Saudi Chemical profits jump 128% by end of 2023 to SAR 183 mln

Saudi Chemical Co. seeks to achieve net profits during the year ending on December 31, 2023, to 182.9 million riyals, compared to 80.2 million riyals in the year before last, at a rate of 128%, and this came after today’s announcement of the final financial results on December 31, 2023.

Operating profit reached 317.3 million riyals during the year ending December 31, 2023, compared to 177.4 million riyals last year, a growth of 78.8%.

Its total revenues reached 4.85 billion riyals last year, equivalent to 3.69 billion riyals in the previous year, an increase of 31.3%.

It bought shares last year for 0.22 riyals, compared to 0.1 riyals in the previous year.

The revenues increased by the amount of 1.16 billion Riyal compared to last year with 31% due to the increase in sales volumes and average selling prices for some of the products

Increase in net income is attributable to the increase in sales volumes and average selling prices for some of the products, increase in share of profit from a joint venture and lower foreign currency revaluation loss, despite increase in finance costs and revaluation loss on derivative financial instruments related to interest rate exposure

Earnings per share for all periods presented is 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, so that the number of shares of the company after the split becomes 843.2 million shares instead of 84.32 million shares.