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.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 1,860.67 | 2,245.98 | 20.7 % |
| Gross Income | 241.19 | 297.52 | 23.4 % |
| Operating Income | 97.23 | 126.63 | 30.2 % |
| Net Income | 46.50 | 58.78 | 26.4 % |
| Average Shares | 843.20 | 843.20 | - |
| 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.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 956.68 | 1,206.67 | 26.1 % |
| Gross Income | 113.69 | 145.30 | 27.8 % |
| Operating Income | 39.92 | 56.72 | 42.1 % |
| Net Income | 13.80 | 26.51 | 92.2 % |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.02 | 0.03 | 92.2 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 1,039.32 | 1,206.67 | 16.1 % |
| Gross Income | 152.22 | 145.30 | (4.6 %) |
| Operating Income | 69.91 | 56.72 | (18.9 %) |
| Net Income | 32.27 | 26.51 | (17.8 %) |
| Average Shares | 843.20 | 843.20 | - |
| EPS (Riyals) | 0.04 | 0.03 | (17.8 %) |
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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