Petrochem turns to net loss of SAR 22 mln in 9M 2020

05/11/2020 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a net loss after Zakat and tax of SAR 22 million for the first nine months of 2020, compared to a net profit of SAR 542 million in the year-earlier period.

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.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	5,628.85	-	-
Gross Income	1,473.12	-	-
Operating Income	1,031.98	(13.41)	(101.3 %)
Net Income	541.74	(21.75)	(104.0 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	1.13	(0.05)	(104.0 %)

In Q3 2020, Petrochem reported a drop of 32% year-on-year in net profit after Zakat and tax to SAR 117 million, due to permanent closing of the polystyrene unit, and lower selling prices.

In the previous quarter, the company incurred a net loss of SAR 189 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,957.97	-	-
Gross Income	495.12	-	-
Operating Income	334.85	(3.49)	(101.0 %)
Net Income	171.05	116.95	(31.6 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	0.36	0.24	(31.6 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	1,407.06	-	-
Gross Income	132.56	-	-
Operating Income	10.54	(3.49)	(133.2 %)
Net Income	(188.92)	116.95	161.9 %
Average Shares	480.00	480.00	-
EPS (Riyals)	(0.39)	0.24	161.9 %

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