Saudi Chemical’s net profit slips 5% to SAR 70 mln in 2021; Q4 losses narrow to SAR 5.9 mln

20/03/2022 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 70 million in 2021, a 5% dip from SAR 74 million in the previous year.

Financials (M)

Item	2020	2021	Change‬
Revenues	3,306.16	3,410.98	3.2 %
Gross Income	436.41	431.90	(1.0 %)
Operating Income	149.63	141.60	(5.4 %)
Net Income	74.03	69.57	(6.0 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.09	0.08	(6.0 %)

The decline was driven by higher cost of revenue and credit loss provisions, despite a decrease in general and administrative expenses and higher other income.

The company narrowed its net loss after Zakat and tax to SAR 5.85 million in Q4 2021, from a loss of SAR 22.96 million in Q4 2020.

On a sequential basis, Saudi Chemical swung to a net loss in Q4 from a profit of SAR 7.75 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	836.51	756.36	(9.6 %)
Gross Income	73.80	83.27	12.8 %
Operating Income	(1.40)	1.99	242.2 %
Net Income	(22.96)	(6.28)	72.7 %
Average Shares	843.20	843.20	-
EPS (Riyals)	(0.03)	(0.01)	72.7 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	785.26	756.36	(3.7 %)
Gross Income	92.03	83.27	(9.5 %)
Operating Income	31.64	1.99	(93.7 %)
Net Income	7.75	(6.28)	(181.0 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.01	(0.01)	(181.0 %)

Total shareholders’ equity (after deducting minority equity) was SAR 1.618 billion in 2021, versus SAR 1.630 billion in 2020.

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