Riyadh – Mubasher: Astra Industrial Group turned profitable in the second quarter of 2017 as compared to the prior-year period, according to a bourse statement.
The company generated net profits of SAR 7 million in Q2-17, against losses of SAR 10.6 million in Q2-16.
In Q2-17, revenues declined 4% to SAR 428.516 million from SAR 444.562 million.
The company’s better results are mainly attributed to lower zakat and other expenses, mainly from the pharmaceuticals sector, in addition to an increase in other income, marketing and selling, general, and administrative expenses during the current period.
Net profits reached SAR 26.7 million in the first half of 2017, up 1,118% from SAR 2.2 million in the same period of 2016.
Revenues amounted to SAR 940.945 million in the first half of 2017, down 1% from SAR 947.873 million in the same period of 2016.
