Financial Results : Petrochem’s Q1 2020 net profit declines 73% to SAR 50 mln

Petrochem’s Q1 2020 net profit declines 73% to SAR 50 mln

30/04/2020 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a 73% slump year-on-year (YoY) in net profit after Zakat and tax to SAR 50 million for Q1 2020 as compared to SAR 187 million for the same period last year.

 

The profit drop was driven by lower sales value, decline in sold quantities, and decreased other income.

When compared to Q4 2020, net profit fell 62.4% on lower selling prices and decline in quantities sold despite decreased sales and distribution costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 2,020.11 1,572.92 (22.1 %)
Gross Income 525.76 249.89 (52.5 %)
Operating Income 375.71 124.84 (66.8 %)
Net Income 187.24 50.22 (73.2 %)
Average Shares 480.00 480.00 -
EPS (Riyals) 0.39 0.10 (73.2 %)

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