Financial Results : Saudi Chemical’s net profit plunges 71% in FY19

Saudi Chemical’s net profit plunges 71% in FY19

26/03/2020 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 32.9 million for the fiscal year 2019, a slump of 71% year-on-year (YoY).



Financials (M)

Item 2018 2019 Change‬
Revenues 2,948.53 2,949.17 0.0 %
Gross Income 410.44 457.96 11.6 %
Operating Income 183.94 124.49 (32.3 %)
Net Income 114.82 32.88 (71.4 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.14 0.04 (71.4 %)

The drop came as the civil explosives producer suspended the capitalization of two production lines costs at its subsidiary, AJA Pharmaceutical Industries Co. Ltd.

 

In addition, the increase in financing costs resulting from obtaining additional bank facilities, higher selling, general and administrative expenses, as well as provisions for doubtful debts and zakat also weighed on the annual figures.

 

In Q4 2019, the company incurred a net loss of SAR 50.7 million, against a net profit of SAR 17 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 872.77 595.97 (31.7 %)
Gross Income 111.15 98.23 (11.6 %)
Operating Income 45.84 (17.78) (138.8 %)
Net Income 17.08 (50.72) (397.0 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.02 (0.06) (397.0 %)

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