Saudi Chemical 2023 profit jumps to SAR 182.9M; Q4 at SAR 89M

10/03/2024 Argaam Exclusive

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Saudi Chemical Co. Holding (SCCH) reported a profit leap to SAR 182.9 million in 2023, compared to SAR 80.2 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	3,695.87	4,854.85	31.4 %
Gross Income	487.66	672.66	37.9 %
Operating Income	177.41	317.34	78.9 %
Net Income	80.22	182.89	128.0 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.10	0.22	128.0 %

The profit increase was driven by higher sales volumes and average selling prices for some of the products, an increase in the share of profit from a joint venture and lower foreign currency revaluation loss. The company, however, reported a rise in financing costs and revaluation loss on derivative financial instruments related to interest-rate exposure.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,074.69	1,408.86	31.1 %
Gross Income	152.98	211.93	38.5 %
Operating Income	57.35	118.67	106.9 %
Net Income	23.40	89.01	280.4 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.03	0.11	280.4 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	1,200.01	1,408.86	17.4 %
Gross Income	159.41	211.93	32.9 %
Operating Income	72.05	118.67	64.7 %
Net Income	35.10	89.01	153.6 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.04	0.11	153.6 %

The fourth-quarter net profit skyrocketed to SAR 89.02 million from SAR 23.40 million in Q4 2022.

Sequentially, net earnings increased by 153.6% from SAR 35.10 million in Q3 2023.

Total shareholders’ equity, after minority interest, increased to SAR 1.8 billion as of Dec. 31, 2023, from SAR 1.65 billion in the year-earlier period.

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