Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 75.9 million for the first nine months of 2021, a decline of 22%, from SAR 97 million in a prior-year period.
This profit slump was driven by higher cost of revenues, increased higher general and administrative expenses (G&As), in addition to credit loss provisions.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 2,469.65 | 2,654.63 | 7.5 % |
| Gross Income | 362.61 | 348.63 | (3.9 %) |
| Operating Income | 151.03 | 139.61 | (7.6 %) |
| Net Income | 96.99 | 75.85 | (21.8 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.12 | 0.09 | (21.8 %) |
Q3 2021 net profit after Zakat and tax declined 59% year-on-year (YoY) to SAR 7.8 million, on lower sales, higher G&As, in addition to the allocation of credit loss as well as Zakat provisions.
On a sequential basis, net profit dropped 71.6%.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 811.35 | 785.26 | (3.2 %) |
| Gross Income | 104.92 | 92.03 | (12.3 %) |
| Operating Income | 38.55 | 31.64 | (17.9 %) |
| Net Income | 18.85 | 7.75 | (58.9 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.02 | 0.01 | (58.9 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 899.91 | 785.26 | (12.7 %) |
| Gross Income | 127.66 | 92.03 | (27.9 %) |
| Operating Income | 47.14 | 31.64 | (32.9 %) |
| Net Income | 27.27 | 7.75 | (71.6 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.03 | 0.01 | (71.6 %) |
Total shareholders’ equity (after deducting minority equity) inched up 0.79% YoY to SAR 1.66 billion for the nine-month period.
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