Saudi Chemical 9M 2022 net profit slumps 25% to SAR 56.8 mln; Q3 at SAR 10.3 mln

06/11/2022 Argaam Exclusive

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Saudi Chemical Holding Co. reported a net profit after Zakat and tax of SAR 56.8 million for the first nine months of 2022, a decline of 25%, compared to SAR 75.9 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	2,654.63	2,621.18	(1.3 %)
Gross Income	348.63	334.68	(4.0 %)
Operating Income	139.61	120.06	(14.0 %)
Net Income	75.85	56.83	(25.1 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.09	0.07	(25.1 %)

The profit drop was driven by higher cost of finance and increased forex losses, despite lower general, Zakat and income tax expenses.

Q3 2022 net profit after Zakat and tax increased 33% to SAR 10.3 million, from SAR 7.75 million in the prior-year period, on higher gross profit, and, lower Zakat and income tax expenses, despite an increase in expected credit loss on trade receivables, higher cost of finance, and forex losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	785.26	760.51	(3.2 %)
Gross Income	92.03	93.49	1.6 %
Operating Income	31.64	22.83	(27.8 %)
Net Income	7.75	10.33	33.2 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.01	0.01	33.2 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	956.68	760.51	(20.5 %)
Gross Income	113.69	93.49	(17.8 %)
Operating Income	39.92	22.83	(42.8 %)
Net Income	13.80	10.33	(25.2 %)
Average Shares	843.20	843.20	-
EPS (Riyals)	0.02	0.01	(25.2 %)

On a sequential basis, Q3 net profit dropped 25.2%, from SAR 13.8 million.

Total shareholders’ equity, after minority rights, reached SAR 1.674 billion as of Sept. 30, 2022, compared to SAR 1.664 billion in prior-year period.

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