Saudi Chemical’s net profit rises 11% to SAR 78.1 mln in H1 2020

16/08/2020 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 78.1 million for the first six months of 2020, an 11% year-on-year (YoY) increase, compared to SAR 70.2 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,616.15	1,658.30	2.6 %
Gross Income	246.11	254.55	3.4 %
Operating Income	106.74	112.47	5.4 %
Net Income	70.19	78.14	11.3 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.08	0.09	11.3 %

The increase in profit is attributed to higher sales, lower general & administrative (G&A) expenses, and lower finance costs and Zakat expense.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	775.99	858.72	10.7 %
Gross Income	120.75	125.24	3.7 %
Operating Income	49.31	58.17	18.0 %
Net Income	30.89	40.17	30.0 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.04	0.05	30.0 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	799.58	858.72	7.4 %
Gross Income	130.14	125.24	(3.8 %)
Operating Income	54.30	58.17	7.1 %
Net Income	37.97	40.17	5.8 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.05	0.05	5.8 %

In Q2, 2020, the company reported a net profit of SAR 40.2 million, a 30% year-on-year (YoY) increase, driven by higher sales, lower provision of trade receivables, lower G&A expenses and finance costs.

When compared to the previous quarter, the company’s net profit increased by 5.7%.

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