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.
| 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.
| 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 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 1,957.97 | 1,869.64 | (4.5 %) |
| Gross Income | 495.12 | 410.15 | (17.2 %) |
| Operating Income | 334.85 | 253.90 | (24.2 %) |
| Net Income | 171.05 | 132.73 | (22.4 %) |
| Average Shares | 480.00 | 480.00 | - |
| EPS (Riyals) | 0.36 | 0.28 | (22.4 %) |
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