Saudi Chemical witnesses 25% lower profits in 9M-22

PHOTO

Riyadh – Saudi Chemical Company posted SAR 56.83 million in net profit after Zakat and tax during the first nine months (9M) of 2022, an annual decrease of 25.07% from SAR 75.85 million.

Revenues amounted to SAR 2.62 billion in the January-September 2022 period, lower by 1.26% year-on-year (YoY) than SAR 2.65 billion, according to the initial financial results.

Additionally, the earnings per share (EPS) settled at SAR 0.67 in 9M-22, versus SAR 0.90 in 9M-21.

During the third quarter (Q3) of 2022, the company recorded a net profit after Zakat and tax worth SAR 10.32 million, a plunge of 33.16% from SAR 7.75 million in Q3-21.

The revenues declined by 3.15% YoY to SAR 760.51 million in Q3-22 from SAR 785.26 million.

On a quarterly basis, the Q3-22 net profits after Zakat and tax shrank by 25.22% from SAR 13.80 million in Q2-22, whereas the revenues plummeted by 20.50% from SAR 956.68 million.

In 6M-22, Saudi Chemical registered a 31.72% YoY drop in net profit after Zakat and tax to SAR 46.50 million, compared to SAR 68.10 million.