Saudi Chemical H1 2022 profit plunges 32% to SAR 46.5 mln; Q2 drops to SAR 13.8 mln

Saudi Chemical H1 2022 profit plunges 32% to SAR 46.5 mln; Q2 drops to SAR 13.8 mln

14/08/2022 Argaam Exclusive

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Saudi Chemical Co. reported a net profit after Zakat and tax of SAR 46.5 million for the first six months of 2022, a 32% decline from SAR 68.1 million in the same period last year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,869.37 1,860.67 (0.5 %)
Gross Income 256.61 241.19 (6.0 %)
Operating Income 107.96 97.23 (9.9 %)
Net Income 68.10 46.50 (31.7 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.08 0.06 (31.7 %)

The reduction in net profit was attributed to a decrease in profit margins amid increased production inputs, higher finance cost, in addition to other losses from hedging impact against interest rates and foreign currency revaluation.

 

This was offset by a decrease in general expenses along with Zakat and tax provision.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 899.91 956.68 6.3 %
Gross Income 127.66 113.69 (10.9 %)
Operating Income 47.14 39.92 (15.3 %)
Net Income 27.27 13.80 (49.4 %)
Average Shares 843.20 843.20 -
EPS (Riyals) 0.03 0.02 (49.4 %)

The company’s net profit after Zakat and tax slumped 49% year-on-year (YoY) to SAR 13.8 million in Q2 2022.

 

Compared to the previous quarter, Q2 net profit dropped 57.8% from SAR 32.7 million.

 

Shareholders’ equity, after minority interest, stood at SAR 1.664 billion as of June 30, 2022 compared to SAR 1.656 billion a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 608.71 11.9 % 118.07 (5.9 %) 79.70 (15.1 %)
Q2 2013 561.58 20.9 % 131.45 (0.4 %) 89.00 (6.3 %)
Q3 2013 412.44 21.4 % 103.64 7.0 % 66.11 7.4 %
Q4 2013 692.39 6.0 % 130.62 8.6 % 80.86 11.5 %
Q1 2014 693.05 13.9 % 145.19 23.0 % 100.13 25.6 %
Q2 2014 651.85 16.1 % 138.73 5.5 % 93.65 5.2 %
Q3 2014 529.03 28.3 % 99.05 (4.4 %) 48.67 (26.4 %)
Q4 2014 610.38 (11.8 %) 119.82 (8.3 %) 72.06 (10.9 %)
Q1 2015 678.47 (2.1 %) 139.29 (4.1 %) 93.21 (6.9 %)
Q2 2015 636.15 (2.4 %) 141.08 1.7 % 87.33 (6.7 %)
Q3 2015 489.68 (7.4 %) 85.74 (13.4 %) 41.49 (14.8 %)
Q4 2015 607.57 (0.5 %) 128.97 7.6 % 63.13 (12.4 %)
Q1 2016 588.45 (13.3 %) 111.67 (19.8 %) 62.63 (32.8 %)
Q2 2016 617.59 (2.9 %) 114.15 (19.1 %) 60.50 (30.7 %)
Q3 2016 444.82 (9.2 %) 75.31 (12.2 %) 29.12 (29.8 %)
Q4 2016 492.21 (19.0 %) 86.44 (33.0 %) 41.73 (33.9 %)
Q1 2017 724.68 23.2 % 118.40 6.0 % 66.40 6.0 %
Q2 2017 544.28 (11.9 %) 93.09 (18.5 %) 40.00 (33.9 %)
Q3 2017 513.16 15.4 % 83.60 11.0 % 37.06 27.3 %
Q4 2017 692.22 40.6 % 101.23 17.1 % 44.10 5.7 %
Q1 2018 791.18 9.2 % 121.48 2.6 % 71.27 7.3 %
Q2 2018 653.78 20.1 % 93.63 0.6 % 38.79 (3.0 %)
Q3 2018 630.81 22.9 % 84.18 0.7 % 28.04 (24.3 %)
Q4 2018 872.77 26.1 % 111.15 9.8 % 45.84 4.0 %
Q1 2019 840.16 6.2 % 125.36 3.2 % 57.43 (19.4 %)
Q2 2019 775.99 18.7 % 120.75 29.0 % 49.31 27.1 %
Q3 2019 737.05 16.8 % 113.62 35.0 % 35.53 26.7 %
Q4 2019 595.97 (31.7 %) 98.23 (11.6 %) (17.78) (138.8 %)
Q1 2020 799.58 (4.8 %) 130.14 3.8 % 54.30 (5.4 %)
Q2 2020 858.72 10.7 % 125.24 3.7 % 58.17 18.0 %
Q3 2020 811.35 10.1 % 104.92 (7.7 %) 38.55 8.5 %
Q4 2020 836.51 40.4 % 73.80 (24.9 %) (1.40) 92.1 %
Q1 2021 969.46 21.2 % 128.94 (0.9 %) 60.82 12.0 %
Q2 2021 899.91 4.8 % 127.66 1.9 % 47.14 (19.0 %)
Q3 2021 785.26 (3.2 %) 92.03 (12.3 %) 31.64 (17.9 %)
Q4 2021 756.36 (9.6 %) 83.27 12.8 % 1.99 242.2 %
Q1 2022 903.99 (6.8 %) 127.49 (1.1 %) 57.31 (5.8 %)
Q2 2022 956.68 6.3 % 113.69 (10.9 %) 39.92 (15.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 88.29 0.5 % 0.10 15.43 72.86 0.09
Q2 2013 77.19 (11.2 %) 0.09 0.08 77.12 0.09
Q3 2013 60.38 19.0 % 0.07 - 60.38 0.07
Q4 2013 74.75 13.6 % 0.09 - 74.75 0.09
Q1 2014 90.95 3.0 % 0.11 - 90.95 0.11
Q2 2014 86.64 12.2 % 0.10 2.06 84.58 0.10
Q3 2014 39.51 (34.6 %) 0.05 - 39.51 0.05
Q4 2014 66.46 (11.1 %) 0.08 - 66.46 0.08
Q1 2015 86.22 (5.2 %) 0.10 - 86.22 0.10
Q2 2015 78.06 (9.9 %) 0.09 - 78.06 0.09
Q3 2015 35.75 (9.5 %) 0.04 - 35.75 0.04
Q4 2015 50.66 (23.8 %) 0.06 - 50.66 0.06
Q1 2016 51.52 (40.2 %) 0.06 - 51.52 0.06
Q2 2016 47.40 (39.3 %) 0.06 - 47.40 0.06
Q3 2016 18.42 (48.5 %) 0.02 - 18.42 0.02
Q4 2016 17.09 (66.3 %) 0.02 (10.34) 27.43 0.03
Q1 2017 55.20 7.1 % 0.07 - 55.20 0.07
Q2 2017 28.54 (39.8 %) 0.03 - 28.54 0.03
Q3 2017 27.85 51.2 % 0.03 - 27.85 0.03
Q4 2017 30.57 78.9 % 0.04 - 30.57 0.04
Q1 2018 56.42 2.2 % 0.07 - 56.42 0.07
Q2 2018 27.82 (2.5 %) 0.03 - 27.82 0.03
Q3 2018 13.51 (51.5 %) 0.02 - 13.51 0.02
Q4 2018 17.08 (44.1 %) 0.02 - 17.08 0.02
Q1 2019 39.30 (30.3 %) 0.05 - 39.30 0.05
Q2 2019 30.89 11.0 % 0.04 - 30.89 0.04
Q3 2019 13.40 (0.8 %) 0.02 - 13.40 0.02
Q4 2019 (50.72) (397.0 %) (0.06) - (50.72) (0.06)
Q1 2020 37.97 (3.4 %) 0.05 - 37.97 0.05
Q2 2020 40.17 30.0 % 0.05 - 40.17 0.05
Q3 2020 18.85 40.7 % 0.02 - 18.85 0.02
Q4 2020 (22.96) 54.7 % (0.03) - (22.96) (0.03)
Q1 2021 40.83 7.5 % 0.05 - 40.83 0.05
Q2 2021 27.27 (32.1 %) 0.03 - 27.27 0.03
Q3 2021 7.75 (58.9 %) 0.01 - 7.75 0.01
Q4 2021 (6.28) 72.7 % (0.01) - (6.28) (0.01)
Q1 2022 32.71 (19.9 %) 0.04 - 32.71 0.04
Q2 2022 13.80 (49.4 %) 0.02 - 13.80 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 22.61 % 15.90 % 13.37 %
Q2 2013 21.57 % 14.90 % 12.32 %
Q3 2013 21.17 % 14.59 % 12.35 %
Q4 2013 21.26 % 14.70 % 12.53 %
Q1 2014 21.65 % 14.94 % 12.85 %
Q2 2014 21.15 % 14.60 % 12.68 %
Q3 2014 20.01 % 13.27 % 11.29 %
Q4 2014 20.24 % 13.37 % 11.33 %
Q1 2015 20.12 % 13.27 % 11.21 %
Q2 2015 20.34 % 13.11 % 11.01 %
Q3 2015 20.12 % 13.05 % 11.04 %
Q4 2015 20.53 % 12.70 % 10.39 %
Q1 2016 20.13 % 11.88 % 9.30 %
Q2 2016 19.13 % 10.76 % 8.05 %
Q3 2016 19.04 % 10.39 % 7.44 %
Q4 2016 18.08 % 10.13 % 6.76 %
Q1 2017 17.30 % 9.71 % 6.51 %
Q2 2017 16.92 % 9.17 % 5.87 %
Q3 2017 16.78 % 9.17 % 6.11 %
Q4 2017 16.02 % 8.52 % 5.74 %
Q1 2018 15.72 % 8.50 % 5.64 %
Q2 2018 15.09 % 8.20 % 5.38 %
Q3 2018 14.47 % 7.69 % 4.64 %
Q4 2018 13.92 % 7.35 % 3.89 %
Q1 2019 13.82 % 6.89 % 3.26 %
Q2 2019 14.15 % 7.00 % 3.23 %
Q3 2019 14.60 % 7.11 % 3.12 %
Q4 2019 15.53 % 5.59 % 1.11 %
Q1 2020 15.91 % 5.60 % 1.08 %
Q2 2020 15.62 % 5.81 % 1.36 %
Q3 2020 14.96 % 5.78 % 1.51 %
Q4 2020 13.13 % 5.93 % 2.24 %
Q1 2021 12.45 % 5.84 % 2.21 %
Q2 2021 12.38 % 5.46 % 1.82 %
Q3 2021 12.10 % 5.31 % 1.51 %
Q4 2021 12.66 % 5.49 % 2.04 %
Q1 2022 12.87 % 5.50 % 1.84 %
Q2 2022 12.24 % 5.20 % 1.41 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 843.20 0.35 0.33 1.79
Q2 2013 843.20 0.33 0.32 1.77
Q3 2013 843.20 0.35 0.33 1.84
Q4 2013 843.20 0.36 0.34 1.78
Q1 2014 843.20 0.36 0.36 1.89
Q2 2014 843.20 0.37 0.37 1.86
Q3 2014 843.20 0.35 0.34 1.90
Q4 2014 843.20 0.34 0.33 1.83
Q1 2015 843.20 0.33 0.33 1.93
Q2 2015 843.20 0.32 0.32 1.80
Q3 2015 843.20 0.32 0.32 1.84
Q4 2015 843.20 0.30 0.30 1.90
Q1 2016 843.20 0.26 0.26 1.75
Q2 2016 843.20 0.22 0.22 1.81
Q3 2016 843.20 0.20 0.20 1.83
Q4 2016 843.20 0.16 0.17 1.74
Q1 2017 843.20 0.16 0.18 1.81
Q2 2017 843.20 0.14 0.15 1.76
Q3 2017 843.20 0.15 0.16 1.80
Q4 2017 843.20 0.17 0.17 1.76
Q1 2018 843.20 0.17 0.17 1.83
Q2 2018 843.20 0.17 0.17 1.86
Q3 2018 843.20 0.15 0.15 1.78
Q4 2018 843.20 0.14 0.14 1.81
Q1 2019 843.20 0.12 0.12 1.85
Q2 2019 843.20 0.12 0.12 1.89
Q3 2019 843.20 0.12 0.12 1.90
Q4 2019 843.20 0.04 0.04 1.84
Q1 2020 843.20 0.04 0.04 1.89
Q2 2020 843.20 0.05 0.05 1.94
Q3 2020 843.20 0.05 0.05 1.96
Q4 2020 843.20 0.09 0.09 1.93
Q1 2021 843.20 0.09 0.09 1.98
Q2 2021 843.20 0.08 0.08 1.96
Q3 2021 843.20 0.06 0.06 1.97
Q4 2021 843.20 0.08 0.08 1.92
Q1 2022 843.20 0.07 0.07 1.96
Q2 2022 843.20 0.06 0.06 1.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 9.19 9.71 1.78
Q2 2013 10.32 10.92 1.95
Q3 2013 10.32 10.90 1.94
Q4 2013 11.57 12.20 2.32
Q1 2014 12.72 12.72 2.42
Q2 2014 14.29 14.38 2.85
Q3 2014 16.47 16.59 2.99
Q4 2014 12.77 12.86 2.35
Q1 2015 15.68 15.79 2.68
Q2 2015 17.04 17.04 3.03
Q3 2015 14.78 14.78 2.53
Q4 2015 14.46 14.46 2.27
Q1 2016 13.72 13.72 2.00
Q2 2016 14.53 14.53 1.76
Q3 2016 11.77 11.77 1.28
Q4 2016 18.32 17.01 1.68
Q1 2017 15.42 14.35 1.40
Q2 2017 20.31 18.69 1.63
Q3 2017 17.20 15.92 1.46
Q4 2017 14.29 14.29 1.37
Q1 2018 14.60 14.60 1.36
Q2 2018 15.80 15.80 1.44
Q3 2018 16.17 16.17 1.38
Q4 2018 17.10 17.10 1.29
Q1 2019 20.97 20.97 1.31
Q2 2019 19.42 19.42 1.23
Q3 2019 21.78 21.78 1.36
Q4 2019 61.50 61.50 1.30
Q1 2020 54.91 54.91 1.09
Q2 2020 47.51 47.51 1.19
Q3 2020 60.87 60.87 1.71
Q4 2020 39.81 39.81 1.81
Q1 2021 38.99 38.99 1.79
Q2 2021 53.96 53.96 2.08
Q3 2021 65.37 65.37 2.08
Q4 2021 41.09 41.09 1.77
Q1 2022 47.55 47.55 1.77
Q2 2022 53.43 53.43 1.54

Business Segments (Million)

Compared With The
Period Medicines and medical supplies Explosives sector Production of ammonium nitrate Eliminations
Q1 2013 504.23 99.55 4.94 -
Q2 2013 454.26 110.50 (3.18) -
Q3 2013 305.21 107.23 - -
Q4 2013 595.40 97.00 - -
Q1 2014 577.21 115.84 - -
Q2 2014 513.14 138.71 - -
Q3 2014 434.89 91.56 2.58 -
Q4 2014 500.81 108.14 1.44 -
Q1 2015 560.46 115.12 2.89 -
Q2 2015 519.48 113.30 3.37 -
Q3 2015 407.09 77.87 2.63 -
Q4 2015 495.40 108.75 3.42 -
Q1 2016 486.51 100.15 1.79 -
Q2 2016 523.71 92.30 1.58 -
Q3 2016 380.20 67.99 - -
Q4 2016 401.59 84.23 6.39 -
Q1 2017 642.39 81.80 0.49 -
Q2 2017 461.84 80.81 1.63 -
Q3 2017 439.71 69.84 3.61 -
Q4 2017 601.78 86.92 3.52 -
Q1 2018 709.39 79.68 2.11 -
Q2 2018 593.51 58.30 1.97 -
Q3 2018 574.96 48.59 7.26 -
Q4 2018 802.01 64.80 5.96 -
Q1 2019 763.56 66.18 10.41 -
Q2 2019 710.38 61.38 4.22 -
Q3 2019 672.06 62.22 2.77 -
Q4 2019 517.16 77.92 0.89 -
Q1 2020 726.04 72.05 1.50 -
Q2 2020 795.97 59.60 3.15 -
Q3 2020 742.42 63.35 5.58 -
Q4 2020 792.06 80.38 50.75 (86.68)
Q1 2021 899.75 81.63 10.62 (22.54)
Q2 2021 832.20 67.33 19.25 (18.88)
Q3 2021 736.30 59.25 16.19 (26.48)
Q4 2021 701.59 72.71 16.86 (34.81)
Q1 2022 851.54 81.15 16.44 (45.14)
Q2 2022 904.92 63.43 11.81 (23.49)


Financial Ratios
Current
Market Cap (M Riyal) 7,681.55
Enterprise Value (EV) (M) 8,844.95
Shares Outstanding ((M)) 843.20
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 2.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 23.55
P/E (TTM) 23.55
Price/book 3.77
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 17.2
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Share Price

Saudi Chemical Co.
9.11
(0.27) (2.88 %)

Saudi Chemical Co. (CHEMICAL)

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