Saudi Chemical posts 16% profit rise to SAR 97 mln in 9M 2020

08/11/2020 Argaam Exclusive

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Saudi Chemical Holding Co. reported a net profit after Zakat and tax of SAR 97 million for the first nine months of 2020, a 16% increase, compared to SAR 83.6 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	2,353.20	2,469.65	4.9 %
Gross Income	359.73	362.61	0.8 %
Operating Income	142.27	151.03	6.2 %
Net Income	83.60	96.99	16.0 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.10	0.12	16.0 %

The increase is attributed to higher sales and lower general and administrative expenses, and finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	737.05	811.35	10.1 %
Gross Income	113.62	104.92	(7.7 %)
Operating Income	35.53	38.55	8.5 %
Net Income	13.40	18.85	40.7 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.02	0.02	40.7 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	858.72	811.35	(5.5 %)
Gross Income	125.24	104.92	(16.2 %)
Operating Income	58.17	38.55	(33.7 %)
Net Income	40.17	18.85	(53.1 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.05	0.02	(53.1 %)

The company also reported a 41% year-on-year (YoY) increase in Q3 2020 net profit after Zakat and tax to SAR 18.9 million, due to higher sales and lower provision of trade receivables and finance costs.

When compared to the previous quarter, Q3 2020 net profit fell 53% due to lower sales and higher Zakat provision.

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