Saudi Chemical 9M 2024 profit climbs to SAR 237.2M; Q3 at SAR 73M

Saudi Chemical Holding Co. (SCHC) reported a net profit surge to SAR 237.2 million in the first nine months of 2024, from SAR 93.9 million in the year-earlier period. 

The nine-month profit growth was driven by a 34% year-on-year (YoY) increase in revenue to SAR 1.17 billion, supported by higher sales volumes and operating profits.

SCHC reported increased sales volumes despite losses from a joint venture investment, revaluation gains on derivative financial instruments linked to interest rate exposure, and higher Zakat and tax provisions.

In Q3 2024, the company reported a SAR 153.6 revenue increase, up 13% YoY on higher sales volumes.

The company’s net earnings more than doubled to SAR 73 million in Q3 2024, from SAR 35.10 million in Q3 2023, as operating profits rose on higher sales volume and lower financing costs (FCs).

 Net earnings edged up 0.4% in Q3 2024, from SAR 72.71million in Q2 2024.

Meanwhile, the company’s revenue declined in the current quarter by SAR 261.4 million, or 16% quarter-on-quarter (QoQ) due to a decrease in certain sales volumes.

Shareholders’ equity, after minority interest, reached SAR 2.03 billion by Sept. 30, 2024, compared to SAR 1.75 billion in the prior-year period.

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