Saudi Chemical 9M 2023 profit jumps 65% to SAR 93.9 mln; Q3 at SAR 35.1 mln

05/11/2023 Argaam Exclusive

Saudi Chemical Co. Holding (SCCH) reported a profit leap of 65% to SAR 93.9 million in the first nine months of 2023, compared to SAR 56.8 million in the prior-year period.   



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 2,621.18 3,445.99 31.5 %
Gross Income 334.68 456.04 36.3 %
Operating Income 120.06 198.67 65.5 %
Net Income 56.83 93.88 65.2 %
Average Shares 843.20 843.20 -
EPS (Riyals) 0.07 0.11 65.2 %

The nine-month results were driven by higher operating profit and sales volumes, an increase in the prices of some products and lower foreign exchange (FX) losses.

 

On the other hand, SCHC reported increased finance costs (FCs) as well as Zakat and tax provisions.

 

It also recorded a decline in revaluation gains from derivative financial instruments related to interest rate exposure.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 760.51 1,200.01 57.8 %
Gross Income 93.49 159.41 70.5 %
Operating Income 22.83 72.05 215.5 %
Net Income 10.33 35.10 240.0 %
Average Shares 843.20 843.20 -
EPS (Riyals) 0.01 0.04 240.0 %

The third-quarter net profit skyrocketed to SAR 35.1 million from SAR 10.3 million in Q3 2022, thanks to a rise in operating profit and sales volumes and better prices of some products despite higher FCs.

 

Net earnings increased by 32.2% from SAR 26.5 million in Q2 2023, as operating profit increased. Meanwhile, the Zakat and tax provision declined.

 

Total shareholders’ equity, after minority interest, increased to SAR 1.75 billion as of Sept. 30, 2023, from SAR 1.67 billion in the year-earlier period.

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Share Price

Saudi Chemical Co.
10.24
0.53 5.46 %

Saudi Chemical Co. (CHEMICAL)

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Financial Ratios
Current
Market Cap (M Riyal) 8,634.37
Enterprise Value (EV) (M) 9,797.77
Shares Outstanding ((M)) 843.20
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 2.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 26.47
P/E (TTM) 26.47
Price/book 4.24
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 17.2
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