Saudi Chemical H1 2021 profit down 13% to SAR 68.1 mln

15/08/2021 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 68.1 million for the first six months of 2021, a 13% decline, from SAR 78.1 million in the same period last year.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	1,658.30	1,869.37	12.7 %
Gross Income	254.55	256.61	0.8 %
Operating Income	112.47	107.96	(4.0 %)
Net Income	78.14	68.10	(12.9 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.09	0.08	(12.9 %)

The decrease in profit is attributed to higher credit loss provisions, Zakat and tax expenses, and sales expenses.

This was partially offset by higher sales from the pharmaceutical and explosives sectors.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	858.72	899.91	4.8 %
Gross Income	125.24	127.66	1.9 %
Operating Income	58.17	47.14	(19.0 %)
Net Income	40.17	27.27	(32.1 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.05	0.03	(32.1 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	969.46	899.91	(7.2 %)
Gross Income	128.94	127.66	(1.0 %)
Operating Income	60.82	47.14	(22.5 %)
Net Income	40.83	27.27	(33.2 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.05	0.03	(33.2 %)

In Q2 2021, the company reported a net profit after Zakat and tax of SAR 27.3 million, a 32% year-on-year (YoY) decrease, driven by higher sales and general and administrative expenses.

When compared to the previous quarter, the company’s net profit decreased by 33.2% on reduction in sales.

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