Sadara Chemical Company, the parent company of Sadara Basic Services Co., saw its net loss after Zakat and tax rise 12% year-on-year (YoY) in the first half of 2020 to SAR 2.6 billion, due to lower average selling prices of products, despite higher sales volumes.

 

Income statement

Period

H1 2019

H1 2020

Change (%)

Revenue (SAR mln)

5211.7

4311.6

(17.2%)

Net loss (SAR mln)

(2392.0)

(2682.0)

12.1

Number of shares (mln)

3563

3563

--

Earnings per share (SAR/share)

(0.67)

(0.75)

(12%)

 

The firm’s losses in Q2 widened by 24% YoY to SAR 1.4 billion on lower average selling prices of products and sales volumes.

 

On a quarterly basis, net loss widened by 10% in Q2, due to lower average selling prices of products and quantities sold.

 

Sadara Chemical net income since 2019

Period

Net income

(SAR mln)

Earnings per share

(SAR)

2019

Q1

(1254.3)

(0.35)

Q2

(1137.7)

(0.32)

Q3

(1487.4)

(0.42)

Q4

(10606.8)*

(2.98)

2020

Q1

(1276.3)

(0.36)

Q2

(1405.7)

(0.39)

* The provision included a decrease in the value of the assets by SAR 9.2 billion.

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