Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 38 million for the first quarter of 2020, a 3% year-on-year (YoY) drop, compared to SAR 39.3 million in the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 840.16 | 799.58 | (4.8 %) |
| Gross Income | 125.36 | 130.14 | 3.8 % |
| Operating Income | 57.43 | 54.30 | (5.4 %) |
| Net Income | 39.30 | 37.97 | (3.4 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.05 | 0.05 | (3.4 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 595.97 | 799.58 | 34.2 % |
| Gross Income | 98.23 | 130.14 | 32.5 % |
| Operating Income | (17.78) | 54.30 | 405.4 % |
| Net Income | (50.72) | 37.97 | 174.9 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | (0.06) | 0.05 | 174.9 % |
The company attributed the decline to lower sales and higher provision of trade receivables, despite a decrease in cost of sales, as well as Zakat and income tax expenses.
When compared to the previous quarter, the company turned to profit on higher sales, in addition to lower general and administrative expenses, provision of trade receivables, finance costs and Zakat and income tax expenses.
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