Saudi Chemical’s net profit declines 22% to SAR 75.9 mln in 9M 2021

04/11/2021 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 75.9 million for the first nine months of 2021, a decline of 22%, from SAR 97 million in a prior-year period.

This profit slump was driven by higher cost of revenues, increased higher general and administrative expenses (G&As), in addition to credit loss provisions.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	2,469.65	2,654.63	7.5 %
Gross Income	362.61	348.63	(3.9 %)
Operating Income	151.03	139.61	(7.6 %)
Net Income	96.99	75.85	(21.8 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.12	0.09	(21.8 %)

Q3 2021 net profit after Zakat and tax declined 59% year-on-year (YoY) to SAR 7.8 million, on lower sales, higher G&As, in addition to the allocation of credit loss as well as Zakat provisions.

On a sequential basis, net profit dropped 71.6%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	811.35	785.26	(3.2 %)
Gross Income	104.92	92.03	(12.3 %)
Operating Income	38.55	31.64	(17.9 %)
Net Income	18.85	7.75	(58.9 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.02	0.01	(58.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	899.91	785.26	(12.7 %)
Gross Income	127.66	92.03	(27.9 %)
Operating Income	47.14	31.64	(32.9 %)
Net Income	27.27	7.75	(71.6 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.03	0.01	(71.6 %)

Total shareholders’ equity (after deducting minority equity) inched up 0.79% YoY to SAR 1.66 billion for the nine-month period.

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