Petrochem swings to SAR 1.158 billion profit in 9M 2021

27/10/2021 Argaam Exclusive

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National Petrochemical Co. (Petrochem) reported a net profit after Zakat and tax of SAR 1.158 billion for the first nine months of 2021, versus a net loss after Zakat and tax of SAR 22 million in prior-year period, driven by reducing Zakat provisions for the previous years by SAR 94 million.

Petrochem also cited higher profit share from associates and increased prices.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Operating Income	(13.41)	(18.80)	(40.2 %)
Net Income	(21.75)	1,157.63	5421.9 %
Average Shares	480.00	480.00	-
EPS (Riyals)	(0.05)	2.41	5421.9 %

Petrochem’s Q3 2021 net profit after Zakat and tax stood at SAR 244 million, an increase of more than two-fold year-on-year (YoY), due to higher profit share from associates and increased product prices.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Operating Income	(3.49)	(7.40)	(111.7 %)
Net Income	116.95	243.79	108.5 %
Average Shares	480.00	480.00	-
EPS (Riyals)	0.24	0.51	108.5 %

Item	Q2 2021	Q3 2021	Change‬
Operating Income	(7.70)	(7.40)	3.9 %
Net Income	603.09	243.79	(59.6 %)
Average Shares	480.00	480.00	-
EPS (Riyals)	1.26	0.51	(59.6 %)

On a sequential basis, net profit slumped 59.5%

Total shareholders equity (after deducting minority equity) grew by 13.03% YoY to SAR 8.9 billion in the nine-month period.

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