Saudi Chemical H1 2022 profit plunges 32% to SAR 46.5 mln; Q2 drops to SAR 13.8 mln

14/08/2022 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 46.5 million for the first six months of 2022, a 32% decline from SAR 68.1 million in the same period last year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,869.37	1,860.67	(0.5 %)
Gross Income	256.61	241.19	(6.0 %)
Operating Income	107.96	97.23	(9.9 %)
Net Income	68.10	46.50	(31.7 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.08	0.06	(31.7 %)

The reduction in net profit was attributed to a decrease in profit margins amid increased production inputs, higher finance cost, in addition to other losses from hedging impact against interest rates and foreign currency revaluation.

This was offset by a decrease in general expenses along with Zakat and tax provision.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	899.91	956.68	6.3 %
Gross Income	127.66	113.69	(10.9 %)
Operating Income	47.14	39.92	(15.3 %)
Net Income	27.27	13.80	(49.4 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.03	0.02	(49.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	903.99	956.68	5.8 %
Gross Income	127.49	113.69	(10.8 %)
Operating Income	57.31	39.92	(30.3 %)
Net Income	32.71	13.80	(57.8 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.04	0.02	(57.8 %)

The company’s net profit after Zakat and tax slumped 49% year-on-year (YoY) to SAR 13.8 million in Q2 2022.

Compared to the previous quarter, Q2 net profit dropped 57.8% from SAR 32.7 million.

Shareholders’ equity, after minority interest, stood at SAR 1.664 billion as of June 30, 2022 compared to SAR 1.656 billion a year earlier.

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