Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 78.1 million for the first six months of 2020, an 11% year-on-year (YoY) increase, compared to SAR 70.2 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,616.15 | 1,658.30 | 2.6 % |
| Gross Income | 246.11 | 254.55 | 3.4 % |
| Operating Income | 106.74 | 112.47 | 5.4 % |
| Net Income | 70.19 | 78.14 | 11.3 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.08 | 0.09 | 11.3 % |
The increase in profit is attributed to higher sales, lower general & administrative (G&A) expenses, and lower finance costs and Zakat expense.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 775.99 | 858.72 | 10.7 % |
| Gross Income | 120.75 | 125.24 | 3.7 % |
| Operating Income | 49.31 | 58.17 | 18.0 % |
| Net Income | 30.89 | 40.17 | 30.0 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.04 | 0.05 | 30.0 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 799.58 | 858.72 | 7.4 % |
| Gross Income | 130.14 | 125.24 | (3.8 %) |
| Operating Income | 54.30 | 58.17 | 7.1 % |
| Net Income | 37.97 | 40.17 | 5.8 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.05 | 0.05 | 5.8 % |
In Q2, 2020, the company reported a net profit of SAR 40.2 million, a 30% year-on-year (YoY) increase, driven by higher sales, lower provision of trade receivables, lower G&A expenses and finance costs.
When compared to the previous quarter, the company’s net profit increased by 5.7%.
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