Riyadh – Mubasher: Saudi Chemical reported a 39.8% year-on-year drop in net profit to SAR 28.5 million for the second quarter of 2017, compared to SAR 47.4 million in Q2-16, according to a bourse filing on Thursday.
The Tadawul-listed company’s profits retreated 48.3% in Q2-17, compared to profits in Q1-17.
The firm attributed the decrease in net profits in Q2-17 to lower sales of explosives and medicines, in addition to the increases in provision for accounts receivables to enhance the financial position of the company.
In the first half of 2017, net profit went down 15.4% to SAR 83.7 million, versus SAR 98.9 million in H1-16.
Revenues plummeted 11.9% to SAR 544.3 million in Q2-17, compared to SAR 617.6 million in Q2-16.
Total sales leveled up 5.2% to SAR 1.27 billion in H1-17 from SAR 1.21 billion in H1-16.
Net profit rose 7.1% to SAR 55.2 million in Q1-17 from SAR 51.2 million in Q1-16.
By the end of Thursday’s trading session, Saudi Chemical’ stock went up 1.2% to SAR 36.75.
