Saudi Chemical 9M 2023 profit jumps 65% to SAR 93.9 mln; Q3 at SAR 35.1 mln

Saudi Chemical 9M 2023 profit jumps 65% to SAR 93.9 mln; Q3 at SAR 35.1 mln

05/11/2023 Argaam Exclusive

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Saudi Chemical Co. Holding (SCCH) reported a profit leap of 65% to SAR 93.9 million in the first nine months of 2023, compared to SAR 56.8 million in the prior-year period.   



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 2,621.18 3,445.99 31.5 %
Gross Income 334.68 456.04 36.3 %
Operating Income 120.06 198.67 65.5 %
Net Income 56.83 93.88 65.2 %
Average Shares 843.20 843.20 -
EPS (Riyals) 0.07 0.11 65.2 %

The nine-month results were driven by higher operating profit and sales volumes, an increase in the prices of some products and lower foreign exchange (FX) losses.

 

On the other hand, SCHC reported increased finance costs (FCs) as well as Zakat and tax provisions.

 

It also recorded a decline in revaluation gains from derivative financial instruments related to interest rate exposure.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 760.51 1,200.01 57.8 %
Gross Income 93.49 159.41 70.5 %
Operating Income 22.83 72.05 215.5 %
Net Income 10.33 35.10 240.0 %
Average Shares 843.20 843.20 -
EPS (Riyals) 0.01 0.04 240.0 %

The third-quarter net profit skyrocketed to SAR 35.1 million from SAR 10.3 million in Q3 2022, thanks to a rise in operating profit and sales volumes and better prices of some products despite higher FCs.

 

Net earnings increased by 32.2% from SAR 26.5 million in Q2 2023, as operating profit increased. Meanwhile, the Zakat and tax provision declined.

 

Total shareholders’ equity, after minority interest, increased to SAR 1.75 billion as of Sept. 30, 2023, from SAR 1.67 billion in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2022 760.51 (3.2 %) 93.49 1.6 % 22.83 (27.8 %)
Q4 2022 1,074.69 42.1 % 152.98 83.7 % 57.35 2777.4 %
Q1 2023 1,039.32 15.0 % 152.22 19.4 % 69.91 22.0 %
Q2 2023 1,206.67 26.1 % 144.85 27.4 % 56.72 42.1 %
Q3 2023 1,200.01 57.8 % 159.41 70.5 % 72.05 215.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 10.33 33.2 % 0.01 - 10.33 0.01
Q4 2022 23.40 472.7 % 0.03 - 23.40 0.03
Q1 2023 32.27 (1.3 %) 0.04 - 32.27 0.04
Q2 2023 26.55 92.5 % 0.03 - 26.55 0.03
Q3 2023 35.10 240.0 % 0.04 - 35.10 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 12.37 % 4.96 % 1.50 %
Q4 2022 13.19 % 6.02 % 2.17 %
Q1 2023 13.37 % 6.12 % 2.08 %
Q2 2023 13.32 % 6.13 % 2.27 %
Q3 2023 13.48 % 6.65 % 2.60 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 843.20 0.06 0.06 1.99
Q4 2022 843.20 0.10 0.10 1.97
Q1 2023 843.20 0.09 0.09 2.01
Q2 2023 843.20 0.11 0.11 2.04
Q3 2023 843.20 0.14 0.14 2.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 50.46 50.46 1.52
Q4 2022 27.85 27.85 1.35
Q1 2023 30.65 30.65 1.45
Q2 2023 34.44 34.44 1.85
Q3 2023 32.92 32.92 2.20

Business Segments (Million)

Compared With The
Period Medicines and medical supplies Explosives sector Production of ammonium nitrate Eliminations
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)
Q3 2022 713.06 59.02 14.35 (25.92)
Q4 2022 978.19 120.57 35.03 (59.09)
Q1 2023 919.88 130.29 26.16 (37.02)
Q2 2023 1,154.27 89.57 19.83 (57.00)
Q3 2023 1,105.90 129.17 19.56 (54.63)

Current
Market Cap (M Riyal) 8,432.00
Enterprise Value (EV) (M) 9,595.40
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) 25.85
P/E (TTM) 25.85
Price/book 4.14
Return on Average Assets (%) (TTM) 5.9
Return on Average Equity (%) (TTM) 17.2

Share Price

10.02
0.02 0.20 %

Saudi Chemical Co. (CHEMICAL)


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