Riyadh – Mubasher: Astra Industrial Group reported a 65.1% year-on-year net profit drop during the first quarter of 2019.
The Saudi firm’s net profits retreated to SAR 8.91 million in Q1-19 from SAR 25.53 million in the corresponding period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The Q1-19 net profit decline was attributed to an increase in financial charges especially in the pharmaceuticals and specialty chemicals sectors, along with a drop in other income in pharmaceuticals, a retreat in gross profits in pharmaceuticals and power and steel sectors, as well as lower sales.
Quarter-on-quarter, Astra Industrial Group’s profit rose by 15.2% from SAR 7.73 million in Q4-18.
For the full-year 2018, the Saudi firm’s profits plunged to SAR 22.48 million, compared to SAR 58.19 million in the prior year.
