Financial Results : Saudi Chemical H1 earnings up 26% to SAR 58.8 mln; Q2 at SAR 26.5 mln

Saudi Chemical H1 earnings up 26% to SAR 58.8 mln; Q2 at SAR 26.5 mln

06/08/2023 Argaam Exclusive

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Saudi Chemical Holding Co. (SCHC) reported a net profit of SAR 58.8 million in H1 2023, an increase of 26% from SAR 46.5 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 1,860.67 2,245.98 20.7 %
Gross Income 241.19 296.63 23.0 %
Operating Income 97.23 126.63 30.2 %
Net Income 46.50 58.78 26.4 %
Average Shares 843.20 843.20 -
Earnings Per Share before unusual items (Riyals) 0.06 0.07 26.4 %
EPS (Riyals) 0.06 0.07 26.4 %

The higher profit was backed by higher operating profit, increased sales volume, as well as selling prices for some products. This was offset by increased finance costs, along with a rise in Zakat and tax provisions.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 956.68 1,206.67 26.1 %
Gross Income 113.69 144.85 27.4 %
Operating Income 39.92 56.72 42.1 %
Net Income 13.80 26.55 92.5 %
Average Shares 843.20 843.20 -
Earnings Per Share before unusual items (Riyals) 0.02 0.03 92.5 %
EPS (Riyals) 0.02 0.03 92.5 %

Q2 2023 net profit reached SAR 26.5 million, a surge of 92.5%, from SAR 13.8 million in Q2 2022, on higher sales volume and selling prices for some products. The company also cited gains on derivative financial instruments revaluation related to interest rate exposure.

 

On a sequential basis, net earnings dropped 17.7% from SAR 32.27 million in Q1 2023.

 

Total shareholders’ equity, excluding minority interest, reached SAR 1.71 billion by June 30, 2023, compared to SAR 1.66 billion a year earlier.

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