Sadara Chemical logs over $12.13mln profits in Q1-22

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Riyadh – Sadara Chemical Company has reported net profits after Zakat and tax worth SAR 45.87 million in the first quarter (Q1) of 2022, an annual plunge of 97.16% from SAR 1.61 billion.

In the first three months (3M) of 2022, revenues totalled SAR 3.90 billion, down 11.61% from SAR 4.41 billion in the year-ago period, according to a bourse filing.

Meanwhile, Sadara Chemical did not disclose earnings (EPS) nor losses per share for Q1-22, while it registered EPS of SAR 0.44 in the January-March 2021 period.

On a quarterly basis, the revenues in Q1-22 declined by 15.51% from SAR 4.62 billion in Q4-21, while the net profits plummeted by 76.72% from SAR 197.15 million.

In 2021, the firm turned to net profits of SAR 3.10 billion, against net losses worth SAR 3.22 billion in 2020.

Earlier in the first half (H1) of 2021, the Saudi company also generated SAR 2.22 billion in net profit after Zakat and tax, versus net losses of SAR 2.68 billion in H1-20.