Saudi Chemical’s profit rises 14% to SAR 80 mln in 2022; Q4 at SAR 23.2 mln

19/03/2023 Argaam Exclusive

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Saudi Chemical Holding Co. reported a net profit of SAR 80 million in 2022, up 14%, compared to SAR 69.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	3,410.98	3,695.87	8.4 %
Gross Income	431.90	487.66	12.9 %
Operating Income	141.60	177.41	25.3 %
Net Income	69.57	80.22	15.3 %
Average Shares	843.20	843.20	-
Earnings Per Share before unusual items (Riyals)	0.08	0.10	15.3 %
EPS (Riyals)	0.08	0.10	15.3 %

The profit increase was driven by higher sales of pharmaceutical and explosive segments. In addition, the company reported an improvement in gross profit and revaluation gains on derivative financial instruments related to interest rate exposure.

The company swung to a net profit of SAR 23.2 million in Q4 2022 against a net loss of SAR 5.8 million in Q4 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	756.36	1,074.69	42.1 %
Gross Income	83.27	152.98	83.7 %
Operating Income	1.99	57.35	2777.4 %
Net Income	(6.28)	23.40	472.7 %
Average Shares	843.20	843.20	-
Earnings Per Share before unusual items (Riyals)	(0.01)	0.03	472.7 %
EPS (Riyals)	(0.01)	0.03	472.7 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	760.51	1,074.69	41.3 %
Gross Income	93.49	152.98	63.6 %
Operating Income	22.83	57.35	151.1 %
Net Income	10.33	23.40	126.6 %
Average Shares	843.20	843.20	-
Earnings Per Share before unusual items (Riyals)	0.01	0.03	126.6 %
EPS (Riyals)	0.01	0.03	126.6 %

Saudi Chemical’s Q4 2022 profit jumped over 124% from SAR 10.3 million in Q3 2022.

Total shareholders’ equity (after deducting minority equity) stood at SAR 1.66 billion as of Dec. 31, 2022, compared to SAR 1.61 billion a year earlier.

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