Riyadh – Mubasher: Saudi Chemical Company achieved a 59.21% annual increase in net profit to SAR 291.20 million in 2024, compared with SAR 182.90 million.
The earnings per share (EPS) rose to SAR 0.35 as of 31 December 2024 when compared to SAR 0.22 in the year-ago period, according to the financial results.
Saudi Chemical generated 31.32% higher revenue at SAR 6.37 billion in 2024 from SAR 4.85 billion in 2023, marking an annual surge of SAR 1.50 billion due to an increase in sales volumes.
The positive financial results at the end of 2024 followed robust performance by Saudi Chemical during the first nine months (9M) of 2024, when it logged net profits worth SAR 237.16 million that signalled a 152.62% jump from SAR 93.88 million in 9M-23.
The EPS stood at SAR 0.28 in 9M-24, compared to SAR 0.11 in 9M-23.
In addition, the revenue increased by 33.88% to SAR 4.61 billion during the January-September 2024 period from SAR 3.44 billion in the corresponding 9M a year earlier.
As for the third quarter (Q3) of 2024, Saudi Chemical’s net profit soared by 107.94% to SAR 72.99 million from SAR 35.10 million in Q3-23, while the revenue rose by 12.80% to SAR 1.35 billion from SAR 1.20 billion.
On a quarterly basis, the Q3-24 net profits were 0.38% marginally higher than SAR 72.71 million in Q2-24, whereas the revenue decreased by 16.18% from SAR 1.61 billion.
It is worth noting that in the first half (H1) of 2024, Saudi Chemical recorded a jump in net profit to SAR 164.17 million while its revenue hit SAR 3.25 billion.
