Financial Results : Saudi Chemical reports net profit hike to SAR 91.5M in Q1 2024

Saudi Chemical reports net profit hike to SAR 91.5M in Q1 2024

12/05/2024 Argaam Exclusive

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Saudi Chemical Co. reported a net profit of SAR 91.5 million in Q1 2024, an increase of more than two-fold, from SAR 32.3 million in the year-earlier period, due to higher operating profit on increased sales volumes, revaluation gains on derivative financial instruments related to interest rate exposure. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,039.32 1,644.96 58.3 %
Gross Income 152.22 213.63 40.3 %
Operating Income 69.91 119.26 70.6 %
Net Income 32.27 91.45 183.4 %
Average Shares 843.20 843.20 -
EPS (Riyals) 0.04 0.11 183.4 %

The company also cited lower Zakat and tax provision.

 

Revenue increased by 58%, or SAR 605.6 million compared to the same quarter last year on higher sales volumes.

 

On a quarterly basis, net earnings grew 2.7% from SAR 89.01 million.

 

Shareholders’ equity, after minority interest, reached SAR 1.89 billion by March 31, 2024, compared to SAR 1.69 billion in the prior-year period.

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