Financial Results : Petrochem's net profit 42% down in FY2019

Petrochem's net profit 42% down in FY2019

28/01/2020 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a net profit after zakat and tax of SAR 673 million for the fiscal year of 2019, a 42.2% year-on-year (YoY) decrease, the company said in a bourse statement.

 

The drop was attributed to lower selling prices and lower other income despite a decrease in sales and distribution expenses, general and administrative expenses (G&As), financing costs and zakat expenses.



Financials (M)

Item 2018 2019 Change‬
Revenues 8,930.41 7,655.53 (14.3 %)
Gross Income 2,685.46 1,883.26 (29.9 %)
Operating Income 2,008.84 1,285.87 (36.0 %)
Net Income 1,165.38 674.47 (42.1 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 2.43 1.41 (42.1 %)

The company’s net profit for Q4 2019 fell 44.5% YoY to SAR 131 million on lower selling prices, lower other income and higher zakat expenses.

 

On a sequential basis, Q4 2019 net profit slid by 23.4% due to lower selling prices and higher G&As. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 2,183.25 1,869.64 (14.4 %)
Gross Income 447.12 410.15 (8.3 %)
Operating Income 260.74 253.90 (2.6 %)
Net Income 236.02 132.73 (43.8 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 0.49 0.28 (43.8 %)

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