Saudi Chemical's net profits decline 22% YoY in nine months

The company generated revenues of $707mln

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
Riyadh –  Saudi Chemical Company recorded a 21.796% year-on-year (YoY) decrease in net profits after zakat and tax to SAR 75.85 million during the first nine months of 2021, compared to SAR 96.99 million.

Despite the rise in sales and other revenues, the company recorded lower net profits due to higher cost of revenues, general and admin expenses, credit loss provision, and zakat and tax provision, according to a bourse filing on Thursday.

The company generated revenues of SAR 2.654 billion in the January-September period of 2021, up 7.49% from SAR 2.469 billion in the year-ago period.

The earnings per share (EPS) settled at SAR 0.9 in the first nine months of 2021, versus SAR 1.15 in the year-ago period.

During the third quarter (Q3) of 2021, the company's net profits retreated by 58.885% to SAR 7.75 million from SAR 18.85 million in the corresponding quarter of the earlier year.

It is noteworthy to mention that during the first half (H1) of 2021, the company achieved net profits after Zakat and tax worth SAR 68.1 million, down 12.8% from SAR 78.14 million in H1-20.

Source: Mubasher

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