Saudi Chemical's Net Profit Skyrockets by 59% in 2024
Saudi Chemical Company announced a 59.21% annual increase in net profit, reaching SAR 291.20 million in 2024, compared to SAR 182.90 million in 2023. This robust growth reflects the company's strategic focus on operational efficiency and market expansion.
The earnings per share (EPS) rose to SAR 0.35 as of 31 December 2024, up from SAR 0.22 in the same period last year. This improvement underscores the company's commitment to delivering value to shareholders. Revenue Surges by Over 31%
In addition, Saudi Chemical generated a 31.32% higher revenue in 2024, reaching SAR 6.37 billion compared to SAR 4.85 billion in 2023. This marked an annual surge of SAR 1.50 billion, driven by increased sales volumes.
The positive financial results followed a strong first nine months (9M) of 2024. During this period, Saudi Chemical logged net profits of SAR 237.16 million—a 152.62% jump from SAR 93.88 million in 9M-23.
Third Quarter Highlights Steady Growth
During Q3-24, net profit soared by 107.94% to SAR 72.99 million from SAR 35.10 million in Q3-23. Revenue also rose by 12.80% to SAR 1.35 billion from SAR 1.20 billion in the same quarter last year. Quarterly Trends and Revenue Shifts
On a quarterly basis, Q3-24 net profits were marginally higher by 0.38% compared to SAR 72.71 million in Q2-24. However, revenue dipped by 16.18% to SAR 1.35 billion from SAR 1.61 billion in Q2-24.
It is worth noting that in the first half (H1) of 2024, Saudi Chemical recorded a net profit surge to SAR 164.17 million, while revenue hit SAR 3.25 billion. This early performance signaled the company's readiness for sustained growth.
Saudi Chemical's 2024 results demonstrate its ability to navigate market dynamics and capitalize on opportunities. With a focus on innovation and customer demand, the company remains poised for further expansion in the Saudi market and beyond.
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