‎“Saudi Chemical” profits jumped 92% during Q2, to 26.55 ‎million riyals

The net profit after zakat and tax of the Saudi Chemical Holding Company jumped to 26.55 million riyals during the second quarter, compared to 14 million riyals in the same quarter of last year, by 92%. This came after today’s announcement of the preliminary financial results for the period ending on June 30 ( six months).

The operating profit amounted to 67 million riyals during the second quarter, compared to 40 million riyals in the same quarter of the previous year, with a growth of 42%.

As for the total profit, it amounted to 145 million riyals during the second quarter, compared to 114 million riyals in the same quarter of the previous year, an increase of 28%.

The net profit after zakat and tax during the 6-month period amounted to 59 million riyals, compared to 47 million riyals in the same period last year, an increase of 26%.

Earnings per share in the current period reached 0.07 riyals, compared to 0.06 riyals in the same period last year.

The reason for the increase in net profit is mainly due to the increase in profit from operating operations as a result of the increase in sales volume, the improvement in the prices of some products, and the realization of profits from the revaluation of derivative financial instruments to cover the risks associated with commission rates despite the increase in financing costs and the provision for zakat and tax.

The reason for the decrease in the net profit is mainly due to the decrease in the profit from operating operations as a result of the increase in operating costs and general expenses, despite the realization of profits from the revaluation of derivative financial instruments to cover the risks associated with commission rates.

The reason for the increase in net profit is mainly due to the increase in profit from operating operations as a result of the increase in sales volume, the improvement in the prices of some products, the decrease in currency differences losses, and the decrease in revaluation losses of derivative financial instruments to cover the risks associated with commission rates, despite the increase in financing costs and a provision Zakat and tax.

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

Earnings per share for all presented periods were calculated by dividing the net profit by 843.2 million shares, after the approval of the Extraordinary General Assembly held on June 21, 2023 to divide the nominal value of the share from 10 Saudi riyals per share to 1 Saudi riyal per share, to become the number of shares The company after splitting 843.2 million shares instead of 84.32 million shares.