Petrochem turns to loss of SAR 139 mln in H1 2020

27/07/2020 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a net loss after Zakat and tax of SAR 139 million for the first half of 2020, compared to a net profit of SAR 371 million in the year-earlier period.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	3,670.87	2,979.98	(18.8 %)
Gross Income	978.00	382.45	(60.9 %)
Operating Income	697.13	135.37	(80.6 %)
Net Income	370.69	(138.70)	(137.4 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.77	(0.29)	(137.4 %)

The loss was driven by the permanent shutdown of the Polystyrene unit and total depreciation of its value, which impacted the net income by SAR 254 million. In addition, the company reported lower selling prices and a decline in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	1,650.76	1,407.06	(14.8 %)
Gross Income	452.25	132.56	(70.7 %)
Operating Income	321.42	10.54	(96.7 %)
Net Income	183.45	(188.92)	(203.0 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.38	(0.39)	(203.0 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	1,572.92	1,407.06	(10.5 %)
Gross Income	249.89	132.56	(47.0 %)
Operating Income	124.84	10.54	(91.6 %)
Net Income	50.22	(188.92)	(476.2 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.10	(0.39)	(476.2 %)

Petrochem reported a net loss after Zakat and tax of SAR 189 million in Q2 2020, compared to a net profit of SAR 183 million a year earlier, due to permanent closing of the Polystyrene unit, lower selling prices and drop in other income.

When compared to the previous quarter, the company turned to a net loss.

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