Financial Results : Saudi Chemical falls marginally to SAR 32.3 mln in Q1 2023

Saudi Chemical falls marginally to SAR 32.3 mln in Q1 2023

14/05/2023 Argaam Exclusive

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Saudi Chemical Holding Co. (SCHC) posted a net profit of SAR 32.3 million in Q1 2023, a slight decline from SAR 32.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 903.99 1,039.32 15.0 %
Gross Income 127.49 152.22 19.4 %
Operating Income 57.31 69.91 22.0 %
Net Income 32.71 32.27 (1.3 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.04 0.04 (1.3 %)

The minor decline in profit was attributed to increased finance costs, higher Zakat provision and revaluation loss on derivative financial instruments related to interest rate exposure, despite the increase in operating profit due to higher sales and a fall in foreign currency revaluation loss.

 

Sequentially, net profit rose 37.9% from SAR 23.4 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, increased to SAR 1.69 billion as of March 31, 2023, compared to SAR 1.65 billion a year earlier.

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