Saudi Chemical 9M 2023 profit jumps 65% to SAR 93.9 mln; Q3 at SAR 35.1 mln

05/11/2023 Argaam Exclusive

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Saudi Chemical Co. Holding (SCCH) reported a profit leap of 65% to SAR 93.9 million in the first nine months of 2023, compared to SAR 56.8 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	2,621.18	3,445.99	31.5 %
Gross Income	334.68	456.04	36.3 %
Operating Income	120.06	198.67	65.5 %
Net Income	56.83	93.88	65.2 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.07	0.11	65.2 %

The nine-month results were driven by higher operating profit and sales volumes, an increase in the prices of some products and lower foreign exchange (FX) losses.

On the other hand, SCHC reported increased finance costs (FCs) as well as Zakat and tax provisions.

It also recorded a decline in revaluation gains from derivative financial instruments related to interest rate exposure.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	760.51	1,200.01	57.8 %
Gross Income	93.49	159.41	70.5 %
Operating Income	22.83	72.05	215.5 %
Net Income	10.33	35.10	240.0 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.01	0.04	240.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	1,206.67	1,200.01	(0.6 %)
Gross Income	144.85	159.41	10.1 %
Operating Income	56.72	72.05	27.0 %
Net Income	26.55	35.10	32.2 %
Average Shares	843.20	843.20	-
EPS (Riyals)	0.03	0.04	32.2 %

The third-quarter net profit skyrocketed to SAR 35.1 million from SAR 10.3 million in Q3 2022, thanks to a rise in operating profit and sales volumes and better prices of some products despite higher FCs.

Net earnings increased by 32.2% from SAR 26.5 million in Q2 2023, as operating profit increased. Meanwhile, the Zakat and tax provision declined.

Total shareholders’ equity, after minority interest, increased to SAR 1.75 billion as of Sept. 30, 2023, from SAR 1.67 billion in the year-earlier period.

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