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.
| 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.
| 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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