‎“Chemical” profits decreased slightly to SR32.3 mln in Q1, by ‎‎1.3%‎

The net profit after zakat and tax of the Saudi Chemical Holding Company decreased slightly to 32.3 million riyals during the first quarter, compared to 32.7 million riyals in the same quarter of last year, by 1.3%. This came after the announcement today of the preliminary financial results for the period ending 03-31- 2023 (three months).

The operational profit amounted to 70 million riyals in the first quarter, compared to 57 million riyals in the same quarter of the previous year, an increase of 22%.

As for gross profit, it amounted to 152 million riyals in the current period, compared to 127 million riyals in the same period last year, an increase of 19%.

Earnings per share in the current period amounted to 0.38 riyals, compared to 0.39 riyals in the same period last year.

The reason for the decrease in the net profit is mainly due to the increase in financing costs, the provision for zakat, and losses on the revaluation of derivative financial instruments to cover the risks associated with commission rates, despite the increase in profit from operating operations due to the increase in sales, as well as the decrease in foreign currency losses.

The reason for the increase in net profit is mainly due to the increase in profit from operating operations and the decrease in foreign currency losses, despite the increase in financing costs and the losses of revaluation of derivative financial instruments to cover the risks associated with commission rates. The nature of the auditor’s opinion the unmodified opinion.

The company said that some comparative figures have been reclassified to conform to the presentation for the current period.