Sadara Chemical Records Net Profit of SR684 Million during the 3Q

Sadara Basic Services Company announced on Thursday that its parent company, Sadara Chemical, recorded a net profit after zakat and tax of SR684 million during the 3Q, compared to losses of SR514 million during the same quarter of the previous year.

This came after Sadara Basic Services Company announcement on Thursday of its interim financial results for the period ending on September 30, 2021(Nine months).

The gross profit amounted to SR1.27 billion during the 3Q, compared to SR179 million during the same quarter of the previous year, a growth of 614%.

The operational profit amounted to SR1.2 billion during the 3Q, compared to SR75 million during the same quarter of the previous year, an increase of 1529%.

The net profit after zakat and tax during the current period amounted to SR2.9 billion, compared to losses of SR3.19 billion during the same period of the previous year.

Profits per share during the current period amounted to SR0.78, compared to losses of SR93 during the same period of the previous year.

The increase in net profit in the current quarter compared to the same quarter of the last year is mainly attributable to higher selling prices, and continuous financial discipline.

The increase in net profit in the current quarter compared to the previous quarter of the current year is attributable to higher sales volume.

The increase in net profit in the current period compared to the same period of the last year is mainly attributable to higher selling prices, continuous financial discipline, and the recognition of a modification gain of SR1.05 billion from debt reprofiling.

There are no significant financial details for the listed company.

Sadara Basic Services Company was established primarily for the purpose of issuing the Sukuk. “Sadara Basic Services Company will not incur any liabilities or undertake any significant transactions other than those relating to Sukuk issuance. Therefore, this announcement reflects the financial results of the parent company, Sadara Chemical Company.” the company said.