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Saudi Chemical’s Q1 profits rise 7.5%

Saudi Chemical’s Q1 profits rise 7.5%
Revenues totalled SAR 969.46 million in Q1-21
CHEMICAL
2230
-1.00% 3.96 -0.04

Riyadh – Mubasher: Saudi Chemical Company achieved a growth of 7.53% in net profits after Zakat and tax to SAR 40.83 million during the first quarter (Q1) of 2021 from SAR 37.97 million in Q1-20.

Earnings per share stood at SAR 0.48 in Q1-21, compared with SAR 0.45 in Q1-20, according to the initial financial results.

Revenues totalled SAR 969.46 million in the first three months of 2021, 21.24% higher than SAR 799.58 million in Q1-20.

Saudi Chemical attributed the annual increase in profits to higher sales of the pharmaceutical and civil explosive sectors, in addition to a reduction in general and admin expenses.

Last year, the company achieved an annual surge of 124.2% in net profits after Zakat and tax to SAR 74 million, compared to SAR 33 million in 2019. Saudi Chemical’s board later proposed a dividend of SAR 0.5 per share to the entitled shareholders for 2020.