 % |
| Operating Income | 177.41 | 317.34 | 78.9 % |
| Net Income | 80.22 | 182.89 | 128.0 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.10 | 0.22 | 128.0 % |
The profit increase was driven by higher sales volumes and average selling prices for some of the products, an increase in the share of profit from a joint venture and lower foreign currency revaluation loss. The company, however, reported a rise in financing costs and revaluation loss on derivative financial instruments related to interest-rate exposure.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,074.69 | 1,408.86 | 31.1 % |
| Gross Income | 152.98 | 211.93 | 38.5 % |
| Operating Income | 57.35 | 118.67 | 106.9 % |
| Net Income | 23.40 | 89.01 | 280.4 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.03 | 0.11 | 280.4 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,200.01 | 1,408.86 | 17.4 % |
| Gross Income | 163.22 | 211.93 | 29.8 % |
| Operating Income | 72.05 | 118.67 | 64.7 % |
| Net Income | 35.10 | 89.01 | 153.6 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.04 | 0.11 | 153.6 % |
The fourth-quarter net profit skyrocketed to SAR 89.02 million from SAR 23.40 million in Q4 2022.
Sequentially, net earnings increased by 153.6% from SAR 35.10 million in Q3 2023.
Total shareholders’ equity, after minority interest, increased to SAR 1.8 billion as of Dec. 31, 2023, from SAR 1.65 billion in the year-earlier period.
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